5 Millionaire Habits That Will Change Your Life
Dear Rich Lifer,
Everyone wants to be a millionaire, but most of us are unsure how to jumpstart success.
It’s easy to look at millionaires and say to yourself, “Well they just used daddy’s money;” when in fact, a recent report from Fidelity Investments shows that 88% of millionaires are self made.
These are people who started from the bottom and built up their wealth by having a growth mindset, good money habits, a positive outlook, and by making strategic financing decisions.
There is no “one size fits all” approach when it comes to being a millionaire, but there are certain habits and lifestyle approaches that can help you get on the right path to increasing your earnings.
Habits are the building blocks of success — both personal and financial.
Nate O’Brien is an American investor, entrepreneur, and internet personality. He is best known for his successful personal finance and lifestyle YouTube channel.
Today, we will break down five millionaire habits that have changed his life — habits he’s copied off other successful money-makers.
If you’re ready to make concrete changes to your life and get on the road to financial freedom, read on…
#1: Keep a Journal
One of the first habits O’Brien adopted was keeping a journal.
He hesitates to call his habit “journaling” because most of his writing was strictly business oriented, but he notes that people have different reasons for writing things down.
It’s important for people to have a place to “dump their thoughts.”
One reason this is key is because it gives you increased clarity when thinking about your long-term goals, especially if you’re trying to build wealth or if you have specific, near-future goals.
By putting your thoughts and goals into writing you can always look back during times of trouble and refocus on what you had planned on days, weeks or months ago. The act of writing solidifies your thoughts and will help you to remain (or get back) on track and stay motivated.
It can also help you assess your progress. By reflecting on what you have written, you can determine if you are still on the right path and doing the right things to reach financial success.
Writing can also be highly therapeutic and can help with working out issues in your personal life.
#2: Produce vs. Consume
O’Brien studied a number of billionaires and realized that there was a key difference when it came to time spent on production, rather than on consumption.
An example of this is consuming content in your free time. Maybe it’s when you get home from work or on the weekend, but when you find yourself with a few hours alone, free from work, what do you choose to do?
Do you turn to Netflix? Pop on a movie? Start binging that new HBO show?
Most people will go this route, but O’Brien found that most millionaires or billionaires will instead use this time to cultivate a skill.
This could be something as simple as playing guitar, reading a book or taking a painting class.
The difference is, when you focus on building skills in your free time, you will become more “valuable” in the eyes of the world because you are gaining ability and knowledge. What’s more, using free time to develop yourself creates a habit of self-improvement. The key is choosing to pursue a skill that appeals to you. You want to have fun while you develop.
But… This doesn’t mean you can never watch TV again! Instead, work on actively limiting your consumption and instead focus on what skills you can add to your life.
#3: Think Week
Recently, O’Brien learned about one of Bill Gates’ crucial habits.
Every year he spends a week isolated in a cabin where he spends his time simply thinking and reading about life and the state of the world.
The ultimate purpose of this practice is to take a step back from time to time.
If you’re focusing on your goals, it’s important to “take your head away from the grindstone and think ‘am I going in the right direction?’”
Working hard is important, but if you never take a break to assess where you’re actually going, you will fail to find lasting success and happiness.
You don’t have to rent a cabin for a week like Bill Gates to accomplish this. Simply adding meditation, moments of solitude, or long walks into your routine can help with clearing your mind, allowing yourself to think more clearly about how to accomplish your goals.
#4: Block Scheduling
The fourth habit O’Brien recently adopted for himself, which he thinks is incredibly important, is block scheduling and filling out a calendar religiously.
For years, O’Brien noted that he had tried to balance all his tasks and commitments without writing them down.
Now, he simply uses Google Calendar to fill out his schedule, which he updates on a day-to-day basis. The practice has made a huge change in his productivity.
Some of the most successful people in the world block out their schedule in five minute increments! This extreme example obviously is not for everyone, but using a schedule to create order and routine will only help keep you on a track to success — in both your personal and professional life.
Networking is something O’Brien had disregarded for much of his life. He mistakenly believed that his personal success wouldn’t change by networking with more successful people.
However, he soon realized that you are the average of the five people you spend the most time with. The people with whom you associate closely are the people you are going to become.
O’Brien believes it’s most important to network and associate with people who are driven, rather than just people who happen to be well off financially.
What’s important is surrounding yourself with people who have made money or found success on their own through their own hard work and volition.
Find the people who are doing what you want to do and get to know them. How did they become successful? Can they mentor you? What advice can they offer?
LinkedIn, mentorship programs, even local businesses in your community — all can be a great vehicle to reach out to individuals who are on the career path you wish to emulate. Get a conversation started and see what you can learn.
These are the five most important habits that O’Brien has adopted to increase his income and you can do the same.
For more advice, check out O’Brien’s YouTube channel and start forming constructive habits today!
To A Richer Life,
The Rich Life Roadmap Team