In order to answer the question; “what’s the best way to become wealthy?” it is wise to learn from those who are already wealthy.
As such, I recently had the opportunity to read a very intriguing book that helped me gain a deeper perspective of how millionaires accumulate their wealth.
The book is entitled, “The Top 10 Habits of Millionaires” by Keith Cameron Smith. In this article I will list the top 10 habits with a summary of the personal insights that I gained.
In the book Keith lists the habits in descending order, that is from 10 – 1, so I will follow the same pattern.
Habit 10: Millionaires think long term
Millionaires do today what others don’t, so they can have tomorrow what others won’t
Millionaires value freedom over comfort and because they do, they get both.
When you reach the end of your life it is the relationships you’ve built that make you truly rich
Habit 9 : Millionaires talk about ideas
Big people talk about ideas, average people talk about things, and small people talk about other people
The middle class spends its money on the things that were created by a millionaire’s idea
Millionaires talk about ideas with other millionaires
Habit 8 : Millionaires embrace change
Millionaires are confident. Confidence is acquired through preparation and hard work. Confidence is the result of working on yourself.
Habit 7 : Millionaires take calculated risks
Ask these 3 questions before venturing into an opportunity:
1. What’s the best thing that could happen?
2. What’s the worst thing that could happen?
3. What’s the most likely thing to happen?
Simply understand that some people are going to reject you no matter what you do, and then do what you need to do to succeed.
The 3 most common regrets of people over 90 years old are:
1. I wish I had taken more risks
2. I wish I had reflected more on the good moments of life and appreciated them and on the bad times and learned from them
3. I wish I had done more things that would live on after I was gone
Habit 6 : Millionaires continually learn and grow
If a percentage of your income is not going towards your financial education, you will stay trapped in the middle class. The more money you spend on financial knowledge, the more money you will make.
You never fail on God’s test. You just keep taking them until you pass.
Habit 5 : Millionaires work for profit
Habit 4 : Millionaires believe they must be generous
Being generous is a witness to others of kindness and love. It benefits the giver as much as, maybe more than, the receiver.
Habit 3 : Millionaires have multiple sources of income
If you focus on passive income sources, build a team and practice intentional congruence, it is impossible to spread yourself too thin.
Habit 2 : Millionaires focus on increasing their net worth
Millionaires make their money work hard for them. The middle class work hard for money.
Habit 1 : Millionaires ask themselves empowering questions
Empowering questions ask what you can do, dis-empowering questions ask what you can’t do.
Millionaires ask questions that make them rich.
Questions to ask yourself:
What kind of person do I want to be?
Why do I want to be that kind of person?
How can I become that kind of person?
What do I want to do?
Why do I want to do it?
How can I do it?
What do I want to have?
Why do I want to have it?
How can I create it?
How Can You Benefit By Reading The Top 10 Habits Of Millionaires
Firstly you will realize that in order to be rich you simply need to do the simple things well. Real wealth is acquired through building genuine, rich and lasting relationships with progressive people.
You need to learn to connect well with people if you hope to be successful financially.
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This is a summary of some of the major points I got from reading the book and I hope you’ve obtained some insights on what’s the best way to become wealthy.
I would encourage you to get yourself a copy by clicking on the link above as you may gain added insights that may be exactly what you need to learn to accelerate your financial progress.
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