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Becoming rich is not an accident. It takes hard work, fearlessness and a growth mindset.
I spent five years studying the habits of 233 millionaires – 177 of them are self-made – so you can find out how they use their time. Based on my research, I identified six principles they all shared that helped them build wealth.
The best part is that anyone can apply them and start working to become a millionaire.
1. Self-made millionaires are constantly learning.
For the millionaires I interviewed, learning and self-improvement were top priorities.
Forty-nine percent reported taking a few minutes each day to learn new words, and 61% reported practicing a new skill (ie, a sport or an online class) a minimum of two hours a day. Another 63% said they listened to audiobooks on their commute.
Seventy-one percent say they often read self-help books. Many of them gravitated towards biographies of successful people.
2. Self-made millionaires listen more than they talk.
One strategy that came up many times during my interviews was the “5:1 listening rule.”
In group settings, for every minute they talk, millionaires listen for five minutes. This helped them strengthen their working relationships and gain a range of different perspectives on a given issue.
And 81% said they actively seek feedback from others every day, both in and out of the workplace.
3. Self-made millionaires build great teams.
In my research, 86% of self-made millionaires worked an average of 50 hours or more per week. But they did not work alone. Many succeeded because they focused on their strengths and figured out a way to outsource their weaknesses.
If they didn’t have a particular skill, they delegated to someone who was great at it so they could focus on the bigger picture and have more time and mental energy to execute it.
Surrounding them with people who shared their vision made it possible for them to go the distance with their goals.
4. Self-made millionaires dream big.
Many of the millionaires in my study used a strategy I call “Dream Setup.” They sat down and wrote what their ideal, perfect life looks like 10 years into the future.
One of the millionaires in my study was passionate about wine and thought he could make millions by investing in it. His family and friends didn’t think it was possible, but he didn’t get discouraged.
For 15 years he became an expert in the industry. In 2001, he liquidated a small portion of his wine collection and was able to buy his dream home on the beach in Florida.
He won $4 million – all because he refused to give up on an idea he believed in.
5. Self-made millionaires prioritize their health.
Good health translates into longevity, which means more time to create more wealth.
A millionaire struggled with her weight for a long time. One day she decided to walk a mile a day. After a month it increased to two miles, then to three.
By the time I interviewed her, she had run three marathons. She credits her energy, focus and drive to succeed in part to these incremental fitness goals that changed her life.
6. Self-made millionaires make their own luck.
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