Although there’s a rare Mark Zuckerberg or Bill Gates who dropped out of college, 80% of self-made millionaires have a college degree. The wealthy are constantly educating themselves. They would rather be educated than entertained. 88% of the rich devote thirty minutes or more each day to self-education or self-improvement reading. What do they read? Self-made millionaires tend to read 3 types of books: biographies of successful people, self-help or personal development books, and history books.
6) They set meaningful goals
Self-made millionaires focus on long-term visions instead of short-term goals. For example, instead of focusing on saving up for an exotic vacation in 1 year or buying a Ferrari in 2 years like the poor do, the rich focus on working towards building a #1 respectable women’s clothing brand over a 10-year period. Their 10-year vision would likely inherently already include these short-term goals anyway. A critical step in setting meaningful goals is to abandon negative goals and habits and replace them with positive, more meaningful ones.
5) They respect their money & time
They respect their money by living within their means and creating multiple streams of income. They save money and invest it in things that appreciate over time like stocks, businesses, real estate rentals, etc instead of spending money on things that depreciate with time like cars, expensive jewelry or electronics, etc. The wealthy understand that their time is more valuable than money. They respect their time by using their money to buy time (and not exchanging their time for money as poor people do). They create results through people, not by themselves. They realize if they could replicate their abilities threefold by delegating and hiring adequately, they would be able to earn three times as much for the same work.
4) They get up early
50% of the self-made millionaires wake up at least three hours before their workday actually begins. Getting up at five in the morning to tackle the top three things you want to carry out in your day allows you to actively control your productivity and time. See “Top 7 morning routines of highly successful people”.
3) They use debt wisely
Poor people use debt to buy things they don’t need that will make rich people richer. The wealthy use debt for increasing income and leveraging investments. Low interest student loans is good debt if it will help you get a better job to make more money to invest. Taking out a loan to buy a car or high interest credit cards are bad debt since there are no opportunities for investment or financial growth with these. Avoid debt entirely if possible. But if you must take it on, evaluate the kind of debt and its possible returns before doing so.
2) They are positive
Positivity is a hallmark of all the self-made millionaires. Additionally, they are experts at converting failures into learning opportunities and stepping-stones for growth. Most people are not aware of their thoughts. If you take a minute to listen to your thoughts you might find that most of them are negative. Awareness of negative thought patterns is the first step to converting them to positive thoughts. Part of having a positive outlook is helping other success-minded people move forward in achieving their goals and dreams. The rich know that they cannot get and sustain wealth on their own. They know that to create a like-minded team, they need to help other positive, success-minded people first. Self-made millionaires focus on helping those who are pursuing success, are optimistic, goal-oriented, positive, and uplifting.
1) They have mentors
93% of millionaires attribute their wealth to having mentors. They define 5 types of mentors: Parents (your first mentors), teachers (who can help reinforce good parenting), career mentors (a leader at your job who you trust, respect and admire), book mentors (since many of us don’t personally know a lot of millionaires, books by and autobiographies of millionaires can offer good mentorship), and yourself (i.e. you can mentor yourself through your past experiences and mistakes. This remains the most powerful form of mentorship because the lessons you learn are infused with intense emotion and are never forgotten.)