I have many rich clients and friends who are self-made millionaires. Whenever I meet with them, I make it a point to learn something positive about their nature, thinking patterns, style of work and habits. Most of these millionaires attributed their success in life to certain habits which they don’t like to discuss. In other words, these are their secrets.
Interestingly, some of the habits were in common to each other. I am quite certain, if these secret habits are adopted by any ambitious and hard working person, he or she too can become rich.
Of course, there are some common habits, see: Habits that can make you Rich. Then there are some daily habits. Though, I’ve identified more than 50 of such habits of rich and successful, I share a few easy secret habits to adopt but very useful of them.
Secret Habits which can make you rich faster
1. Rich do it twice – Once in the dream, Second time in real world
The millionaires in my study, first dream about what they want to achieve and then they actualize it physically. This could be a goal or a project or a sum of money or a physical object like new office or car.
In other words, the rich first visualize it in their subconscious mind. This could also be termed at the act of clearly defining a goal in the dream
Here’s the three step process to the secret of Goal Setting in Dream:
Step One – Write down clearly what you’d like to achieve next in your life. It could be about the income you want to earn, the house you want to live in, the car you wish to drive etc. These details represent your wishes or dreams.
Step Two – Plan action around your goals to achieve them. You may like to strengthen this process by asking yourself these questions:
What would I need to do? What activities would I need to engage in, for achieving my dream goals? Do I have the necessary skills and knowledge? Do I need to acquire special skills or I should hire people to do it?
Step Three – Take action. Pursue and achieve each of the specific goals that will make each wish or dream come true.
Remember, goals are only goals till they get the touch of physical action.
2. They treat time as Money and Avoid Time-Wasters
Did it ever dawn on you that with money one can buy (almost) anything except the time. Time is the priceless thing and thus most precious. Everyone is given exactly 24 hours a day – whether President of a company, Prime Minister of a country or a beggar in the street.
An average person spends too much amount of our time on avoidable activities such as watching TV or YouTube videos, on Facebook, sitting at a bar, lying in bed or engaged in gossiping sessions. Rich consider all these as non-productive activities and do not indulge in these activities. They consider this as black hole for time. When time is gone it will never return. We don’t consider how precious time is until we are older and we realize our time is running out.
When risk in any project or investment in stocks, mutual funds, bonds etc or new business is evaluated, it is in terms of some units of money in a; investing money. But financial risk is not the greatest risk you take. You can always earn back the money lost. Money can be recouped. But did it ever occur to you that along with the money, you also invested your precious time and time can never be recouped. It’s gone forever.
Rich people invest their time wisely by first planning it and then in pursuing their major goals, mega dreams or invest in directing and controlling others who sell their time cheaper to rich people.
Most of the self-made millionaires in my friends circle have a secret habit. These rich men watch less than one hour of TV each day, while some of them hardly watch any TV. They hardly waste time doing aimless surfing on the Internet These freed up hours give them extra time for them to pursue their dreams, goals, read, learn, exercise, lead, direct and network.
If you want to be rich too, is it not a useful secret habit worth following ?
3. Rich Create Multiple Streams of Income
The rich know the secret that in order to grow wealth, it is essential to make your money work hard for you and not the other way around. There are two ways – work on generating income from passive as well as active, income sources.
Why You Need Multiple Streams of Income
If you are in a job then salary alone cannot make you rich fast or just a millionaire. Climbing the corporate ladder takes time and just like the pyramid the opportunities are less and less. Thus not only the corresponding increments and perks will be slow to come but they will only get you so far. At some point, you will be told by your HR or your boss that you have reached your earning potential and plateau.
Do not forget that there is hardly any job security. It is only temporary, you can never know what might happen to your job, because of the global economy someone more competent or smart is willing to do your job at a lesser salary.
Hence it would be foolish to put all your hopes to become rich on your current or future salary. Even if you are in your own business or are a self employed professional like a Doctor or Lawyer or Chartered Accountant, never rely on only a single source of income.
Do not put all the eggs in one basket
The remaining part of this secret habit is that millionaires develop multiple streams of income. Increasing your sources of income lets you diversify, which in turn allows you to weather the economic downturns that always occur in life. These downturns are not as severe to the rich as they are to the poor.
Investments that yield passive income include dividend-paying securities, rental properties, and profits from a business you do not directly manage on a daily basis — even royalties on creative work or inventions.
To begin with, aim to develop at least one additional source of income. The idea is that you can generate some surplus money to invest. Invest this surplus wisely so that your money starts earning for you 24 x 365 – year after year. One of the benefits of the additional income that will accrue to you would be that you will become financially free. See: Keys to achieve Financial Freedom
Ideas for Multiple Money Sources
Robert G. Allen is one of America’s most famous financial advisors of all time. Robert suggests four major sources to get multiple streams of income. You need to tap them in addition to your current job or business.
The first source of additional income is “Residential Real Estate”. The idea is to invest in properties that somebody has to take on rent and live in. You make additional income through the rental and hopefully the property value will also appreciate over a period of time.
The second source of additional money is the Stock Market where you invest your money. Of course, it is also a very risky method. So you should not put a lot of money there.
These two are called passive investments.
The third source of money is the Internet, which everyone knows, is the way of the future. Internet has touched the lives of hundreds of thousands of people. At present, the investment is comparatively less and there are thousands of people who would want to buy your products.
The fourth money mountain is the traditional one. This is all about the creating a new product, service, idea or information and marketing to a large number of people who would be very interested to buy it.
4. Be your Own Boss
If you are in a regular job, the chances are that you work to make first your employer and your boss rich. As an employee you have regulated system to get salary increments. Also the opportunities to get promoted to higher or lucrative positions are less and infrequent. Whenever there is a pay raise is relatively nominal and much below the expectations.
While, as a business owner your income potential is limited only by your own determination and talent. The greatest advantage is that you keep every dollar that you make in your business and your salary is not capped by your employer.
It is an accepted fact that many people coming from middle class think that starting a business is too risky. But consider the rewards at the end of the day. If you are aiming for true riches and wealth, you should consider starting your own business. According to Forbes, nearly all of the 1,426 people on its list of billionaires made their fortunes through a business they or a family member had a hand in creating.
You can start small in a venture which is in known waters and in the domain about which you have full knowledge and possess the relevant skills. You can also use the contacts and reputation you’ve earned as the Manager in the employer to secure similar contracts for your own organisation.
Suggested reference articles:
- Our Relationship With Money
- How to change your mindset about Money
- How to become a Millionaire – Core Principles
- How to control spending too much money
- How to Manage Money Intelligently
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