What are the millionaire’s habits?
As explained in the previous article before (read here), becoming a millionaire is not difficult at all as long as one started investment earlier. But, you will still realize that many Malaysians still are not able to achieve RM 1 million saving. Researches show that it is mainly due to the habits and the attitude towards the personal finance. Hence, this article is to show what habits millionaires have to make them millions:-
- Saving and investment: Millionaires understand the power of compounding interest. They will save and invest their monies to make their monies work harder for them instead of just sitting in the fixed deposit to get the negligible interest rate.
- Pay themselves first: Millionaires understand they need to set aside the money to prepare for wealth growth before spending.
- Spend on assets and not liabilities: Millionaires understand assets will grow their wealth while liabilities will reduce their networth. They will buy spend more on assets so that their wealth will start to increase over time.
- Focus on the goal: Millionaires understand what they want in life. They focus in growing their wealth rather than focusing on spending money for enjoyment.
- Know to defer enjoyment: Millionaires understand the importance of delayed gratification. They are willing to delay their enjoyment to a later stage.
All these habits and mindsets are important to be formed to progress towards a millionaire. Let’s work towards it by cultivating the above habits.
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