Millionaire Habits (3 common traits)
Jun 29, 2024Read time - 3 minutes / Disclaimer
Imagine talking to a self-made millionaire.
At the end of the talk, you're given a copy of their:
• Tax return.
• Credit report.
• Bank statement.
You'd learn a lot about them.
I did this in banking for years.
I'd talk to wealthy bank clients then look through their personal info.
It was eye-opening.
Today I'm going to share 3 common traits I'd often notice.
Adopting these may help you:
• Build wealth faster.
• Achieve freedom sooner.
• Quit full-time work earlier.
Unfortunately, many think becoming a millionaire is unrealistic.
I built a $1M net worth in my 20s and 30s while working a regular job.
I wasn't the sharpest guy (mostly a B- student).
And I didn't come from a wealthy family (raised by a single mom).
But I knew how to copy successful people.
I figured...
If it worked for them, why not me?
Here's 3 common traits I'd often notice:
1. Thirsty for Knowledge
Many millionaires I helped in banking were polymaths.
It's a fancy word for:
• Someone who knows a lot about many things.
• Someone who's obsessed with learning.
• Someone with a curious mind.
Curiosity can lead to many things.
Things like investing.
Or, starting a side business.
Finding time to learn new things can be tough.
Our attention is already stretched across work, relationships, etc.
A good solution: audiobooks
They're a great way to easily expand your knowledge on money, investing, or business.
Great times to use them:
• While at the gym.
• While making dinner.
• While driving in your car.
Make it part of your day.
Audible is a great app to help build a daily learning habit.
The Lesson:
Try expanding your mind just 30 minutes a day.
That's 182 hours of new knowledge per year.
"Wisdom is not a product of schooling but of the lifelong attempt to acquire it."
—Albert Einstein
2. Willing to Fail
Fear of failure often comes from fear of judgment.
Society often conditions us to believe not trying is safer than trying and failing.
The interesting thing...
Most successful banking clients I helped had many failures.
It was common to see 3 or 4 different businesses on their tax returns.
Of the 3 or 4 businesses, oftentimes just 1 of them made a lot of money.
The others just broke even many times.
The Lesson:
Successful people are willing to try several things.
They don't let fear of failure hold them back.
"A mistake is a future benefit, the full value of which is yet to be realized."
—Edwin Land (Co-founder of Polaroid)
3. Tough and Driven
We often hear of successes that seem to happen overnight.
When in reality, it took years.
Alex Hormozi is a good example.
In 2013 he was a regular guy who owned a gym.
Years went by and he was relatively unknown.
The world belongs to those who can keep doing without seeing the result of their doing.
— Alex Hormozi (@AlexHormozi) August 29, 2023
Fast forward 10 years and he's:
• Written many books.
• Has millions of followers.
• Founded several companies.
The Lesson:
Success-oriented people are able to stick with things long-term.
Even though it may take years to achieve their goals.
"Most people overestimate what they can do in one year and underestimate what they can do in ten years."
—Bill Gates (Co-founder of Microsoft)
Conclusion
If you're motivated by money, investing, or business, Alex is a great follow on YouTube.
He sends out short helpful daily clips.
You can find him here:
If you want to build 30 minutes of new knowledge into your day.
Download Audible here:
It's free for 1 month (3 months if you have Amazon Prime).
The Millionaire Next Door is a great audiobook to start with (also free).
That's all for today.
See you next week.
