I studied millionaires for 5 years and realized being ‘rich’ comes down to only two things

I studied millionaires for 5 years and realized being ‘rich’ comes down to only two things

  19 Dec 2023

Being rich is really about two things.

In my Rich Habits Study, I interviewed 233 wealthy individuals (177 of whom were self-made millionaires) with at least $160,000 in annual gross income and $3.2 million in net assets.

I found that becoming and staying rich tends to come from two actions:

  1.  Accumulating wealth
  2.  Keeping the wealth you’ve accumulated

The first step, getting rich, requires that you forge certain specific habits that make getting rich possible.

In my book “Change Your Habits Change Your Life,” I share some of the stories about how these self-made millionaires accumulated their wealth, but some of the most important Rich Habits for accumulating wealth include:

1. Pursuing daily growth

Daily self-improvement is a hallmark of self-made millionaires.

They read at least 30 minutes a day to gain knowledge.

They also devote significant time every day to practising and perfecting their skills.

2. Dream-setting

The rich build goals around each of their dreams.

This makes it possible to realize those dreams.

Think of every dream as a rung on your own ladder.

Your ideal, perfect life is realized when you reach the top of the ladder.

Eighty per cent of the self-made millionaires in my study built goals around their dreams.

3. Saving

Ninety-four per cent of the rich saved 20% or more of their income for many years prior to becoming rich.

They then put their savings to use by taking calculated risks.

4. Taking calculated risks

Fifty-one per cent of the self-made millionaires in my study took a calculated risk in time and money.

Calculated risk is a unique type of risk that requires you to do your homework.

Business Risk

5. Being optimistic

Seventy-one per cent of the self-made millionaires in my study were optimistic about life.

Their optimism infected everyone around them.

They became magnets for other success-minded people.

6. Being open-minded

Being open to new ideas, new ways of doing things and the opinions of others is critical to learning and growth.

Growth is the parent of success.

You must grow into the person you need to be in order for success to visit you.

7. Finishing what you start

The rich don’t quit.

They stick to something until they succeed, go bankrupt, or die.

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