I Study Millionaires for a Living: Here’s What They All Do To Get Rich

My wife and I became millionaires in our mid-30s without starting a business or getting an inheritance. We did it the old-fashioned way by working smart, making the right choices, and building money-making habits.

While millionaires are different, they share similar characteristics that helped them build wealth. More importantly, they wanted to keep the wealth they had built.

Here, we’ll explore 20 things millionaires do to get rich, providing insights and actionable tips for each.

Setting Clear Goals

Millionaires are notorious for setting goals, even if those goals are informal and not written down.

Everyday Millionaires author Chris Hogan found that 92% of millionaires have long-term plans for their money, and a whopping 97% achieve the goals they set for themselves.

Millionaires understand the importance of developing a roadmap for success. They define their financial objectives and create actionable plans to reach them. Setting specific, measurable, attainable, relevant, and time-bound (SMART) goals helps them stay focused and motivated on their path to wealth.

Continuous Learning

Successful millionaires never stop learning. It’s a lifelong pursuit because they understand that knowledge equals wealth.

They recognize that knowledge is a powerful tool that can help them navigate the intricacies of the business world and make informed decisions. Learning allows millionaires to stay ahead of the curve, adapt to changing trends, and seize new opportunities.

Additionally, many millionaires are passionate about their pursuits and enjoy acquiring new skills and expanding their understanding of various subjects. By investing in their education, millionaires enhance their personal development and increase their chances of achieving long-term success and financial stability.

Strategic Saving

There is nothing more important than saving money, and millionaires know that.

They live below their means, avoid unnecessary expenses, and consistently set aside a portion of their income for savings and investments. If this surprises you, read “The Millionaire Next Door,” by Dr. Thomas Stanley. The book goes into great detail about how millionaires truly operate, and much of it will probably surprise you.

For instance, most wealthy people don’t live in big houses on the hill, drive the most expensive cars, or wear pricey jewelry. High-income people might, but as you will learn in the book, the difference between income and wealth is stark.

By adopting a disciplined approach to saving, they accumulate wealth over time and leverage the power of compound interest to grow their assets.

Multiple Income Streams

Multiple income streams are crucial because they provide stability and security in uncertain times. Relying on just one source of income can be risky, leaving you vulnerable to unexpected changes like job loss or economic downturns.

By diversifying your income sources, such as having a part-time job, freelancing, or investing, you spread your risk and ensure a more steady flow of money. This can help you weather financial emergencies and achieve long-term financial goals more effectively.

By generating income from multiple sources, they mitigate risks and increase their earning potential.

Long-Term Investing

Millionaires understand the value of long-term investing. When you invest for the long term, you allow your money to grow through the power of compounding. Compounding means that you earn returns on your initial investment and on the returns you’ve already made.

This can significantly boost your investment gains over time. Additionally, long-term investing helps smooth out the market’s ups and downs, as short-term fluctuations tend to even out over longer periods. Overall, long-term investing provides a stable and reliable path to financial success.

Rather than chasing short-term gains, they build a diversified investment portfolio tailored to their financial goals and risk tolerance. They stay disciplined during market fluctuations and harness the power of compounding to grow their wealth over time steadily.

Networking

Networking is crucial for success in any field, and millionaires excel at building and nurturing professional relationships.

They surround themselves with like-minded individuals, mentors, and advisors who can provide guidance, support, and valuable opportunities. They make friends with those in their desired positions. They say yes to networking events like conferences, lunches, and golf outings.

Networking opens new partnerships, collaborations, and ventures that can accelerate wealth accumulation.

Strategic Debt Management

Living with bad debt will destroy your wealth-building potential. While debt can be a double-edged sword (not all debts are bad), millionaires use it strategically to leverage their wealth-building efforts.

They differentiate between good debt, such as low-interest loans for investments, and bad debt, such as high-interest consumer debt. Good debts help you build wealth, while bad debts, like credit cards, drain your pocketbook.

By managing debt wisely and avoiding unnecessary liabilities, they optimize their financial resources for growth.

Continuous Innovation

Millionaires are innovative thinkers who embrace change and adapt to evolving market trends. They are willing to try new things and dive in head first, learning along the way.

They are unafraid to take calculated risks and explore innovative solutions to solve problems and create value. Millionaires also focus on monetizing their strengths to make money, which is how many innovations start.

By staying ahead of the curve and seizing opportunities in emerging industries, they position themselves for long-term success and wealth creation.

Time Management

Time management is crucial for millionaires because they have countless responsibilities and opportunities to manage. With their wealth comes many investments, businesses, and personal pursuits that require attention.

Efficient time management allows millionaires to prioritize tasks, allocate resources wisely, and seize lucrative opportunities before they slip away. Time management is the key to maximizing productivity, profitability, reducing stress, and overall well-being for millionaires.

By maximizing productivity and minimizing distractions, they make the most of their time and accelerate their journey toward financial independence, which should be everybody’s goal.

Philanthropy

Giving back to society is a core value for many millionaires.

Philanthropy is crucial for millionaires because it allows them to give back to society and make a positive impact on the lives of others. When millionaires donate their wealth to charitable causes, they can support important initiatives such as education, healthcare, and poverty alleviation.

Also, philanthropy enables millionaires to use their resources to address pressing social issues and contribute to the greater good.

Strategic Planning

Millionaires are strategic planners who take a proactive approach to their finances.

With a lot of money at stake, having a clear plan can prevent costly mistakes and ensure that resources are used wisely. Millionaires must consider how to grow their wealth, protect it from risks, and plan for the future. Strategic planning allows them to anticipate challenges and opportunities, adapt to changes in the market, and stay focused on their long-term objectives.

Planning gives millionaires the confidence to maintain control over their financial destiny and navigate economic uncertainties by staying organized and disciplined.

Risk Management

Risk management is crucial for a millionaire because it helps safeguard their wealth and assets. Without effective risk management, they could face significant financial losses that could diminish their wealth or lead to bankruptcy.

While taking risks is an important element in building wealth, it is important to identify potential risks, such as market fluctuations, economic downturns, or unforeseen expenses, and develop strategies to mitigate them; millionaires can protect their wealth and ensure its long-term growth.

They assess potential risks and rewards, diversify their investments, and implement risk mitigation strategies such as insurance and asset protection. By managing risks effectively, they safeguard their wealth and preserve their financial security for the long term.

Focus on Health

Health is wealth, and millionaires prioritize their well-being to ensure peak performance in all aspects of life.

Author Thomas Corley of “Rich Habits” found that more than three-quarters of wealthy people exercise for at least 30 minutes a day. Related, more than 90% sleep at least seven hours a night.

Millionaires maintain a balanced lifestyle, including regular exercise, a nutritious diet, adequate sleep, and stress management techniques. Investing in their health enhances their productivity, creativity, and overall quality of life, which is essential for long-term success.

Master Their Mindset

Positivity leads to wealth. When faced with challenges or setbacks, a positive outlook enables millionaires to approach situations with resilience and creativity, seeking growth opportunities rather than dwelling on obstacles.

Additionally, a positive mindset fosters confidence and optimism, essential for taking calculated risks and seizing lucrative opportunities in business and investments. Not only that, positivity promotes a healthy mindset, reducing stress and enhancing mental clarity, both of which are essential for making sound financial decisions and sustaining long-term success.

By maintaining a positive attitude and reframing obstacles as stepping stones to success, they overcome adversity and stay resilient on their path to wealth.

Goal Visualization

Millionaires harness the power of visualization to manifest their goals and aspirations.

They create vivid mental images of their desired outcomes and visualize themselves achieving success. They often think about those goals, keeping them focused on the most important ones. Extra credit goes to those who write down their goals and post them on the refrigerator for constant reinforcement.

By regularly visualizing their goals with clarity and conviction, they program their subconscious mind for success and stay motivated to take action toward their dreams.

Financial Discipline

Discipline is key to financial success, and millionaires adhere to strict financial discipline in their daily habits and routines.

Without discipline, even large sums of money can quickly disappear through frivolous spending or risky investments. By adhering to a disciplined financial approach, millionaires maintain and grow their wealth long-term, safeguarding financial security and providing opportunities for future generations.

They track their expenses, stick to budgets, and avoid impulsive spending. By exercising restraint and delayed gratification, they prioritize long-term financial security over short-term indulgence.

Continuous Improvement

Millionaires are committed to continuous improvement in all areas.

Even though they’ve achieved financial success, the world keeps changing, and so do opportunities and challenges. By continuously improving themselves, millionaires can adapt to new situations, learn new skills, and refine their strategies to maintain success. Returning to school or attending conferences or trade shows are great ways to improve continuously.

They seek feedback, learn from failures, and strive to master their endeavors. By embracing a growth mindset and never settling for mediocrity, they continually raise the bar for excellence and achieve new levels of success.

Generational Wealth Planning

Millionaires take a long-term view of wealth creation and plan for the future beyond their own lifetimes.

While not fun, they don’t avoid estate planning. They focus on asset protection and wealth transfer strategies to ensure the preservation and growth of their wealth for future generations.

They leave a lasting legacy for their families and communities by laying a solid foundation for generational wealth.

Financial Literacy

Knowledge is power, and millionaires prioritize financial education to make informed decisions about their money.

Without financial literacy, they may fall prey to scams, make poor investment choices, or fail to plan for the future adequately. They stay informed about economic trends, investment opportunities, and tax strategies.

By staying abreast of financial matters and seeking expert advice when needed, they empower themselves to make sound financial choices that optimize their wealth.

Practice Gratitude

Despite their financial success, millionaires face challenges and stresses like everyone else. By practicing gratitude, they acknowledge the hard work and support contributing to their success and fostering a positive mindset.

Gratitude also encourages humility, reminding them of the value of relationships and experiences beyond material wealth. This perspective can fuel continued success by motivating them to give back to others and make meaningful contributions to society.

They express gratitude daily for their blessings, achievements, and opportunities. By cultivating gratitude, they attract positivity, abundance, and success into their lives, creating a virtuous cycle of wealth and fulfillment.