I have read a number of books on the wealthy and their habits. Dave Ramsey, Tom Corley (Rich Habits), and Dennis Kimbro the author of Black Millionaires and their habits all are in agreement when it comes to the habits of wealthy people. They seem to have a number of habits that work in tandem to create a system that creates wealth. In reading all of these books I realized that I had a number of these traits and had these traits throughout my lifetime. I had to ask myself if I have all of these habits then why aren’t I rich? Let’s go through a few of the character traits on the list.
- Millionaires work more on average. In my current job I regularly worked extra hours. Unfortunately the field that I’m in doesn’t have the possibility to make high wages. We also don’t receive bonuses. I received one 2 or 3 years ago and almost went into shock! It is the only bonus I’ve received in 10 years at my job.
- Millionaires seem to work a written plan and are working towards short-term, mid and long-term goals. I have always written a list of of goals and dreams that I’m working towards at any given time. These lists help keep me energized and focused.
- Millionaires seem to wake up earlier than most people. They extend their days by starting early. I currently wake up between 4:30 a.m. and 5:00 a.m. I exercise, look at my emails or do a little blogging stuff-then I’m on my way.
- Apparently Millionaires say what’s on their minds. No one would call me timid. This has been an ongoing issue at work with my colleagues-but not really with my clients. My colleagues feel I’m too direct and I can respect that. But, I’ve had clients tell me not to change and to be myself. I have done that but I’m sure it has cost me on a professional level.
- Millionaires love to read. I can see why this habit goes hand and hand with Millionaires as people need information and I imagine that they are constantly seeing information that will move them towards their goals. I am a voracious reader and go to my local library branch almost every Saturday. I am always: researching something, reading books for fun, or picking up DVDS 🙂
- Exercise-I think that this one is a little controversial as I imagine that rich people have the ability to set aside additional time to focus on health and wellness. But, I do make sure to exercise several times a week.
Given all of the alleged good habits that I seem to have I had to be honest about the bad habits that I currently have. It pays to be self aware. The following is a list of bad habits/issues that might be tripping me up on the path towards accumulating wealth.
- Not having a single minded goal/purpose. All millionaires interviewed in all three books were driven by a single goal or purpose. They keep working until they attain the desired outcome. For a number of years I have been spinning my wheels. I used to have a clear sense of purpose: go to undergrad and graduate in 4 years, travel to Europe, go to graduate school. Finally after a number of years I have finally identified what my new goal/purpose will be. I have a passion for it and am enjoying focusing on this goal.
- Debt. I currently have debt and wealth creating cannot coexist with debt. I’m in the process of cleaning up my debt and am looking forward to growing my money.
- I’m single. By all accounts having someone to support your endeavors is key to sustainable success. I am looking forward to meeting someone who will support me in my dreams.
- Working for someone else instead of myself-Millionaires are entrepreneurs. They understand that unless you’re working in high wage fields it’s difficult to build wealth while working for other people. I’m in the process of aggressively kick starting my Freelance career. I believe that I will do well and am passionate about the business concept and niche that I’ll be working.
Luckily, I am currently in the process of changing my future and whole-heartedly believe that I will be success with what I’ve tasked myself with. One day I will be a millionaire and I can’t wait to help other people become rich too.
Do you have “Rich Habits?” What are the habits that you think keep you from making
a lot of money?
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Every time I read books like that I think the same thing! I totally live like a millionaire. Now all I need is the income!
I love that book, I’ve read it a number of times and it’s spot on. I just need to figure out the little things that are keeping me off track.
Hi Michelle, I can attest to the struggle that one faces as pushing through obstacles seems almost impossible, but I will tell you that you have the power within to achieve any goal, financial or otherwise. Have you tried EFT or tapping? I help my clients get through their blocks using this powerful technique and it works. As for debt elimination and wealth building, I’d be more than willing to offer some pointers. Let me know if I can help. All the best, Luke
Thank you so much for your kind words! I used to believe so much in myself. I am in the process of regaining that trust in my beliefs and getting my swagger back. I will google EFT because I am now very intrigued by this. You’re right to label my issue a blockage am looking forward to working through it.
Hi Michelle,
Love your post. I totally get what you are saying here. I started implementing the Rich Habits about 9 months ago and have seen a major difference in my situation. I have a friend who keeps the list by her bed and looks at every morning. She’s seen improvements in her life as well. The Rich Habits work when you work them.
I’m sending this post to my group and I’m sure you’ll be hearing from people.
Best of luck to you and keep up the good work and let us know how it’s going.
Thanks Lori! Ironically, for a number of years I unconsciously worked a number of the habits, while my overall situation stayed pretty stable I didn’t move forward in the way that I would have liked. Now, I think this book came to at the point in time that I’m at a crossroads. I now have a very clear sense of where I want to go and how I want to get there. Now, I just have to believe. It has been a hard road so I think doubt in myself and fear have been the two biggest stumble blocks I’ve had to push past.
Hi Michelle,
Keep at it. Just focus on one thing at a time. I was $30K in debt at 30% interest and I paid it off in 18 months. I was relentless. That was my total focus. You can read about it here http://blog.credit.com/2014/01/paid-off-credit-card-debt-74252/.
You might also check out a site http://www.funwithvisualization.com. This might help you see yourself a bit differently.
I hope this helps.
Thank you so much Lauri for the support. I can’t wait to check out your blog and the site that you mentioned. I have put together a vision board and trying to get everything in alignment mentally. It has been a much more challenging transition to believing in myself again than I ever would have expected. I used to be so confident and it is slowly coming back but not as fast I would like.
You are on the right track and people will be coming to you offering you encouragement and ideas. Enjoy!
Thanks!
Hi Michelle. I would be happy to talk to you and try to help you move forward in life.
Hi Mr. Corley! May I say that you commenting on my post is the coolest thing ever. You have totally made my day and I deeply appreciate the work that you do. Also, thank you for your kind offer and I will be emailing you shortly. Hoping you’re having a wonderful day.
Very cool!
It was awesome connecting with Mr. Corley-he rocks!
Thanks for the reminder that I need to update my goals list. For me, visualizing a goal has been really effective. When I was paying off my student loan debt I always “dreamed” about what it would feel like when I made that last payment and how good it would feel. Right now I’ve been giving a lot of thought to where I want to go in my career (and life) next. Maybe if I got up a little earlier I’d have more time to plan 🙂
It has been so helpful to me to update my goals and create a vision board. I have been working my system and getting everything in alignment. I had forgotten about the importance of visualizing the things that I want. I’m really working on being in the moment and working hard everyday. I need to keep focused on the end game while staying in the current moment. Getting up early is hard but it has been super helpful!
I have a lot of those habits, but one I know I don’t is I’m not willing to sacrifice all of my free time and break my back to reach certain goals. I’m wiling to sacrifice that millionaire status to live a more well-balanced life daily.
I do wonder how many hours a millionaire works. As I already work a ton of hours I think I could try for a little while-as long as I do it via online endeavors.
I have found that after college, it’s difficult to find that single minded goal. While in school, there is always a goal in mind (graduation, find a full time job, etc.), but it can be hard to figure out what’s next. My only goal right now is debt freedom and continuing to be happy 🙂
As far as millionaire habits, I possess very few :/. I work out (walking, nothing fancy), work for myself, and love to read. And I am married, so I guess that helps as well. Other than that, there is definitely room for improvement.
I think being debt free and being happy are pretty amazing and single minded goals. You’re right that during college everything is so clear-graduate from college, get a degree, and a great job. I love that we have the opportunity to change our trajectory. It’s just really challenging to do “mid-stream.”