By Dominic Hernandez
The best way to become a self-made millionaire is to learn from people who’ve already made it. And as you can see from the list below, these habits of self-made millionaires are pretty easy to follow in your daily life. Because becoming a millionaire isn’t about spending like you are rich, it’s about saving money and investing it like you are rich.
According to the 2010 best-seller “The Millionaire Next Door” by Thomas J. Stanley and William Danko: “Twenty percent of the affluent households in America are headed by retirees. Of the remaining 80%, more than two-thirds are headed by self-employed owners of businesses. In America, fewer than 1 in 5 households, or about 18%, are headed by a self-employed business owner or professional. But these self-employed people are four times more likely to be millionaires than those who work for others.”
Most people who succeed will have started with a small operation, then expanded their fleet or franchises. Don’t be too ambitious too quickly. Yes, you need a little seed money to make more money, but hold back on the shiny offices and other recurrent expenses that will cripple your bottom line early on.
Paquin of Investment Zen asserts that self-made millionaires know every dollar saved is a dollar you don’t have to work for. Even better, it’s a dollar that will start earning interest and grow into more dollars. Make sure you get your company match and max out your 401(k) and other tax-deferred accounts before anything else for maximum returns.
Thomas Corley interviewed 177 self-made millionaires for his book “Change Your Habits, Change Your Life.” Almost 9 out of 10 millionaires he interviewed said they read every day to increase their knowledge about their job and their industry. More than three-quarters, 85%, reported that they read a minimum of two books a month, and 63% reported listening to audiobooks or podcasts.
Expert financialysts suggest setting aside three to six months’ worth of your living work as expenses in an emergency savings account. By the amount you have now that you gain individually can be changed as you please for your comfort level.
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