{"id":339,"date":"2025-01-10T22:02:30","date_gmt":"2025-01-10T22:02:30","guid":{"rendered":"https:\/\/davidjsuccess.com\/staging\/5798\/?p=339"},"modified":"2025-02-01T22:00:37","modified_gmt":"2025-02-01T22:00:37","slug":"16-habits-of-millionaires","status":"publish","type":"post","link":"https:\/\/davidjsuccess.com\/staging\/5798\/16-habits-of-millionaires\/","title":{"rendered":"16 HABITS OF MILLIONAIRES"},"content":{"rendered":"\n

HOW TO BECOME A MILLIONAIRE<\/p>\n\n\n\n

\"MILLIONAIRES
Building wealth<\/figcaption><\/figure>\n\n\n\n

Financial and personal habits to succeed in life and money.<\/h2>\n\n\n\n

As a father, mentor, pastor and coach, some of the greatest struggles people often have are financial.\u00a0\u00a0Looking back, my family didn\u2019t have a lot or extra money.\u00a0\u00a0My dad had a blue collar job at the steel mill and my mom worked part time when my three younger siblings and I were small and full time as we grew older.\u00a0\u00a0People who had millions of dollars seemed to live in another world.\u00a0\u00a0When I got married and we were getting ready to have our first son, I began a journey of learning how to succeed financially.\u00a0\u00a0There are no overnight plans to financial success but it is possible for almost everyone.\u00a0\u00a0Of course I also understand the pitfalls of chasing money so I have spent a lot of time working to set up a plan to help people succeed financially, personally, professionally and most importantly spiritually.\u00a0\u00a0Here is a list of truths I have compiled over the years from my own journey as I learned from others like Dave Ramsey and Brandon Gailey.\u00a0\u00a0I hope this list of what millionaires do inspires and helps you as much as it has helped me, and I also hope you apply them to more than money.\u00a0\u00a0They will change your life.<\/p>\n\n\n\n

1. Millionaires are learners.<\/h2>\n\n\n\n

Learn something every day.  One study showed that millionaires spend over 5 hours per week reading.  That is more than twice as much as everyone else.  The vast majority of those who are or who go on to become wealthy people spend time investing in themselves every day.  Whether reading books, listening to podcasts, audiobooks or taking self improvement courses, they understand wealth is not based on the amount of money they have but on the amount of knowledge they possess.  A wise person who starts out with no money will always finish ahead of someone who falls into large sums of money or opportunities but doesn\u2019t have the knowledge to manage it.  Learning is the foundation for the ability to make the most of opportunities that may come your way, therefore your greatest investment will always be in yourself.  God has given you a mind, maximize it. Here is a blog I wrote on building lasting success. https:\/\/davidjsuccess.com\/how-to-achieve-success-that-lasts\/<\/p>\n\n\n\n

2. millionaires are intentional not impulsive.<\/h2>\n\n\n\n

Pump the brakes.\u00a0\u00a0Wealthy people have the self discipline to think about purchases before making them and not fall prey to impulse.\u00a0\u00a0They know how to set their emotions aside, set limits and keep their eye on the big picture.\u00a0\u00a0Millionaires aren\u2019t concerned with impressing people or having the latest and greatest, they are focused on reaching their goals.\u00a0\u00a0Saying \u201cno\u201d to impulse is not as sacrifice but a win.\u00a0\u00a0Dave Ramsey once said to wait 24 hours before making a purchase over $100.\u00a0\u00a0This allows the emotion and adrenaline to pass, resulting in far less buyer\u2019s remorse and far more financial success.\u00a0\u00a0There is power in waiting!\u00a0\u00a0God has given you the ability to exercise self control in even the most emotional moments.<\/p>\n\n\n\n

3. millionaires hang out with successful people.<\/h2>\n\n\n\n

Choose the right friends.\u00a0\u00a0A wise person once said, you will become the 5 people you are closest to over time.\u00a0\u00a0Nothing could be more true.\u00a0\u00a0Millionaires make it a habit to seek out those who know things they would like to learn or have done things they would like to do.\u00a0\u00a0Having a mentor or coach will accelerate your path to success in any field or skill and hanging around like-minded people will keep you anchored when you might otherwise be tempted to go off the tracks spiritually, emotionally, financially or professionally.\u00a0\u00a0The people you hang around have an impact on your character, purchases, lifestyle and spending decisions.\u00a0\u00a0Everything from your marriage to your money will be affected by those you hang around.\u00a0\u00a0Spend time with people who have the right values, character and habits and are steady, successful, patient, people who know how to manage resources and will help you make good decisions and establish your own healthy habits.<\/p>\n\n\n\n

4. millionaires say \u201cno\u201d to debt.<\/h2>\n\n\n\n

Pay cash and say no to loans and credit cards whenever possible.\u00a0\u00a0There is a common misconception that some debt is good but wealthy people understand that being debt free is one of the most powerful keys to building substantial wealth.\u00a0\u00a0Scripture says that the borrower is slave to the lender.\u00a0\u00a0Debt is a trap, not a tool, and when you say no to debt you choose freedom and can say yes to saving and investing.\u00a0\u00a0The interest you would have paid on loans adds up fast and when you compound it over time in solid long-term investment, the end payoff is staggering.\u00a0\u00a0We are literally talking about millions of dollars that the average person could amass just by taking debt payments and investing the money instead of financing purchases.<\/p>\n\n\n\n

5. Millionaires live on a budget.<\/h2>\n\n\n\n
    <\/ol>\n\n\n\n

    Get on a budget.\u00a0\u00a0Wealthy people understand that a budget is simply a plan that tells your money what to do instead of wondering what happened to it.\u00a0\u00a0The old saying \u201cfailure to plan is a plan to fail\u201d is especially true with money.\u00a0\u00a0People who hope to succeed rarely do but people who make a plan often do.\u00a0\u00a0A budget helps curb unnecessary spending and provides a path to reach your goals every month, year and over a lifetime.\u00a0\u00a0The best place to begin learning about budgeting is Dave Ramsey\u2019s Financial Peace University course.\u00a0\u00a0Link Here.<\/p>\n\n\n\n

    6. millionaires live below their means.<\/h2>\n\n\n\n
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      Modesty is the best policy.\u00a0\u00a0The average millionaire is satisfied with living comfortably but not concerned with living extravagantly.\u00a0\u00a0The truly wealthy are more concerned with having a sufficient emergency fund than going over budget to buy something cool.\u00a0\u00a0People who get caught up in the hype of bigger and better end up spending money on depreciating items instead of investing, multiplying their money and leaving an inheritance for their kids and grandkids.\u00a0\u00a0It is solid practical and biblical wisdom to live below your means, save for a rainy day and leave an inheritance.<\/p>\n\n\n\n

      7. millionaires buy their vehicles.<\/h2>\n\n\n\n
        <\/ol>\n\n\n\n

        Pay cash for your car.\u00a0\u00a0One thing that millionaires have in common is that they purchase a modest vehicle and drive it for several years.\u00a0\u00a0That sounds simple but there are so many traps when it comes to vehicles.\u00a0\u00a0Leasing a vehicle is not common among the wealthy for several reasons.\u00a0\u00a0Though a vehicle depreciates quickly, it typically still carries some value even after several years in comparison to a leased vehicle where you often end up paying for several years and have nothing to show for your investment in the end.\u00a0\u00a0Millionaires choose to own their vehicles and get something out of it when they are done driving it.<\/p>\n\n\n\n

        8. millionaires maximize employer sponsored retirement plans.<\/h2>\n\n\n\n

        Start a retirement plan now.\u00a0\u00a0The average millionaire does not inherit their wealthy from a wealthy relative, they spends their career working at a job just like most others.\u00a0\u00a0However one thing they have in common is they invest in a retirement plan and take advantage of employer sponsored retirement plans.\u00a0\u00a0Many employers match employee contributions up to a certain amount and the result is a supercharged retirement plan.\u00a0\u00a0These monthly or yearly employer matching funds may not seem like much but when deposited in solid long term investments and compounded over time they can turn into millions of dollars.\u00a0\u00a0If you change companies you can roll the plan over into another company if needed.\u00a0\u00a0This is one of the most overlooked benefits for many people when considering an employer.\u00a0<\/p>\n\n\n\n

        9. millionaires hustle.<\/h2>\n\n\n\n
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          Do something.\u00a0\u00a0There is just no substitute for hard work, creativity and grit.\u00a0\u00a0Wealthy people have mentality that hard work pays off and this way of thinking opens the doors to many opportunities other miss who choose comfort and procrastination instead of sweat equity.\u00a0\u00a0Rental properties, side businesses, and other income streams are available for those willing to try, fail, and try again until they succeed.\u00a0\u00a0Millionaires have an unstoppable combination of desire, faith and hustle that leads to success.\u00a0\u00a0God blesses hard work.<\/p>\n\n\n\n

          10. Millionaires practice generosity.<\/h2>\n\n\n\n
            <\/ol>\n\n\n\n

            Be a giver.\u00a0\u00a0Learning how to give money away is as important as learning how to accumulate it.\u00a0\u00a0Generosity is key to keeping things in perspective and breaking a mentality of lack.\u00a0\u00a0You can\u2019t get truly rich with a poverty mentality.\u00a0\u00a0Generosity releases gratitude and reminds us that money is simply a tool not a God.\u00a0\u00a0There\u2019s absolutely nothing wrong with having lots of money but there is something wrong with money having you.\u00a0\u00a0Scripture teaches that it is more blessed to give than to receive and truly wealthy people have come to understand this.\u00a0\u00a0Maybe they give because they are wealthy or maybe they are wealthy because they are generous.\u00a0\u00a0God blesses generosity.<\/p>\n\n\n\n

            11. millionaires maintain a to-do list.<\/h2>\n\n\n\n
              <\/ol>\n\n\n\n

              Keep a short list every day.\u00a0\u00a0One habit of millionaires is to sit down the at night and make a short list for the following day.\u00a0\u00a0This practice helps to prioritize the most important things in their day instead of letting the day dictate what is important.\u00a0\u00a0This practice leads to success in all areas of life including finances.\u00a0\u00a0Writing down a to-do list on a note card or sticky note helps you focus on the most important 3-5 things in your day.\u00a0\u00a0After you\u2019ve completed those things, everything else is gravy.\u00a0\u00a0This help put the important before the urgent. This practice day after day leads to big results.<\/p>\n\n\n\n

              12. millionaires take care of their health.<\/h2>\n\n\n\n
                <\/ol>\n\n\n\n

                Exercise every day.\u00a0\u00a0The end of your career and life are typically your largest earning years if you have learned, grown personally and invested wisely.\u00a0\u00a0One study by Tom Corley, author of “Change Your Habits, Change Your Life”, showed that 76% of the wealthy exercise for at least 30 minutes a day.\u00a0\u00a0Wealthy people understand that their later years have the highest potential in both career and investment returns.\u00a0\u00a0Exercise has an impact on your mental and physical energy which impacts your mood and decision making a your work.\u00a0\u00a0Long term health is a big factor in financial success because your body and mind can be either a financial asset or a liability as time moves on.\u00a0<\/p>\n\n\n\n

                13. millionaires watch less than one hour of television every day.<\/h2>\n\n\n\n
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                  Turn off the TV.\u00a0\u00a0The same study by Corley showed that 67 percent of wealthy people watch less than one hour of television each day while 77 percent of poor people watch more than one hour daily.\u00a0\u00a0He discovered that only 9 percent of the wealthy watch reality shows, compared with 78 percent of poor people.\u00a0\u00a0The average person watches almost 3 hours of television every day, month year.\u00a0\u00a0That is a staggering 1095 hours per year.\u00a0\u00a0What could that time be worth if you invested it in reading books, your education, career or a business opportunity?\u00a0\u00a0Millionaires make good use of their time while still taking time to relax for an hour each day.<\/p>\n\n\n\n

                  14. Millionaires teach success habits to their kids.<\/h2>\n\n\n\n
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                    Teach your kids to succeed.\u00a0\u00a074% of the rich teach their kids good habits. Setting out to teach your kids to succeed in life is very important but it is also a form of reverse mentorship that leads to questions and a search for answers that often ends up changing the teachers life as well as the student.\u00a0\u00a0Teaching your kids to succeed financially has a huge impact on how you manage your money and it is no surprise that the vast majority of millionaires have been intentional to teach their kids to succeed financially.\u00a0\u00a0One study showed that 63% of the rich have their kids read at least 2 non fiction books each month.\u00a0\u00a0<\/p>\n\n\n\n

                    15. Millionaires set clear long term goals.<\/h2>\n\n\n\n
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                      Set lifetime goals.\u00a0\u00a0A large majority of millionaires (67%) write down long term goals.\u00a0\u00a0Beginning with who you want to be and what you want to accomplish over the long term helps make short term decisions clearer and allows you to say no to things that might consume your time otherwise.\u00a0\u00a0Long term goal setting accelerates short term goal setting and decision making.\u00a0\u00a0The wealthy can make clear timely decisions because they know who they are trying to become and accomplish.\u00a0\u00a0They write down goals that are specific, measurable each day, weak, month, realistic and believable and timely, meaning they give themselves a timeline to accomplish them.\u00a0\u00a0<\/p>\n\n\n\n

                      16. Millionaires never give up.<\/h2>\n\n\n\n
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                        Don\u2019t ever quit.\u00a0\u00a0This could be the most important characteristics of all.\u00a0\u00a0When times get hard or they might be tempted to quit or give up, successful people just keep going.\u00a0\u00a0It\u2019s ok to take a great, reset, pivot but don\u2019t quit.\u00a0\u00a0You never know when breakthrough is imminent.\u00a0\u00a0You are closer than you think and your dreams are just on the other side of grit.\u00a0\u00a0It doesn\u2019t matter where you start, don\u2019t quit until you succeed.\u00a0\u00a0Often the only difference between success and failure is stopping short. Adversity can\u2019t and won\u2019t stop you.\u00a0\u00a0These principles don\u2019t just apply to millionaires they apply to people who are successful in many different areas of life.\u00a0\u00a0You are going to make it. <\/p>\n\n\n\n

                        Success is a lifelong process. Here is a blog I wrote on building lasting success. https:\/\/davidjsuccess.com\/how-to-achieve-success-that-lasts\/<\/p>\n\n\n\n

                        <\/p>\n\n\n\n

                        Here is a blog I wrote on achieving lasting success you may be interested in.<\/p>\n\n\n\n

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                        HOW TO ACHIEVE SUCCESS THAT LASTS<\/a><\/blockquote>