In this episode of Empire Building, our hosts share six key habits that will help you set your path to becoming a millionaire.
Let’s start off with a staggering statistic: one in three Americans have nothing saved for retirement.
Our long term future is something that not all of us think about, or believe we can plan for at this moment. This might be due to limiting beliefs, like that we need two incomes to start saving, or that an economic downturn will rob us of our progress. It also may be the result of us wanting to live our best lives now, and not later.
No matter what your limitations are, those that become millionaires do not always do so by simply making money — they do so by setting clear goals, focusing on growing net worth, and maintaining discipline.
Let’s dive in by discussing what wealth means to each of our Empire Builders.
For Seychelle and Wendy, it means that our passive income from our investments funds our perfect life. For Sarah, wealth is being in the position to say no, and take care of family should they need it. For Vija, wealth is being able to do what we want, when we want, with whom we want.
Once you determine what your definition of wealth is, it’s important to determine a net worth figure that gets you there. There has to be something measurable in order to track your results. One way to get there is to take your annual income and multiply it by 25 to get the net worth you need. You can also aim to build up enough assets that a 4% annual return funds the life you want.
No matter what your number is, our Empire Builders have identified 6 habits that will help you to become a millionaire.
6 Habits to Become a Millionaire
- Say no to say yes. Say no to things today in order to invest for tomorrow. Are the little impulse items adding up to hold you back?
- Pay your investment fund first. We often do the opposite — pay the bills, then put whatever is left into your investment account. This habit helps you to avoid spending your discretionary income.
- Focus on net worth, not income. You’ll make different decisions when you are focused on owning assets rather than making money.
- Learn the rules of money. Make it a point to learn about money, and commit yourself to consistently learning about wealth building.
- Learn how to leverage your money and time. Learn what your dollar-per-hour rate is, and then make decisions and prioritize time based on what pays you the most. Discover the activities that increase your dollar-per-hour, and you’ll find that you become much more intentional with your time.
- Surround yourself with success. Who are the people that you spend the most time with? How does their network influence you? Consider all of the influences around you, and select those that support your long term wealth goals.
There you have it! Follow these 6 habits and be disciplined in your approach and watch as your net worth trends in the right direction!
To hear more from these talented Empire Builders, download the Empire Building podcast today through your podcast app or visit https://go.kw.com/empire-building.