I stumbled upon this article recently on the 13 habits of self-made millionaires. They had an interesting take (not what I expected) on the habits of millionaires that I thought was worth sharing and discussing.
Specifically, I wanted to see how I stacked up compared to their list.
You might want to as well.
They list the habits as:
1. They read consistently.
2. They exercise.
3. They hang out with other successful people.
4. They pursue their own goals.
5. They get up early.
6. They have multiple sources of income.
7. They find and check in with mentors.
8. They’re positive.
9. They don’t follow the herd.
10. They have good etiquette.
11. They help others succeed.
12. They dedicate 15 to 30 minutes a day to just thinking.
13. They seek feedback.
Here’s how I measure up on these:
1. I do read consistently. I read blogs, websites, books (mostly listen to them on audio), and even magazines (Money magazine and Business Week). I enjoy reading and learning.
2. I do exercise. Three times a week I do weights and three times a week I do cardio. Since moving to Colorado I joined a gym, got a trainer, and so far have moved from 28% body fat to 21%. I enjoy it though it’s tough work.
3. I’m not sure I hang out with other successful people. I work with other successful people and have friends from my past who are quite successful, but I don’t do much “hanging out.” Unless lunch counts and then I do frequently meet new people and take them out to lunch (part of my networking plans).
4. I do pursue my own goals. Whose goals would I pursue if they weren’t mine? But I do it purposefully as well — not just letting life happen to me.
5. A quote from the piece: “Nearly 50% of the self-made millionaires in Corley’s study woke up at least three hours before their workday actually began.” Uh, no. I do get up a couple hours before the workday begins but certainly not three. I do get up at the same time every day (even on weekends) and on Saturday and Sunday I work out early before the day gets started. I am considering getting up even earlier after reading The Miracle Morning: The Not-So-Obvious Secret Guaranteed to Transform Your Life (Before 8AM) (a great book I highly recommend). But I haven’t started that yet.
6. As you all know, I do have multiple sources of income. I’ve written about a few of them here including my rental properties and my P2P investments. And I’m working on more such as dividend investing as I work to make my financial freedom plan a reality.
7. I’ve had mentors throughout my career and still find people I learn from all the time. Not sure I’d call them mentors though. And I don’t check in with them regularly. I’m actually at the stage of life where I spend more time being a mentor than asking for help from one.
8. I would say I’m “realistic.” Not overly positive or negative, but a realist.
9. I’m not really a herd follower.
10. Growing up in a small town in Iowa I was taught manners. It’s just “normal” to be polite and considerate. Many of those traits have followed me to adulthood.
11. I work to help my team at work succeed. Does that count?
12. Thinking is one thing I wish I had more time for. I do think (of course) but I don’t “dedicate” time to it.
13. I’m ok with feedback but don’t think I overly pursue it.
I was actually surprised at how many of these fit me. Reading the list initially I would have said I followed a few of them, but once I really considered these it appears that I follow the majority of them.
How about you? Where do you stack up on these 13? Do you think they make sense — that they are reflective of what makes people self-made millionaires?
By the way, my list for what makes a millionaire is someone who concentrates on: