Wouldn’t it be great if there was some established, clear-cut path you could take that would guarantee you become a millionaire?
While that unfortunately has yet to exist, we can look to actual self-made millionaires for the steps they took, and the weird tips and tricks they have for becoming a millionaire yourself!
Check these tips out and see if being a millionaire is in your future—chances are, you already do some of these things!
In the last “Unlock Your Secret” article, I discussed financial advice from real self-made millionaires on how you can accumulate wealth faster than you ever dreamed.
Now, we’re going to take a look at some less obvious advice, including habits that these millionaires themselves swear by.
1. Read for self-improvement.
- Now this might not seem like the mind-blowing advice you were hoping for, but it’s interesting to note how a passion for reading comes up so often in the attributes of self-made millionaires.
- A love of reading has also been associated with highly intelligent people, so this commonality could explain why it’s so often mentioned by millionaires.
- Research has shown that reading helps with increasing fluid intelligence, as well reading comprehension and emotional intelligence.
- These increases will help you to make smarter decisions about yourself and the people around you (which can contribute to getting smarter about money and how you spend yours).
2. Pay with cash, and limit trips to the ATM.
- It might seem surprising to think about self-made millionaires paying with cash rather than some fancy, stainless steel credit card.
- However, multiple millionaires have agreed that they intentionally pay with cash, and limit themselves to only visiting the ATM once a week.
- Paying with cash can make budgeting easier in many cases, and definitely gives you a more tangible view of how much you can spend.
- I’ve learned from experience that even the most well thought out budgets can be difficult to keep up with when you’re constantly having to check your bank accounts and subtracting the money you’ve spent from your budget.
- Unsurprisingly, cash can be much easier to keep track with, and a quick count of the cash still in your wallet lets you know how much you can spend the rest of the week.
- Now certainly, cash is not always easier, and carrying large amounts of cash on you can be dangerous. But especially when you’re starting out with a new budget, trying only paying with cash for the first couple months until you’re used to sticking to said budget.
3. Discover a love of not wasting things.
- This may seem like a strange thing to include in advice for becoming a millionaire, but it’s mentioned again and again by self-made millionaires: they derive serious joy from not letting things go to waste.
- Now this is a multi-faceted tip—first off, making an effort to not let things go to waste can save you some serious money. One millionaire said he couldn’t speak highly enough of turning to eBay and Craigslist when you need new things like a television, riding lawnmower, piece of furniture, whatever it may be.
- The amount you can save by turning to these resale sites rather than buying it from retail is huge, and you can feel good about it knowing that whatever it is didn’t just get tossed in a landfill.
- The good feelings that come from this intersection of repurposing and saving money can make you more likely to look places besides retail for things in the future as well.
4. Don’t lend to friends and family.
- This was another piece of advice mentioned by multiple millionaires about growing wealth.
- It doesn’t seem a stretch to imagine that as you accumulate more and more wealth, people may turn to you to help them out when they find themselves in financial tight spots.
- While it may not be surprising, it is likely to be uncomfortable, and all-in-all, a bad idea. Of course we want to help those we care about, but it’s more than likely that when lending to friends or family, resentment will arise.
- If it feels absolutely necessary and you have to lend to someone you care about, establish a clear-cut path for the money to be repaid. Tension could still arise, but at least you’ll both be on the same page.