All self-made millionaires had to start somewhere.
Much of their transformation from ordinary to seven-figure status can be attributed to “rich habits,” a term coined by Thomas C. Corley, who spent five years researching the daily habits of 177 self-made millionaires.
Here are some “rich habits” of self-made millionaires that you can start developing today:
1. They have multiple sources of income
“Self-made millionaires do not rely on one singular source of income,” Corley states.
“They develop multiple streams.
Three seemed to be the magic number in my study … Sixty-five percent had at least three streams of income that they created prior to making their first million dollars.”
Examples of these additional streams are real-estate rentals, stock market investments, and part-ownership in a side business.
2. They find and check in with mentors
“Finding a mentor puts you on the fast track to wealth accumulation,” Corley writes.
“Successful mentors do more than simply influence your life in some positive way,” he continues.
“They regularly and actively participate in your success by teaching you what to do and what not to do.
They share with you valuable life lessons they learned either from their own mentors or from the school of hard knocks.”
3. They’re positive
“Long-term success is only possible when you have a positive mental outlook,” Corley states.
“In my research, positivity was a hallmark of all the self-made millionaires.”
The problem for most people is that they’re completely unaware of their thoughts, positive or negative, he explains: “If you stop to listen to your thoughts, to be aware of them, you’d find most of them are negative.
But you only realize you are having these negative thoughts when you force yourself to be aware of them
. Awareness is the key.”
4. They don’t follow the herd
“We so desire to blend in, to acclimate to society, to be a part of the herd, that we will do almost anything to avoid standing out in a crowd,” Corley writes.
Yet “failure to separate yourself from the herd is why most people never achieve success.”
Successful people create their own new herd and then pull others into it, Corley says: “You want to separate yourself from the herd, create your own herd, and then get others to join it.”
5. They have good etiquette
“Self-made millionaires have mastered certain rules of etiquette principles you have to master if you want to be a success,” Corley writes.
These include sending thank-you notes, acknowledging important life events, such as a wedding or birthday, eating politely and using table manners, and dressing properly for various social events.
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