7 Gratification-Delaying Daily Habits for Becoming a Millionaire
Wake up early, forget the concept of 'weekend,' work when others enjoy the company of friends or entertainment, remind yourself you'll enjoy life later.
By Timothy Sykes •
Opinions expressed by Entrepreneur contributors are their own.
Many people dreaming of becoming millionaires don't know where to start. The key to changing your finances and becoming successful starts with changing your approach to life and your daily habits. If you want to live like successful people do and start earning money like successful people do, then you need to start acting like a successful person each and every day. This doesn't mean spending like a millionaire, it means adopting positive daily habits that millionaires have in order to get an edge in your market. Here are seven of the most effective daily habits that millionaires have.
1. Wake up early.
If you want to reach your full financial potential, then you have to start getting up earlier. It doesn't matter if you are not a morning person, you need to start doing this. Get up and review the news, check your emails and get those menial tasks done first, before everyone else. Spend just 30 minutes researching a topic that interests you to hone your skills. This will put you a step ahead the rest of the day and have a dramatic impact on your productivity.
Related: 6 Ways to Make Getting Up Early Work for You
2. Quit taking the weekend off.
To be a millionaire you need to start using the weekends differently. This is no longer a time to party like there's no tomorrow. You can go out and catch up with friends a little, but remember your goals. I get some of my best work done after hours when others are succumbing to peer pressure. Use this bonus time to learn about finances, your industry and to not only get wiser, but also to get and stay ahead of the crowd.
3. Learn about finance and the stock market.
If the stock market is still a confusing concept to you, then you need to drop what you are doing and start learning about finances. Yes, it is boring, but it is very important if you want to have financial independence. Start learning about the market and honing your skills so you can make real money from your investments. Open up a small brokerage account or even paper trade if you have no money, but get comfortable with moving stock prices and different types of financial instruments.
4. Think long term beginning when you're young.
There is no age limit to preparation. The younger you can start planning for your future, the better. It is never too early to start planning and you are never too young to think about the future. Most people don't start until after high school or college, and some don't start until their late 20's. By then, you'll have fallen behind others who have a decade head start. Even if certain goals seem way too far in the future, it is always a good idea to start planning young.
Related: Have You Set Your Retirement Goals Yet?
5. Educate yourself online.
The Internet is one of the best tools that you have at your disposal, and chances are you aren't even using it to its full potential. There are so many free videos on YouTube and great educational websites where you can learn market skills and glean financial tips to you grow your portfolio. If you don't see the Internet as a library, you aren't looking at it in the right way.
6. Focus on goals first.
Goals don't have to just be monetary. Focus on achieving your own personal and professional goals. You need to create good products, build a strong brand and meet your other non-monetary goals before you start focusing just on money. Put the time and effort into creating quality and you will find that money follows. Don't just focus on making money above everything else, or you will never reach your full potential, or your financial goals.
Related: The 4 Essentials to Building Your Brand on Social Media
7. Use social media to build your brand.
Your social media efforts should be more about building your brand and your business around a brand. See my Instagram for example; even though I teach how to trade stocks, I also show the life I am fortunate to have as a result of my studies. I visually inspire my students to study harder and now I have nearly 500,000 followers on Instagram, more than 3x the size of any of my other social networks despite for example my YouTube channel having over 500+ free videos. Recognize that social media isn't just for showing your expertise; most people use it when they're bored, so if you can find a way to entertain or inspire people, you will find success.
