"17" “HABITS” You Must Follow To Be A Millionaire In "2017"
Our habits
What you get out of and achieve
in life is the direct result of how you spend your days. Eat crappy food and
spend all day on the couch? You’re probably going to wind up fat. Blow all your
money gambling or buying shit you don’t need? Don’t be surprised when you end
up broke. You are the cumulative effect of your habits.
If that sounds depressing, it
shouldn’t be. Because the real secret is that, if you don’t like where your
life is right now, it’s not because you’re somehow worth less than the people
who have what you want. They just have different habits, and habits can be
changed. If you want to be rich, all you have to do is shift your daily habits
to the actions and behaviors that have been proven to make you more successful.
Here’s how to get started:
Follow these 17 habits to
be a millionaire.
Habit #1 – Wake up early
I know. You’re not a morning person. The last thing you want to
do is set your alarm clock even earlier than you already do. But if you’re
serious about becoming a millionaire, you have to be willing to do what
millionaires do – and that’s get up early.
.You might not have a choice
either if you’re trying to work your trading around a day job.
All I’m asking is that you give
it a try. Get up early for a week, and use that extra time to improve yourself
in some way, whether that’s reading, studying, networking or something else.
If, after a week, you really haven’t seen a difference, you have my permission
to go back to your status quo.
Habit #2 – Read
The rich know that you should
never stop learning. If you want to get rich trading penny stocks, read trader
biographies. Read the financial news. Read books on technical analysis and any
other aspects of trading you can find.
Supplement your reading and
studying stock charts, but if you really want to get ahead, set aside at least
15-20 minutes a day for actual eyeballs-on-paper reading.
Habit #3 – Set a budget
This one is so unsexy, I almost
have to apologize for it. You probably opened this blog post thinking I was
going to tell you about how you get rich by taking big, daring risks – going
big, and then going home rich.
Sure, there’s some of that, and
we’ll get to that later. But for now, what I want you to know is that having a
budget (and actually sticking to it) is one of the most common habits shared by
the millionaires authors Thomas Stanley and William Danko studied for their
popular book, The
Millionaire Next Door
Want to be rich? Do what the
rich people do – and what they do is budget.
Habit #4 – Track your spending
So now, how do you think you’re
going to set and stick with a budget – let alone get rich – if you don’t know
where your money is going?
I’m at a point in my life where
I don’t have to do this. Honestly, it would be pretty tough for me to spend
more in a day than I’m earning through my different companies. When you get
rich like me, you can give up this habit too. But for now? Track every dollar
that leaves your wallet and where it goes. Spend time with your money. Get to
know your spending habits and patterns. If you can’t manage your money while
you’re poor, getting rich won’t solve your problems.
Habit #5 – Watch the small costs
As a special note for traders,
pay special attention to little costs that add up expenses. Pick the more important option
and stick with it.
Habit #6 – Pay yourself first
While you’re setting your
budget? Make sure some of your income (most experts recommend 5-20%) is going
to savings. Again, this isn’t sexy stuff, but remembers that trades go bad. You
might lose your job. Having savings in place is what’ll let you bounce back.
Habit #7 – Prioritize your schedule
This one really kills me. I
hear from so many people who want to be rich, but tell me that they don’t have
the time to learn. And do you know where you’d find them every night? Sitting
on the couch, watching TV, gaming or wasting time on the internet.
Down time is important, but be
real with yourself. I bet you can free up a few hours to study if you really
tried.
Habit #8 – Find a mentor
If I’d had a teacher when I
first started trading penny stocks, I bet I could have become a millionaire in
half the time (and saved myself a ton of unnecessary losses at the same time).
Don’t be that guy.
If you’re serious about
becoming a millionaire, find somebody who’s done what you want to do and then
learn from them.
Whatever you want to do,
there’s someone out there who can give you a leg up.
Habit #9 – Get comfortable with risk
It’s kind of a no-brainer to
say that there’s risk involved in trading penny stocks. But there’s risk
involved in improving yourself in pretty much any kind of way.
Want to start a company?
There’s a (big) risk it’ll fail.
Planning to get rich by
climbing the corporate ladder? There’s always a risk it’ll close or you’ll be
laid off.
Life is risky – you can’t avoid
it. But you can make sure you’re taking calculated risks and that you’re smart
about doing so. Just remember, the rewards you get in life are generally
proportional to the risks you take.
Habit #10 – Define your success
This is a big one. The rich
don’t just want to be “rich.” They have specific goals they’re working towards,
whether that’s a certain net worth, an exact annual income or having enough
money to take a luxury vacation, buy a sports car or do something else.
You need to know what success
means to you if you’re going to achieve it.
Habit #11 – Set clear goals
Once you have your own
definition of success, you need clear goals to back it up.
Want to have a net worth of $1
million? Make a plan to get there. If you’re starting with a portfolio of
$1,000, how many trades do you need to make if you’re averaging 20-40% growth
on each trade and winning 75% of your trades? When do you plan to hit specific
milestones, like $25,000, $100,000 or $500,000?
Be detailed. Make it real. The
clearer your plan is, the easier it’ll be to follow.
Habit #12 – Visualize results
Have some fun with this one. Once you’ve set your financial
goals, invest some serious time visualizing what it’ll be like to achieve them.
Imagine where you’ll travel, what you’ll buy, or how you’ll give back.
Trust me. You’re going to have
bad days. Having this vision at the front of your mind is what’ll help you get
through.
Habit #13 – Stop fearing failure
Guess what? I’ve been trading
for nearly two decades, and I still fail all the time. I make dumb mistakes. I
do things I know I shouldn’t.
You’re going to do the same.
Quit getting your ego wrapped
up in your failures. Accept them, and then move on. The more you do, the less
you’ll have to fear from failure – and the less it’ll hold you back.
Habit #14 – Spend time with millionaires
I heard somewhere that you are
the sum of the five people you spend the most time with. So let me ask you, do
the people in your life help you or hold you back?
If you want to become a
millionaire, go find one to spend time with. Hell, find five of them. Watch
what they do and emulate their habits. If you’re perceptive, you’ll learn more
this way than you ever would in a few years at business school.
Habit #15 – Stay healthy
This is another quote I have to share, from this great writer: “You can’t get
rich from a hospital bed. Or a grave.”
Believe me, I get how hard it
can be not to compromise your health for your other goals. Sitting in front of
four computer monitors watching charts and trading platforms for hours on end
isn’t exactly healthy, especially if you pair it with bad food and too much
beer.
You only get one body, and one
shot at keeping it healthy. Make the decisions you need to to stay healthy, or
that one show will be taken away from you.
Habit #16 – Love the process
Let’s say you set your net
worth goal for $1 million. What happens when you hit that number? Some of my
students have achieved that in just a few years – so are you just going to give
up when it happens to you?
The thing is, money itself
shouldn’t be your goal. You have to love the process. You have to love stock trading,
business building or whatever path you’re taking enough that it alone is enough
for you. If all you’re working towards is an end result, your motivation is
going to dry up as soon as you hit a rough patch.
Habit #17 – Stop making excuses
Finally, millionaires don’t
make excuses. When they encounter a problem, they find ways around it – they
don’t just give up because they hit a roadblock.
I could make a thousand excuses
every day. I could complain about being too tired, or that my long hours
sometimes keep me away from my fiancée and my family. I’m sure you’ve got your
own list of woes. Giving in to them is comfortable, but comfortable won’t turn
you into a millionaire. Getting over yourself, identifying excuses when you
want to make them, and then kicking them to the curb instead will.
So now, I want to hear from you.
Which of these habits will you commit to changing today to become a millionaire in 2017?
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If you want to become a millionaire, you need to decide to do it and get started. Maintain these 10 millionaire's tried and true method . Once you have that started; you can begin your million dollar journey
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If you want to become a millionaire, you need to decide to do it and get started. Maintain these 10 millionaire's tried and true method . Once you have that started; you can begin your million dollar journey
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