Unlock the secrets to financial success with habits that transformed a 35-year-old self-made millionaire. This article reveals daily practices and mindset shifts that can elevate your financial journey. Whether you’re a beginner or looking to enhance your strategies, these 11 wealth-building habits will guide you towards financial freedom. Discover how discipline, smart investments, and continuous learning can turn your dreams into reality. Start your journey to wealth today with these proven habits.
1 – Stop purchasing unnecessary items.
Avoid luxury cars, designer clothes, or costly vacations until you have $100K in your bank or investments. Being cool isn’t about money; if you’re cool, you already are, and if not, money won’t change that.
2 – Live below your means.
Opt for home-cooked dinners instead of dining out. Skip the Taylor Swift concert tickets and expensive nights out. You can still enjoy life without overspending.
3 – Eliminate Your Debt
Debt accumulates and diminishes your financial freedom. If you’re heavily indebted, still using credit cards, and believe you have self-control – think again. Stop deceiving yourself. Treat debt like a virus and avoid it at all costs. This is how we managed to pay off $304k of debt in 5 years.
4 – Prioritize Your Health
Spend more time at the gym and eat clean. Increased energy leads to more productivity and more money. On average, millionaires work out at least three times a week.
5 – Read for 30 Minutes Daily
Leaders are readers. A strong mind fosters wealth.
6 – Save at least 20% of your income.
People often regret buying things, but no one ever regrets saving money. You can yell at me if you regret saving in 10 years.
7 – Regularly review your personal financial plan.
If things are tough now, do it weekly. Later, 30 minutes a month will be enough. My students know how to do it.
8 – Stop comparing
No one cares about the car you drive or the watch you wear. I get compliments on my $70 watch, and I don’t even remember where I got it from.
9 – Avoid distractions and stick to proven methods. Quick-fix trends often disappoint. It might seem dull, but I prefer being wealthy over chasing excitement. That’s why they call me the Tim Duncan of Finance.
10 – Automate your investments.
Avoid manual investing. Just as money grows over time, mistakes can accumulate. A single financial error could set you back for years.
11 – Avoid negative people who aren’t financially successful. And surround yourself with positive, successful individuals to improve yourself.
Reminder finances can be challenging, so follow our daily step-by-step guide to manage them better.
