6 Habits of Self-Made Millionnaires

The idea that self-made millionaires are living a luxurious life is a myth. Often times, wealthy people are those who live next door. Take for example the billionaire Warren Buffett, with an estimated net worth of $84 billion, he lives in a quiet Omaha, Nebraska, neighborhood in a $850,000 home that he bought in 1958 for $31,500.

The book “The Millionaire Next Door”, by Thomas J. Stanley, William D. Danko, identifies the common traits that show up again and again among those who have accumulated wealth. Most of the truly wealthy in this country don't live in Beverly Hills or on Park Avenue-they live next door.

Below is a list of habits, most millionaires have in common:

1. They’re avid readers

Learning is the best investment of your time. One of the reasons people become millionaires is because their avid readers. They make time for reading and learning and consider it as a priority. Bill Gates has been known to read 50 books per year.

Related: 12 Simple Tricks To Turn You Into An Avid Reader

2. They’re focused on delayed gratification

Millionaires understand that in order to reach wealth, they have to sacrifice temporary pleasures for the long-term gratification that comes with success. They have no problem turning down invitations, wearing inexpensive clothes or living in a modest neighborhood. This allows them to focus on achieving their goals and saving for the next investment.

3. They set goals 

Setting goals is the way to success and accumulation of wealth. By setting goals, you define your future and you work your way backward taking in mind all it takes for you to get there. Check out these 7 Proven Ways to Set Goals and Achieve Them

4. They stay away from debt

Most millionaires, especially self-made millionaires, have accumulated wealth because they constantly are living below their means. They realize that interests accumulate so fast so they make sure they stay away from debt and if they even wanted to buy something, they save for it.

5. They set a budget

Millionaires keep track of their finances and set budgets. This enables them to manage their money efficiently, so they can optimize their expenses and get rid of money wasters.

6. They give

It seems like the more you give, the richer you become. Millionaires are so generous, whether it’s giving away to charity, supporting causes or just taking care of family and friends, millionaires realize that the most important thing to do with their wealth is to help others.

To become wealthy, all you have to do, it to follow the lifestyle of wealthy people because success and wealth never come by chance, it’s a combination of success habits and success mindset.

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