10 Habits of Everyday Millionaires

10 Habits of everyday millionaires 

1. They’re avid readers.

“Not all readers are leaders, but all leaders are readers.” Harry Truman

 One of the reasons millionaires become millionaires is because of their constant desire to learn. To them, leadership books and biographies are much more important than the latest reality show or TikTok trend. When they have free time, they use it wisely, by reading!

2. They understand delayed gratification.

Millionaires spend most of their lives sacrificing temporary pleasures for long-term success. They have no problem buying an older used car, living in a modest neighborhood, and wearing inexpensive clothes. They don’t care about keeping up with the Joneses.

Millionaires spend most of their lives sacrificing temporary pleasures for long-term success.

These decisions allow them to do things like save for retirement, save for large purchases and avoid interest charges and build up a large down payment for their dream home. They realize that instant gratification is fun—but delayed gratification is so much better. Today’s sacrifices set them up for tomorrow’s successes.

3. They choose their relationships wisely.

When they say you become who you hang around with, they (whoever that is!) aren’t kidding. Friends and family are some of our biggest influencers, for better or worse.

If you hang out with a group of like-minded people who are committed to the same basic personal, relational and financial goals you are, then you’re all headed in the same direction. And you’re more likely to find encouragement, trust and accountability in a group of friends who align with your values and goals.

Building a network of supportive friends and mentors can make all the difference when it comes to growing in your career or building wealth. No one walks the path of success alone, so make sure you have the right people to speak the truth and cheer you on as you work to become a millionaire!

4. They stay away from debt.

One of the biggest myths out there is that average millionaires see debt as a tool. Not true. If they want something they can’t afford, they save and pay cash for it later.

Car payments, student loans, same-as-cash financing plans—these just aren’t part of their vocabulary. That’s why they win with money. They don’t owe anything to the bank, so every dollar they earn stays with them to spend, save and give!

Debt is the biggest obstacle to building personal wealth. We tell that to everyone. You need to avoid it like the plague. Your dreams are too important!

5. They budget.

Your budget is your plan. And you can’t build a million-dollar net worth without a plan! Success isn’t an accident. You are in charge of your own wealth-building.

Just like you build a house by starting with the foundation, you build wealth by starting with the budgeting basics. And then you keep following them. When you’re making a lot of money, you don’t stop managing it, right?

Average millionaires have made a habit of budgeting every month. They know what’s coming in and what’s leaving their bank accounts. If you only remember one thing, it should be this: Budgeting is the key to winning with money! It’s telling each dollar where to go at the beginning of the month instead of wondering where it all went.

6. They live below their means and have an emergency fund.

A lot of people hear of millionaires and think of an over-the-top, uber-modern mansion with exotic cars lining the driveway. But let’s face it—a million bucks doesn’t go as far as it used to. Most millionaires will never own a 30,000-square-foot house with a helipad and a lazy river meandering through the backyard. In fact, the majority reach millionaire status by deliberately not keeping up with the Joneses (or the Kardashians, in this case).

A huge part of building wealth is limiting your lifestyle so you actually have money to invest and save for a rainy day. 

Listen, folks. No one is immune to emergencies. As any good country music star will croon: It’s gonna rain! Cars break down. Roofs leak. Companies lay employees off. That’s why you need a dedicated emergency fund of 3–6 months of expenses saved up so that when you face those rainy days, you have an emergency-fund–sized cash umbrella ready to go. It helps turn a full-blown emergency into an inconvenience.

Living below your means and saving for a rainy day isn’t just for people trying to get out of debt. It’s for you if you want to be smart and intentional with your money so you can become a millionaire.

7. They avoid “luxury” vehicles and drive their vehicle long-term.

Instead, nearly one-third of all millionaires (31%) drove Toyotas and Hondas. The top American brand was Ford, placing third on the list and tying with Lexus at only 8%.

It’s hard to build wealth when your paycheck is tied up in a $925 car payment. Yep, you read that right. The average new car payment is $925 at 6.58% interest. That’s crazy-land, folks! Especially when you could put that hard-earned money to work for you by investing it. It’s no wonder that a lot of millionaires pay for their car in cash and drive it until the wheels fall off. (Okay, maybe not that long, but you get the idea.)

If you really want to build wealth, you’ve got to stop putting money into things that go down in value, including cars. That brand new SUV in the driveway? Take a good, hard look. It could be costing you millionaire status by the time you retire. Hope you like that tricked-out Jeep.

8. They invest in their employer-sponsored retirement plan.

Investing in your employer-sponsored retirement plan may sound like a simple way to build wealth, but that’s kind of the point.

8 out of 10 millionaires listed investing in their employer-sponsored plan as a primary vehicle for reaching millionaire status.

And 3 out of 4 millionaires said that regular, consistent investing over a long period of time is the reason they built wealth. No get-rich-quick schemes. No cryptocurrency, single stocks, or day-trading. Just slow and steady, month-after-month contributions into good growth stock mutual funds.

Now, if your employer doesn’t offer a retirement plan or you’re self-employed, don’t worry. You can always open an RRSP or a TFSA. Your money will grow tax-free, for that matter—your withdrawals at retirement will be tax-free in a TFSA, too. Now that’s a sweet deal!

9. They look for more ways to earn money.

There’s no getting around it—millionaires are hustlers. They have that entrepreneurial drive and are constantly on the lookout for ways to create more income. Many are business owners or take on side gigs that allow them to save or invest more money each month.

10. They give.

Sure, some rich people can be selfish jerks, just like anyone else. But the millionaires who live down the street, the ones you don’t even realize are wealthy, are some of the most giving people you’ll ever meet. They work hard, save, and respect the ability of others to do the same. Whether it’s tithing at church, donating to a charity, or just giving to friends and family, these people have generous spirits. They realize that the most important thing you can do with wealth is help others.

That’s actually why they continue building their wealth. They realize they can’t take it with them when they die. Instead of spending it all on the latest toys, they choose to be a blessing to others by giving generously. Trust us, it’s the most fun you can have with money!