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Millionaire Habits- 11 Behaviors Most Rich People Have in Common That Make Them Financially Smart

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Imagine having the opportunity to sit down with a millionaire—what questions would you pose to them? Aspiring to achieve millionaire status is commendable, yet it’s not an isolated accomplishment. Attaining and sustaining significant wealth requires a blend of practical knowledge and academic acumen, coupled with the cultivation of specific habits that pave the way to success.

A Redditor asked, “What do millionaires do differently than everyone else?”

Take notes.

1. Investing Young

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There’s no small amount of money too insignificant to start investing, and many millionaires say they initiated their investment journey at a young age, allowing their funds to compound through interest over time.

Just got your first job? Start saving and investing.

2. Spend Below Your Means

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Most people have little to spare because they live far above their means. How we spend the money we’re making is one of the biggest determinants of how much money we will have in a few years.

3. Save, Save, Save

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While having money to splurge is great for gratifying the moment’s desires, it’s a ticket to having little or nothing for the important things later.

One online user says, “Every time my income has gone up, my savings have gone up. I live paycheque to paycheque by looking at my chequing account.”

That’s a person on his way to becoming a millionaire.

4. Cut Off Distractions

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Millionaires and distraction cannot be in the same sentence. If your focus is to become a millionaire, you will need to do a thorough pruning of your life and see what is causing you to waste time and resources.

An online conversation contributor shares, “He [his now millionaire friend] cut off all distractions that don’t aid him in his goal other than some of his long-time friends like me; some might call him a workaholic, which he is. But he isn’t putting the hours into his job; he is putting the hours into finding ways to make even more money, furthering his education, getting training, looking for higher paying jobs, investing, doing side gigs, etc.”

5. Make Your Machines Work For You

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Most people today, especially the younger generation, rush to get the latest car and gadget the moment it’s on the market. Most millionaires confess to having kept the same machines for years, and some even have to have roommates as they build their wealth.

One says, “When I hit a million, I was still driving my 15 year old Honda Civic and living with two roommates.”

Someone adds, “I’m the cliche Millionaire Next Door who drives an old Toyota Camry.”

6. Don’t Make Emotional Decisions

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You cannot rely on emotions to decide if becoming wealthy is your goal. Your decisions, especially financial ones, must be well thought-out so that even if things don’t go your way, you’re still alright.

A conversation contributor says, “One thing I’ve noticed successful or self-made wealthy people NOT do is make emotional decisions. They can even get wronged and move on with little thought like it’s a superpower they’ve bought.”

7. Take Care Of Your Health

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The cliche says your health is your wealth, and most millionaires approve of this message. You cannot have the energy and mental capacity to make money if you’re not healthy.

Take care of your health- physically, mentally and emotionally. One online user says, “What’s funny is I know two very wealthy people who ride their bike to their office daily. They say it helps relieve stress, get exercise, and have time to think …”

8. Frugality

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Contrary to what most people think, you have to be economical if you want to be wealthy. Find ways in which you can keep your money from getting misused.

An online contributor says, “I’m a millionaire, and I don’t own a car. I ride a bike everywhere and have for the last 20 years. Uber to the airport but bike everywhere else. All my business associates know I make all my phone calls from my bike ride. Most millionaires became rich by being extremely frugal. Daily clothing is all from Target. Food is home-cooked, mostly sourced from Walmart and Costco.”

9. Invest In Self-Improvement

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To be money-smart, you must take stock of where you are and where you’re headed. You make many strides only to realize later that you made them in the wrong direction.

One millionaire says, “I worry about happiness and fulfillment and improving myself in every way I can, from psychological to physical and relationships. I have a therapist I see regularly just to make sure I’m doing my best or working towards it, as well as having coaches to keep improving my skills and mindset.”

10. Use Debt As A Tool

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Debt has been mentioned as one of the worst financial mistakes, but when you change the way you take and use money borrowed from a bank, it becomes a blessing. Many intelligent people use debt to their advantage.

A user says, “I think one of the most critical differences is the use of debt as a tool instead of seeing it as something to be avoided.” As long as that debt is being used to build equity.

Someone adds, “Yes, this. People look at me like I’m crazy when I tell them I’ll never pay off my house. Every time interest rates crater, I refinance and pull equity.”

11. Keep your Eyes On The Goal

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Investing and seeing your money grow can take decades, and it’s easy to lose sight of the end goal. Most millionaires today confess to having lived like paupers at one time in their lives while growing their wealth.

One millionaire offers, “I’m a millionaire. I lived like a pauper for years to build wealth in property and the market. If you do this for about 10 years without even making that much, suddenly, you don’t really have to worry about money anymore. I’m late 30’s. I started at 18. Just start and don’t look back.”

Don’t look back.


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