How are you spending your time?
It’s always interesting to consider what characteristics or habits differentiate the wealthy and successful millionaires from the rest of us. Especially, when taking into account that we all share one common characteristic – Time.
By “time,” we’re not referring to whether you live to 80 or 90 years old. Instead, we’re talking about the 1,440 minutes that we all share in each day to do what we want to do. How do “The Rich” maximise this time? And, what do they incorporate into their daily routines to separate themselves from everyone else?
In this article, we’re going to highlight “5 Habits of The Rich” and how these habits have helped them to achieve financial success.
But before we do, it is important to keep in mind that we’re not saying that every millionaire does these things, nor are we saying that by adopting each of these habits into your life you will automatically become the next millionaire.
We’re just encouraging that by adopting some of these behaviours, you could supercharge yourself towards achieving your financial goals.
1. Have a Vision and a Goal
By developing a clear vision and understanding your “why” you are more likely to take inspired action to achieve what you want. According to Tom Corley’s study “Rich Habits,” over 80 per cent of the millionaires he interviewed engaged in 60 minutes of goal-setting per day.
So, what are your goals and what are you doing right now to get yourself there?
If you’re not doing anything, maybe it’s time to consider what putting 60 minutes aside per day could do to help you to achieve your goals and/or vision.
2. Be Focused on Growth & Education
Many millionaires endlessly pursue personal growth and development and typically, by reading a lot! With top-level CEOs reading an average of 60 books per year.
According to Corley’s study, nearly 80 percent of millionaires engage in 60 minutes of skill practice or education every day. So, if you’re wanting to be the next famous basketballer, it’s probably time to start hitting the hoops and practicing your 3-pointers.
By abiding by their routines and limiting their downtime to no more than one hour a day, these millionaires make productive use of their time; always developing their knowledge, skills and career to become experts in their field.
3. Engage in Regular Exercise & Leisure Activities
As we all know, exercise is an important part of overall health and daily functioning. But, did you know that it significantly benefits our cognitive ability, our immune system and makes us feel happier by releasing endorphins? It can also help to reduce the risk of sickness, disease and the effects of stress.
Doing 30 minutes of exercise per day can have a significant impact on the way that you think and make decisions. In addition to exercise, it is also important to plan downtime; with most millionaires engaging in some kind of relaxation or leisure activity every day.
According to Corley, “the self-made rich are not superhuman. Like everyone else, they require some daily downtime.” But, a key difference between them and everyone else is that they moderate their downtime to no more than an hour a day.
They also develop daily habits and routines that help them to manage their time productively; having a cumulative effect on their lives, performance and wealth over time.
Every productive minute pays dividends in the long run. Whether it be improving skills and knowledge, good health, strong relationships and greater wealth.
Here is a list of several Millionaires who regularly incorporate leisure, sports and exercise into their daily routines:
- Richard Branson (Businessman, Investor & Philanthropist) – Loves kite surfing and jogging.
- Mark Cuban (Owner of the Dallas Mavericks) – does 1 hour of cardio 6-7 days per week.
- David Murdock (CEO of Dole Food Company) – does weight lifting several times a week combined with brisk walks on a treadmill.
- Michael Bloomberg (CEO of Bloomberg LP & previous NYS Mayor) – plays golf and runs for nearly an hour every day on the treadmill.
- Sergey Brin (Google Co-Creator) – enjoys skydiving, hockey, gymnastics and acrobatics.
- Steven Spielberg (Movie director) – enjoys regular Personal training sessions.
So, rather than reaching for that apple each day, how about 30 minutes of activity to keep the doctors away…
4. Foster and Build Rich Relationships
It is often said that one’s net worth is based off their network.
Despite what some may think, it’s highly unlikely for most millionaires to build their wealth by sitting alone in their bedroom (unless you’re Mark Zuckerberg of course!).
Sometimes, to be successful you need to step out of your comfort zone by building your network. You can do this by attending some professional events or by putting yourself out there to talk to new people. This will enable you to get exposed to others in your industry and may even open a new door to opportunities that you had never thought existed.
But other than professional networks, it is important to keep strong relationships with your friends and family too. Make calls just to say hello. Call them on their birthdays. Maybe some of your friends or family have recently experienced a big life event such as having a baby, getting married or experiencing a death in the family. Given them a call.
By doing so you will not only feel good within yourself, but they will also remember how you took 5 minutes out of your day to see how they were going. These small gestures can do wonders for building strong friendships and good relationships over time.
Arnold Schwarzenegger once said: “There’s no one that is self-made.” Everyone has mentors, everyone has guides, everyone has coaches, everyone has advisors.
So, if you’re considering becoming a self-made millionaire all on your own, you’re probably kidding yourself. Typically, you need a great team of experts in their field or someone, such as a mentor to support you throughout the process.
When looking for a mentor, it is important to find someone who has experience and can help you to put strategies in place to achieve your goals. They need to have been where you want to be and have achieved what you want to achieve.
As we say at Infinite Wealth, “Only listen to people who are where you want to be.” If one of your goals is to develop wealth by investing in property, we can help you – we can be your mentor.
How Our Client Managers Can Help You
At Infinite Wealth, we provide the education, direction and on-going support for every day hardworking Australians to reach their financial goals, whether they be home ownership, travel and lifestyle, or early retirement.
Our Client Managers help to coach and mentor clients by walking them through reliable, affordable and tested strategies based on the fundamental and unchanging principles of creating wealth. They will also continue to hold your hand throughout the entire investing process.
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