What sets apart the likes of you to Bill Gates, Warren Buffet, Elon Musk, and Jeff Bezos? You’ll be surprised that it’s not just the money.
The millionaire’s club is composed of people that are of entirely different species not because they have the power, cash, and employees. In most cases, these three came way later.
They have developed habits, behaviors, and traits that allow them to make the most of their skills, available resources, and knowledge so that they can grow their money and open doors of almost limitless opportunities.
The good news is you can be part of the team as long as you think and act like them:
1. Live Below Your Means
Do you know that Warren Buffet still lives in his modest house in Omaha or that Mark Cuban buys items in bulk because they will turn out to be cheaper in the end?
While they are millionaires, in real life, most don’t live or act like one. Instead, they live way below their means—and that’s a good thing.
First, it means that you will almost always have a surplus of cash from your income. You can set that aside for emergency funds or investment portfolios, like stocks and mutual funds.
Second, living below your income can help prevent you from living paycheck to paycheck, so you can always have wiggle room for surprise expenses. Third, you are less likely to incur more debt, the interest of which can absorb whatever savings you have.
When you save and invest more and spend less, you are one step closer to achieving your financial freedom. Investing, especially, can multiply your money many times over because of compound interest. This is what happens to Warren Buffet.
2. Read Books—A Lot of Them
Sarah Stanley Fallaw once studied over 500 millionaires and found out a couple of habits that they share. One of these is reading.
Millionaires read an average of 5.5 hours a week, which is more than double the average time the rest of America spends on the activity. That’s not all.
In other studies, a typical high-income, high-value individual completes at least 50 books a year. The median for Americans is only 12 or one per month.
Millionaires also read various reading materials from magazines to newspaper articles, fiction, and non-fiction. But the reasons remain the same.
They want to stay up-to-date with what’s happening in the world, they like to know more about markets and their competitors, they want to read for pleasure or relaxation, and, most of all, they want to continue learning. After all, when a person learns, they can become more creative and innovative.
Now, unlike the richest people, you don’t have employees who can do the routine tasks for you, so you can have more time to read. The next best thing is to learn how to read as fast as you can.
You can download a speed reading app and train yourself on different reading techniques anytime, anywhere. The goal here is to complete a book in no time without missing out on its key messages.
3. Don’t Neglect Your Physical and Mental Health
Granted, many of these millionaires toiled hard to get to where they are. They spent countless hours improving their marketing strategies, enhancing their system, or raising money for bigger capital. In fact, until now, Elon Musk sleeps for only four hours a day.
This doesn’t mean, though, they let go of themselves completely. Rather, they make their physical and mental health a priority. Anna Wintour, Vogue’s editor, already hits the tennis court before 6:00 a.m. Gates is on a treadmill around that time as well.
Tom Brady, meanwhile, follows a strict diet not only because he needs it to maintain his football built but also because he wants to avoid illnesses.
Oprah Winfrey walks her dogs in the morning, so she can get vitamin D. Throughout the day, she consumes 30 percent good fats, 50 percent good carbohydrates, and 20 percent protein.
Ellen de Generes and her wife, Portia, practices transcendental meditation, while Twitter owner Jack Dorsey performed a 10-day silent meditation in 2018 for his birthday. He is also known to eat clean and walk five miles a day.
Probably you can say that these individuals are already at a high level of privilege. They can do whatever they want because they already have the money and people.
Note, though, that most are self-made. The one thing that might have made them successful in the end is consistency—a skill that requires commitment and training but definitely something you can do.