What do millionaires do differently? - April 02, 2017
There are several things that millionaires do differently than most people. They focus on saving up for example and believe that their wealth is not coming from luck but never giving up their plans. StocksToTrade.com and Visual Capitalist created a list of their famous habits and we have added our own tips!
One of the most important things to keep in mind would be to pay attention to yourself and your surroundings. As it turns out:
- 94% of the wealthy read news every day.
- 88% of millionaires spend at least 30 minutes on self-education.
- 76% of the rich exercise for half an hour minimum per day.
All this leads them to perform better mentally and physically. This also helps them to have greater knowledge of markets and the world and this way it’s easier for them to decide when to invest and how.
There are other interesting properties of the rich, like their approach to work and life in general:
- 92% of the rich say that their persistence made them rich and luck had nothing to do with their success.
- 86% of the rich like what they do and that is helping them being successful. The ones who love their jobs earn even more.
- 88% of the rich believe that social relationships are very important to their success.
How they think about money is also an important attribute of the wealthy. Almost 90% believe that saving money was an important part of their success. There is also the 50% rule many of the wealthy follow: saving up at least half of their incomes. This way they can invest more and at the end earn more.
Another interesting thing about successful people is the way they dress. Many of them dress simply, since this way they have one less thing to think about. Barack Obama famously said for example: “You’ll see I wear only gray or blue suits, I’m trying to pare down decisions. I don’t want to make decisions about what I’m eating or wearing. Because I have too many other decisions to make.” The same was true for Steve Jobs, Albert Einstein and still is true for Bill Gates, who is the richest person on Earth after all.
We have collected our favourite ideas before, the most important are:
- People don’t need great wealth to start investing, an amount between USD1500 and USD3000 is a good start
- Starting as soon as possible is the best idea to have good earnings
- Diversification and thinking long-term is an important thing when thinking about investing
Do you have anything to add about how to be successful? We would love to hear your ideas!
Disclaimer: This analysis is for general information and is not a recommendation to sell or buy any instrument. Since every investment holds some risk, our main business policy is based on diversification to minimize threats and maximize profits. Innovative Securities’ Profit Max has a diversified portfolio, which contains liquid instruments. This way, our clients can maintain liquidity, while achieving high returns on their investments.