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Let’s be real. You’re here because you crave financial freedom.
You’re tired of counting the days till your next paycheck and dreaming about worry-free vacations. Join the club, we all want that.
But here’s a reality check: it’s not going to magically happen.
Financial freedom isn’t about hitting the jackpot or waiting for a mysterious inheritance. It’s about making smart choices and seizing opportunities. It’s about regaining control of your life.
And the way to do it? Habits.
In this article, we’re going to delve into six millionaire success habits.
Let’s get to ‘em.
1. Setting clear financial goals
Ever found yourself wondering where all your hard-earned money goes at the end of each month?
If so, you’re not alone.
However, financially successful people don’t just aimlessly earn and spend money. They have a plan, they set goals – both short-term and long-term. They know precisely what they’re working towards and this clarity helps them make well-informed financial decisions.
Whether it’s saving for retirement, buying a house, or investing in a business, having a clear financial goal will give you focus and motivation. This is well backed up by experts, too. As researchers have noted:
“Over 1,000 studies have consistently shown that setting high and specific goals is linked to increased task performance, persistence, and motivation, compared to vague or easy goals.”
Goals can guide your financial decisions and help you stay on track when unnecessary expenses tempt you.
Write it down, make a plan, and watch how your money habits begin to align with your goals. This is the first step towards achieving financial freedom.
2. Continuous learning
This is a big one.
The world is developing at an absurd pace, and those who achieve financial success understand that learning doesn’t stop with school. In fact, they embrace lifelong learning as a critical tool for growth and adaptability.
Research backs this up, too. Socioeconomist Randall Bell, who has been studying success for over two decades, found that “those who read seven or more books per year are more than 122 percent more likely to be millionaires as opposed to those who never read or only read one to three [books].”
And the World Economic Forum’s Future of Jobs Report 2023 echoed this, ranking “curiosity and lifelong learning” as the fifth most important core skill for workers today.
The takeaway here?
Lifelong learning isn’t just about reading books (although that’s a great start). It can include online courses, podcasts, webinars, mentorships, or even networking with people in your field.
In today’s world, information has never been more accessible, so take advantage of it. By cultivating curiosity and constantly expanding your skills, you’re equipping yourself to spot new opportunities and make better financial choices.
Basically, financial freedom thrives on knowledge, so make continuous learning a priority.
3. Practicing frugality
Contrary to what most people think, many millionaires don’t live a lavishly extravagant lifestyle. Don’t believe me?
According to an Experian Automotive study, 61% of wealthy people drive what we would consider normal cars like Hondas Toyotas, and Fords.
The folks at Business Insider have even gone as far to say that “ Frugality is one of the key characteristics of wealth.”
That’s right, millionaires pinch pennies too. They understand the value of money and are mindful about their spending habits. They do not equate spending with happiness and are not easily swayed by the lure of luxury goods and status symbols.
Sure, they can afford expensive cars and designer clothes, but they choose to spend wisely and save diligently instead. They prioritize their financial goals over instant gratification and are willing to make short-term sacrifices for long-term financial success.
Remember, every dollar saved is a step closer to financial independence.
4. Diversifying your income streams
How many income streams do you have? It’s a serious question. One? Maybe two?
Well, according to the IRS, the average millionaire has a whopping seven streams of income. Yes, seven. This diversification isn’t by accident; it’s a carefully crafted approach to building wealth and reducing risk. The financially successful understand that relying on a single income source leaves them vulnerable, while multiple income streams create stability and open up opportunities for growth.
These income streams often include a mix of earned income (like salary or wages), rental income, dividend income from stocks, interest from savings or bonds, royalties from intellectual property, capital gains from asset sales, and business income. By spreading their income sources, millionaires protect themselves from financial downturns in any one area and can generate consistent cash flow.
Look for ways to diversify your own income. This doesn’t mean you need to create seven streams overnight, but consider starting small. Could you pick up a side gig, invest in stocks, or put money into a rental property? Maybe start an online business or offer consulting services based on your expertise.
5. Surrounding yourself with successful people
Author Jim Rohn once said “You’re the average of the five people you spend the most time with,” and this holds true when it comes to financial success as well. If you surround yourself with people who are financially responsible and successful, their habits, mindset, and advice are likely to rub off on you.
Successful people can inspire you with their stories, teach you valuable lessons from their experiences, and motivate you to push your boundaries. They can provide you with insights and knowledge that can help you make better financial decisions.
On the other hand, if you spend most of your time with people who have poor money habits, you might find yourself falling into the same patterns.
So, be mindful of the company you keep. Seek out mentors and peers who are financially savvy.
Engage in meaningful conversations about money and learn from their successes and failures. This habit alone can significantly influence your journey towards financial freedom.
6. Exercising
Last but not least, exercise.
This one might seem a bit odd on a list about financial freedom. I mean, what does exercise have to do with building wealth?
Well, it turns out they’re more connected than you might think. Dr. Randall Bell, whom I mentioned earlier, found that “those who exercised, even for 15 minutes a day, dominated statistically in every single measure of success.”
In other words, physical activity plays a huge role in overall achievement and performance.
Other research sheds light on why this might be. Forbes notes that studies show morning exercisers are “129% more likely to feel productive.”
Exercise boosts energy levels, improves focus, and reduces stress—all critical factors in maintaining the drive and resilience needed to achieve long-term financial goals.
The point is making exercise a part of your daily routine isn’t just good for your health; it’s also a smart investment in your productivity and mental clarity.
Whether it’s a quick morning walk, a yoga session, or a workout at the gym, regular exercise can set the tone for a focused, energized, and successful day—helping you make better financial decisions and stay on track with your goals.
The Bottom Line
Achieving financial freedom isn’t about luck; it’s about building habits that set you up for long-term success.
By incorporating these millionaire success habits—setting clear goals, continuously learning, diversifying income, and even prioritizing exercise—you’re taking powerful steps toward a more secure, fulfilling financial future.
To make things easier, we’ve created a handy infographic below so you can keep these habits front and center, especially when times get tough. Pin it to your Pinterest account and let it serve as a quick reminder of the steps that can lead you to financial freedom.
Here’s to building a life of wealth, balance, and purpose!
