Acquiring wealth requires consistent smart choices in both one's career and personal finances over time.
However, a self-made billionaire financial advisor suggests that embracing certain habits and lifestyle choices can also contribute to achieving wealth."
These are the habits of the rich:
1. They wake up early
Many millionaires are early risers, with nearly half of them waking up at least three hours before their workday begins.
They often use this extra time to pursue personal projects, plan their day, or engage in exercise. It's been said that waking up early and taking control of the first few hours of the day by setting and accomplishing your top three goals for the day can give you a sense of control over your life and boost your self-confidence.
2. Read a lot
Many millionaires prioritize reading as part of their daily routine. A significant percentage of respondents (88%) reported spending at least 30 minutes a day on self-development or education through reading.
They tend to focus on non-fiction genres such as biographies, history, and self-help, rather than reading solely for entertainment.
Warren Buffett, a renowned investor, and billionaire quotes read as a key habit in his daily routine.
If you're looking to expand your reading list, consider exploring some of the business classics that Buffett and other successful leaders find impactful.
3. They make exercise a priority
Many wealthy individuals prioritize regular exercise as part of their routine, as research has shown that it can help improve mental clarity and boost motivation.
4. They pursue their own goals
Many self-made millionaires have a clear plan for achieving wealth and are focused on achieving their goals.
Research has shown that a large percentage of the wealthy (80%) are highly goal-oriented and frequently review both short-term and long-term goals.
They are obsessed with pursuing their goals and making them a priority in their daily lives.
5. They get enough sleep
Millionaires value the importance of getting sufficient sleep, with a majority (89%) reporting that they sleep 7-8 hours or more each night.
They understand that getting enough rest is crucial for success, as it impacts both memory function and creativity.
6. They have a lot of income
Millionaires tend to have multiple sources of income rather than relying on a single source.
Research indicates that many self-made millionaires (65%) have created at least three income streams, such as side businesses or income-generating investments such as REITs or real estate, before reaching their first million.
By diversifying their sources of income, they are able to mitigate the effects of inflation and increase their financial stability.