Posted on Saturday 23 January 2016
It's common to look at successful millionaires and feel intimidated by their careers or business skills. However, a lot of success stories can be attributed to daily habits.
Statistics show that 80% of millionaires are first-generation millionaires. This means people are building up their wealth from scratch. So, with the right attitude, habits, and work ethic, you can become one of Canada'sIt's newest millionaires.
No matter what city you are from, there's a lot of wealth in circulation for you to tap into. While becoming a millionaire is a high stake goal, it is achievable. Daily habits can either make or break you, as how you spend your day accounts for how you spend your life.
Here are some daily habits you can adopt to reach your goal of becoming a millionaire.
One basic rule that will help you reach your millionaire goals is to make saving a matter of high priority. Saving can add up fast, and it plays a significant role in long-term financial goals. Besides, having savings gives you financial security.
Self-made millionaires usually save something every day, whether it's a nickel or a dollar. Not every Canadian can do this systematically. However, you should still aim for 10% of your paycheck every month. Regardless of your career, salary or expenses, it is crucial to have a balanced and frugal attitude to money.
Retail purchases are expensive. Shopping online is a great way to find the best deals on high-end items. Unlike retail shopping, where there are many random stores you can pop into, shopping online usually means you can search for the particular thing you want and make the necessary purchase. This helps you prevent impulse buying.
Besides making big purchases, you may also be able to save money by purchasing groceries online. These days, you can even download software to help you benefit from discounts and save better. For example, Chrome plugins can help you find the best deals on items you need.
Financially successful people didn't reach their goals without a strong hustle culture. They also maintain solid work ethics and exercise impressive financial restraint. Working hard is a necessity, and so is making sacrifices. To record long-term success, you must endure short-term struggle.
Passion is vital. You must ensure your chosen career is one you feel fulfilled showing up to every day. Without passion, things can look very bleak no matter how much work you put in.
For example, there's a story of a man who stayed in a top digital company for years but never made significant numbers. His inability to produce was because he felt no real connection to his job. Some years later, he gave up his job to pursue his passion for music and has since seen an incredible financial turnaround. He is currently a successful investor. Two things amounted to his success: saving up to 20 grand and leaving the career he had no passion for.
Passion helps you to show up. On the road to becoming wealthy, things may get bleak. Passion will allow you to take the necessary risks and keep going.
While you get rich by making money, you need to save money to stay rich. Having frugal habits is a guaranteed way to preserve your wealth. Living to the maximum of your budget leaves less money to be saved and creates less financial stability. Resist the urge to live lavishly and focus on stacking up enough to make sound financial investments.
Also, avoid taking out too many loans. It may be better to opt for payday loans tailored to your city than to take traditional loans if you absolutely need to. For example, if you live in Ontario, you can take out a payday loan in Ontario. You may also have no choice but to take out a payday loan for the unemployed when you are out of a job. However, moderation is key. Taking out loans too often may slow down your progress.
You can also develop the habit of renting instead of buying high-end products. For example, if you want a Ferrari, you should first rent it out for a month. This period will help you determine if it's a purchase you genuinely need to make.
One fundamental way to guarantee your financial future is to invest. Investing your money into things that will give you a guaranteed ROI helps you build your wealth.
Once you make a substantial profit, it becomes easier to make more. You can reinvest your profit across multiple investment schemes and make even more significant numbers. To capitalize on investing, you can employ the services of a financial advisor.
The road to being a millionaire is hard, but it's doable. By becoming conscious of family habits, Canadians make smarter decisions about their money. Coupling the tips above with a healthy mindset will help you accrue more wealth than you can imagine.