6 Habits Longtime Millionaires Rely On to Stay Rich
Forgetting how you got rich in the first place is how you end up broke.
It’s a simple fact: most millionaires have different habits than the average person. However, these habits are far from inaccessible; they improve one’s odds of finding success but can be adopted by just about anyone with a bit of concerted effort.
But to take that idea one step further, once someone has become successful, how do they stay successful? Here, I’d like to take a slightly longer-sighted look at the habits of millionaires, focusing not just on the habits that make them successful but the ones that help them stay successful over time. By cultivating these habits in your own life, you’ll be investing in your own sustained success over time.
Here are six habits of longtime millionaires:
1. Waking up early.
Driven people tend to wake up early. Since their days are packed with work and decisions, an early rise time allows them the luxury of some quiet time before it’s business as usual. They know that rising early can allow them preparation for the day ahead so that by the time everyone else is waking up, they’ve already hit the ground running.
2. Goal setting.
You might think that once someone has made millions, goal setting is a thing of the past. After all, they’ve already made it, right? But actually, one of the secrets to long-term success is that millionaires continue to adjust their goals to stay motivated.
Once, their goal might have been to make a million dollars. But when they’ve reached that milestone, they will adjust their goal accordingly. This goal might be monetary, or it might involve a shift toward other pursuits like philanthropy. Regardless of what they might be, longtime millionaires know that it’s important to have specific goals to remain inspired and to maintain a strong work ethic.
Related: The 5 Golden Rules of Goal-Setting
3. Lifelong learning.
Attaining financial success in the first place requires plenty of education. The individual in question needs to learn their trade, follow industry leaders and keep themselves up to date on relevant news.
However, the habit of learning isn’t something that should ever go away. As Albert Einstein once said, “When you stop learning, you start dying.” Longtime millionaires know that to remain relevant in their field, they need to continue learning and adapting. They read the paper, they stay updated on world news and they continue looking to resources that will expand their knowledge base and keep them inspired.
4. Taking time off.
Many longtime millionaires have clued into a perhaps unexpected secret to success: It’s not all about money. It’s about enjoying life so that you have the motivation to continue working. As such, they make a habit of taking time off from work so that they can maintain a fresh outlook.
No, this isn’t because they’re lazy. Taking time off can actually make them more effective in their chosen field! The longtime millionaire knows that by taking some time off, they will come back to work refreshed and more effective than before. So whether it’s a vacation or taking time to indulge in a hobby like fixing (or buying) cars, they see the value in stepping away from the computer or the work site on a regular basis.
People who become millionaires rarely do it without a little help. Making money requires an immense amount of relationships and connections. To enjoy continued success, millionaires cultivate and maintain a strong habit of socializing and networking.
Not only does this help forge potential business relationships and deals, but it keeps them in touch with society. It’s a positive reminder that sustained success relies deeply on personal relationships.
6. Giving back.
Many people believe that to become and stay successful, you’ve got to be ruthless. However, most longtime millionaires actually become more committed to doing good for the world as they gain more success.
After all, objects and money have diminishing returns. When I began giving to charity, seeing the incredible impact it had on others provided me with an incredible new source of inspiration. It’s not that I stopped enjoying my money; it’s more that I saw that my riches could offer benefits far beyond buying myself a new luxury car or condo. Simply put: Giving back made my life richer. Many longtime millionaires make a habit of giving back, and it keeps them inspired in a sustainable, long-term way.
Entrepreneur Editors' Picks
Crypto Doesn't Have to Be Serious. Just Ask This Comedian Who Organized a Conference About Failure in the Industry.
Want to Succeed? Turn Your Fixed Mindset Into a Growth Mindset.
Google's CEO Is Asking Employees 3 Simple Questions to Boost Productivity
'Greatest Storyteller Wins.' Katy Perry on the Surprising Link Between Pop Stardom and Entrepreneurship.
The 5 Personalities You Meet in a Coworking Space
'Man's Best Friend' — and Investment: The Thriving Industry of Pet-Related Franchising