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January 13, 2020

5 Habits Of Self-Made Millionaires

January provides you with the chance to focus on your goals and form new habits that may inform your 2020. If you’re looking to change a few things in the new year, it’s time to alter your daily routine and achieve great things this year and the following years ahead.

The best place to start is to research what successful people do – like self-made millionaires and entrepreneurs. How did they reach their first million? How do they start their day? Truth is, most entrepreneurs have “ordinary” habits that help them achieve their objectives. Let’s take a look at the five habits of self-made millionaires.

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1. They’re always reading

They’re always reading

“There are plenty of books on entrepreneurship, positive thinking, and financial investment.”

According to a Yale University study, reading can help improve your vocabulary, cognitive skills, and concentration. You’re also learning something new each time you open a book – whether it’s a new word, skill, or concept. What kind of books should you be reading? While re-reading your favourite fiction is fun, it may not help you learn something new.

Try getting your hands on a self-help book that is in the field you’re interested in. There are plenty of books on entrepreneurship, positive thinking, and financial investment. Wealth Alliance co-founders, Milan and Sylvia Milosevic swear by the principles outlined in Napoleon Hill’s Think and Grow Rich. Perhaps this could be a starting point for you.

2. They set daily goals

They set daily goals

People get overwhelmed when they hear the word ‘goals’, so setting daily goals may seem like an arduous task. However, it doesn’t have to be. In fact, we set daily goals each day – writing out your to-do list is an example of this.

Forecast what you want to achieve for the day. This could be your task list, financial projections, or anything that can help you meet your overall objectives for 2020.

Perhaps you want to start reading a self-help book this year. Maybe each day, you can set aside reading five pages or a chapter. If you’re looking to do an online course, maybe you can tackle a module a day. You’ll soon find that setting a daily goal will help motivate you and make you more productive.

“…you are who you surround yourself with.”

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3. They’re budgeting and saving

They’re budgeting and saving

Self-made millionaires are financially savvy. Most of them came from nothing and are very careful about what they do with their money. They’re serious about setting a budget and saving. Setting a budget will provide you with an overview of your spending habits – good and bad.

By setting a budget, you’ll be able to eliminate unnecessary spending and be able to save.

4. They’re always networking

They’re always networking

It’s often said that you are who you surround yourself with. Entrepreneurs have a powerful network of contacts that help them build their empire. Napoleon Hill has often spoken about the ‘Mastermind’ group – a group of individuals that can help you reach your potential.

Attend industry-related events and meet people who have done what you’re looking to achieve or like-minded individuals that inspire you. Being in a room with these people can motivate you.

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5. They create multiple streams of income

They create multiple streams of income

Self-made millionaires never depend on a single income source. They diversify to ensure they have multiple income streams. Why? You could lose your single income – a job – and in case this happens, you have another income that could help you until you find something new.

In terms of investing, people invest in property because it provides another stable source of income and can easily be your main source of income. So, while you have a stable income from your 9-5, you have another income from your buy-to-let that you’ve invested in. If you’re using the right strategies, you could become a full-time property investor.

Cultivate great habits today

2020 is shaping up to be a significant decade. Isn’t it time you did something great this year? Whether it’s financial freedom or investing in your future, you have the chance to make some changes in your life.

Join us at our free property investment seminars this month, where you’ll have the chance to discover what the 2020 property market looks like – and learn how to invest. Secure your seat today!

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