15 habits of self-made millionaires Part 3 | Rich Habits Poor Habits [VIDEO]

Success doesn’t crop up overnight - 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 help others succeed

“Helping other success-minded people move forward in achieving their goals and dreams helps you succeed,” Corley writes. 

“No one realizes success without a team of other success-minded people.

The best way to create your team is to offer help to other success-minded people first.”

You don’t want to give help to anyone and everyone, Corley notes: “You want to focus on helping only those who are pursuing success, are optimistic, goal-oriented, positive, and uplifting.”

2. They dedicate 15 to 30 minutes a day to just thinking

“Thinking is key to their success,” Corley observes.

The rich tend to think in isolation, in the mornings, and for at least 15 minutes every day.

“They spent time every day brainstorming with themselves about numerous things,” he explains.

The topics include careers, finances, family, health, problems, and business relationships.

They ask questions such as, “What can I do to make more money? Does my job make me happy? Am I exercising enough? What other charities can I get involved in?”

3. They seek feedback

“Fear of criticism is the reason we do not seek feedback from others,” Corley writes. 

“But feedback is essential to learning what is working and what isn’t working.

Feedback helps you understand if you are on the right track.

Feedback criticism, good or bad, is a crucial element for learning and growth.”

Additionally, it allows you to change course and experiment with a new career or business.

As Corley says, “Feedback provides you with the information you will need in order to succeed in any venture.”

4. They ask for what they want

There’s a fear around asking for what you want. “It’s the fear of rejection and the fear of obligation that prevent us from asking for what we want,” Corley writes.

“You have to get over those fears and keep asking until someone says yes if you want to be successful in life.”

“Successful people overcome these fears and make a habit of asking everyone they can for help.”

5. They take calculated risks

Corley found self-made millionaires aren’t naturally fearless. 

Instead, they “overcome their fear of failure and take calculated risks.”

And they understand risks come at a cost.

In fact, 27% of the study participants experienced failure and had to start over.

“The important point here is that they did start over,” Corley writes.

“The failed, made mistakes, and used the lessons they learned from these failures and mistakes to help them ultimately succeed.”

About Michael Yardney Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and one of Australia's 50 most influential Thought Leaders. His opinions are regularly featured in the media.