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What separates the dreamers from the doers? What makes wishes come true? The answer is not: work harder; it's about working smarter.
Self-made millionaires are masters of intelligent work. They don't strive for success; They incorporate it into their everyday routines. The sum of these daily habits becomes a powerful catalyst for change in both your personal and professional life. They optimize productivity, refine mindsets, and open doors to life-changing opportunities.
So what are these habits? They were identified by Thomas C. Corely in his book Change Your Habit, Change Your Life. Based on five years of meticulous research and interviews with 177 self-made millionaires, it offers readers a rare glimpse into the routines and thought processes that pave the path to extraordinary success.
As I read this book, I began to think about: What habits have I developed naturally and how have I worked to incorporate them into my lifestyle? As you read through each habit, I hope you ask yourself a similar question. Try incorporating the following habits into your daily life to transform the way you approach wealth, work, and well-being.
Use these habits to get you on the path to financial freedom and beyond.
Table of contents
The Habits of Millionaires
1. Consistent reading
Reading every day, even for just 20 to 30 minutes a day, can be game-changing. It helps you learn new skills and keeps your mind sharp. It is reported that Microsoft co-founder Bill Gates reads about 50 books every year. An important caveat is to prioritize educational material over entertaining reading. Your education could pay off – literally.
2. Regular exercise
Becoming a millionaire requires a tremendous amount of energy, which is why physical activity, especially cardio, is crucial to maintaining mental performance.
Most highly successful people spend 30-50 minutes each morning on a highly specialized exercise program tailored to their needs. This could be the so-called Spartacus workout, a training session on the Peloton or something less strenuous like a treadmill. Most successful people also incorporate exercise into their daily work and attend meetings on foot instead of in the office.
3. Surround yourself with success
You never want to be the smartest person in the room because if you are, there is nothing to learn. Choosing instead to surround yourself with other successful people gives you the opportunity to learn and grow from them and is crucial on the path to success.
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4. Commitment to volunteer work
Talking about the community, volunteering, and contributing to the community can lead to personal growth. When people volunteer regularly, they tend to have a healthier and more motivated outlook on their future and are more willing to take the steps to get there.
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5. Practice dream setting
What is dream setting? It is the process of designing an ideal future by setting realistic goals.
Here's how it works. Imagine a specific point in time in your future (for example, five or ten years). Describe what your dream life looks like in 1,000 words or less. When you're done, make a list of realistic, actionable steps you would need to take to make this ideal scenario come true. Then take these actions!
6. Pursue personal goals
Most people set and pursue goals, but the difference with self-made millionaires is that they pursue their goals in a very specific way. There are all kinds of goal setting strategies, but I prefer SMART goals.
By using SMART Goals, your goals will be refined so that they are clearer and therefore more achievable. Clarify every goal you have with the acronym SMART: “make it.” Sspecific, Mbearable, Apurchasable, Relegant, and Ttime-bound. This will help you understand how long it will take to achieve a goal and what it will take to achieve it.
7. Get enough sleep
We approach our work best when we are rested. For most people, this means getting at least seven hours of sleep each night for optimal energy and performance. Make sure you get uninterrupted sleep and your brain can recover after the day.
8. Get up early
Waking up early in the morning is tied to adequate sleep. For self-made millionaires, it contributes to their success by giving them more time to work and complete tasks without interruption. Most successful people wake up between 4 and 6 a.m. to reap the full benefits.
9. Generate multiple streams of income
Self-made millionaires know that you don't have to work more hours to make more money. In other words, you don't work for an hourly wage or an annual salary. Instead, they set up multiple passive income streams. Not only does this strategy have the potential to increase your overall income; It also protects them if one of these streams dries up.
There are many ways to create new sources of income, from passive real estate to entrepreneurship.
Join our many communities to learn more!
10. Find and consult mentors
Using mentors is crucial to accelerating your own success. Mentors provide valuable information and resources, encouragement and support both professionally and personally. Most mentors achieve their goals by receiving support from their own mentors and are happy to pass it on.
11. Help others succeed
Be generous to your community. It's important to give back and help others on their path to success. It signals that you can build strong relationships and are also likely to learn new skills and knowledge, feel a greater sense of purpose, and expand your network of like-minded people in the process.
12. Stay positive
It is known that a positive attitude can influence results. It takes practice to become a habit; Wealth does not automatically create happiness and positivity. In fact, studies show that people with net worths of $75,000 or more have similar levels of happiness. This means we need to find ways to be consciously positive in order to approach our everyday lives with thoughtful clarity.
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13. Don't conform
When self-made millionaires invest or run their businesses, they tend to think independently and avoid following the herd. There are so many examples, but consider Michael Burry, the investor who shorted the real estate market just before the 2008 crash. He was practically the only one who did not subscribe to the thinking of the time, and it paid off for him.
14. Practice good etiquette
When you behave with good manners—good etiquette that shows you are polite, respectful, and considerate—you are more likely to build strong relationships, make a good impression, and open doors to opportunities that would otherwise remain closed.
15. Spend time thinking every day
Take time every day to think and reflect. Make it focused and intentional, not random. Taking the time to sharpen mental acuity is crucial to success, and conscious reflection contributes to this. Without this practice, most self-made millionaires would not be where they are today.
16. Get feedback
Most people perceive the word “criticism” as negative. Successful people know it's important. Constructive criticism and feedback, when heard and implemented, means one thing: continuous improvement. Without feedback we cannot improve. So ask for feedback, reflect on it, and implement the changes necessary to improve.
17. Be resilient
Some studies claim that resilience and perseverance are the two most common characteristics of self-made millionaires. Regardless of what critics say and regardless of the extent of the failures, successful people continue to pursue their goals and see all obstacles as just that: challenges that need to be overcome.
A call to action
I hope you feel as inspired as I do. Every habit can be a stepping stone not only to financial prosperity, but also to a richer, more fulfilling life. Remember, these habits are not about building wealth, but rather developing a growth mindset. Build resilience and positivity as your baseline state.
What habit has resonated with you the most? What can you imagine integrating into your everyday life? It may take some work, but try adding one at a time until you've done them all. Remember: the path to success is not about overnight changes. It's about making small, consistent improvements.
And if you're looking for a community that supports and encourages these habits, consider connecting with like-minded people at one of our many conferences or the Passive Real Estate Academy. There you will find resources and mentoring to support you on your path to personal and professional development. It's a space where your ambitions are understood, your efforts are praised, and your big ideas are supported.
Never forget: your habits shape your future. So start creating the future you want today! We here at Passive Income MD hope to support and empower you on your journey.
Peter Kim, MD, is the founder of Passive Income MD, creator of the Passive Real Estate Academy, and offers weekly training through his Monday podcast, the Passive Income MD Podcast. Join our community in the Passive Income Doc Facebook Group.
further reading
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