To Become a Millionaire, Mimic Their Habits

The path to becoming a millionaire isn’t typically a stroke of luck but the result of disciplined habits and smart financial strategies. Millionaires tend to share common practices that contribute to their financial success. By emulating these habits, you can set yourself on the road to achieving your own financial goals. Let’s delve into six key habits that are prevalent among millionaires.

1. Read a Lot

Self-made millionaires are often voracious readers. They understand that knowledge is a currency and that by expanding their understanding of the world, business, and investments, they can make more informed decisions. A study of 1,200 wealthy individuals found that they all have reading as a pastime in common.

Example: Warren Buffett, one of the world’s most successful investors, spends about 80% of his day reading. Follow in the footsteps of Buffett by reading non-fiction books that can improve your financial literacy, biographies of successful entrepreneurs for inspiration, and industry news to stay informed about market trends.

2. Get Up Early

Many millionaires begin their day while most of the world is still asleep. This quiet time is free from distractions and allows for uninterrupted work, planning, and personal development.

Example: Apple CEO Tim Cook starts his day at 3:45 am. While you don’t need to rise quite that early, consider waking up an hour earlier than you currently do. Use this time to plan your day, exercise, or work on a project that’s important to you.

3. Pay Yourself First

Millionaires know the importance of saving and investing before spending. The concept of paying yourself first involves setting aside a portion of your income for your future self before you pay your bills or spend on non-essentials.

Example: Before budgeting for monthly expenses, immediately transfer a portion of your earnings to a savings or investment account. Over time, this habit ensures that you’re consistently building your wealth.

4. Live on Less Than You Make

Living below your means is a staple among those who have accumulated wealth. It’s not about self-deprivation but about prioritizing financial freedom over material possessions.

Example: Consider the co-founder of WhatsApp, Jan Koum, who drove a modest car even after selling his company for billions. To adopt this habit, create a budget that focuses on essential expenses and savings, while also eliminating unnecessary expenditures.

5. Utilize the Power of Compounding

Compounding is the process by which a sum of money grows exponentially over time, as the returns are reinvested to generate their own earnings. Millionaires invest in assets that grow over time, such as stocks, bonds, and real estate.

Example: If you invest $10,000 at an average return of 7% per year, in 30 years, without adding any more money, it would grow to over $76,000. Begin by investing in a retirement account or a diversified portfolio, and let compounding do the heavy lifting.

6. Track Spending, Income, & Investments

Millionaires meticulously manage their finances. They know where every penny is going and ensure that their spending aligns with their financial goals.

Example: Shark Tank investor Kevin O’Leary tracks every single expenditure. Embrace this habit by using budgeting tools or apps to monitor your finances. This will help you make informed decisions about where to cut back and where to invest more.


Becoming a millionaire isn’t about luck; it’s about cultivating disciplined habits and making strategic financial decisions. By reading extensively, you’ll enhance your knowledge. Rising early affords you a head start on the day.

Paying yourself first guarantees that you’re building your nest egg. Living below your means ensures you’re not eroding your wealth as quickly as you build it. Harnessing the power of compounding allows your investments to grow exponentially. Finally, by tracking your spending, income, and investments, you maintain control over your financial destiny.

Adopt these habits and watch how they can lead to significant growth in your financial health and progress towards becoming a millionaire. Remember, the journey to a seven-figure net worth starts with daily actions. What step will you take today to start mimicking the habits of millionaires?