They create multiple income sources
Any business or income source can have down turns. For this reason, millionaires don’t depend on one income source, rather they depend on multiple income sources.
Most often they create passive income sources. What is passive income? A passive income stream require little or no maintenance to keep the income stream flowing. It could be rental income in real estate, royalties of invented product, royalties of selling book, selling online courses, those don’t need active work.
According to a study, 65% of self-made millionaires creates three or more income streams over time.
They don’t act like a rich
According to Thomas Stanley, an author of best seller book “Stop Acting Rich: … Start Living Like A Real Millionaire”, says that, 86% of prestige maker cars are driven by non-millionaires. As many people thinks, who are very rich in incomes, have high level of wealth drives status automobiles. But the actual number says that, the largest consumer for expensive cars, vodkas and homes is not the millionaire people, they are the aspirationals.
Stanley also says, “These are people who think they are acting rich via their adoption of prestige brands, but in most cases they are only acting like each other.”
Research of Experian Automotive found that, 61% of rich people who earn more than $250,000 or more, they don’t buy luxury brands at all, rather they buy the same Toyotas, Hondas, Fords as the rest of us.
Why? Millionaires don’t want to spend money on a luxury brand vehicle whose price drops 60% in first 3 years. Rather they want to invest items those increases value.
They read self-improvement books
Millionaire people are avid book reader. They read books for their self-improvement. According to John Rampton, a serial entrepreneur and millionaire, reading habits helped him to become stronger along with more effective business owner and leader.
How many books a do millionaire read per month? According to research of Thomas Crowley, 85% of self-made millionaires read two or more book per month. What kind of book they read? They don’t read just any books. They read books those help them to learn and grow.
According to Albert Einstein, “Reading after certain age, diverts the mind too much from its creative pursuits. Any man who reads too much and uses his own brain too little falls into lazy habits of thinking.” So avoid reading any books, read only books, those help you to grow. Those needed for your current project, business and service.
They avoid time wasters
According to a study of Corley, 67% of self-made millionaires watch TV less than 1 hour per day. Even many self-made millionaires don’t watch TV at all. And 63% of self-made millionaires spent less than internet activities such as Facebook or watching YouTube videos. Why? Because this feeds up their time to pursue their dreams, read and learn to grow, exercise for better health and mind, volunteer to make contribution to society.
They live on a monthly budget
Self-made millionaires create a monthly written budget and stick to it. Budgets especially a well prepared monthly budget eliminates unnecessary expenses. There are many benefits of budgeting:
- Gives you control over your money
- Keeps you focus on your financial future and goals
- Helps you to organize yourself on savings
They are entrepreneurs
80% of millionaires are entrepreneurs. According to the “Millionaire Next Door”:
“Twenty percent of the affluent households in America are headed by retirees. Of the remaining 80 percent, more than two-thirds are headed by self-employed owners of businesses. In America, fewer than one in five households, or about 18 percent, is headed by a self-employed business owner or professional. But these self-employed people are four times more likely to be millionaires than those who work for others.”
Millionaires have different thinking and perspective compared to most of us. They think it’s quite risky to work for someone else. Your boss could make a wrong and/or bad decision.
Millionaires prefer to make their wealth doing something that they love. They want to be in control of their own destiny and wealth.
They avoid debts
Millionaires live a careful lifestyle and only make those purchases that only they can actually pay for. They don’t pay with high-interest rates of credit cards, rather they prefer with cash; because cash payment has zero interest rate!
They think big
Millionaires and middle-class people’s thinking are quite different. Where middle class thinks about people, cars, movies; millionaires own people as employee, own car companies and produce the movies.
According to Keith Cameron Smith, top-selling book author, millionaires are creative personnel and they spend their time thinking about new ideas.
They are willing to step outside of the comfort zone
Poor and middle-class people want to be comfortable always, on the contrary, millionaires are always willing to step outside of their comfort zone. Self-made millionaire Steve Siebold says, “Physical, psychological and emotional comfort is the primary goal of the middle-class mindset”.
According to Brian Tracy, “Move out of your comfort zone. You can only grow if you are willing to feel awkward and uncomfortable when you try something new.”