12 Habits of Millionaires - Money Making Habits and Mindset of the Wealthy

hey guys it's practical psychology and in this video we're going to be going over 12 habits that millionaires have and hopefully you can start implementing them in your life to increase your chances of success tip number one is that they have a budget now this could be a monthly budget or a weekly budget but they track their net worth through their income and expenses and this is something that you're just gonna have to turn into a habit if you're trying to implement it in your life I have started it I started it probably two years ago and I've definitely noticed you start understanding where your money is going and you become more conscious about that and it's really fun to see your net worth grow habit number two is that they are proactive now if you don't know what proactive means I highly suggest you go and watching my seven Habits of Highly Effective People video because that's the first step and basically it means when something bad happens to you don't be reactive you have the opportunity to go out and change it you have the opportunity to change the world look at me I started practical psychology as book reviews and I'm almost at a million subscribers now thank you so much guys anyways I wanted to change the world I wanted to add more value and that's what I did tip number three is that they read a lot I cannot over stress this I've read tons of books on success psychology business and self-development and one common theme that I've seen among all of these which is weird because it's meta because it's also in books is that they read a ton of books millionaires love to fill their heads with ideas because ideas are seeds for businesses and businesses generate profit if you want to increase your chance to becoming a millionaire the number one thing I can suggest is to read more read more nonfiction read more stuff that will help you become a better person social skills business development personal growth almost anything that you can get your hands on just start reading even newspapers I've seen people read newspapers business reports all kinds of stuff read read read fill your head with all kinds of ideas and these ideas will start to compound to number four is to be super curious now this ties in with reading because if you're reading something that you're not curious about it's not gonna be fun I mean I've read books in high school they were fiction they were stories and I was like I'm not even this is not interesting I don't want to learn about this and the curiosity part of it a ton of millionaires are curious if you find a millionaire that isn't curious I want you to email to me have practical psychology tips at gmail.com because I don't think I've ever met an entrepreneur or a millionaire even a billionaire I bet most billionaires are super curious they never stop learning tip number five ties in to tip number four which is to pursue your curiosity so you can have curiosity you can be curious about something I mean I've actually seen this before my sister asked me a question and I was like what are you have in your pocket right now it's a smart phone why don't you look it up I mean you can be curious about something but pursuing that curiosity and taking action against it is something that millionaires do to number six is they find a mentor now if you've ever seen any of the Thai Lopez advertisements you'll know something that he's very big about is finding a mentor and the reason he is is because he wants to be a mentor for you he wants you to pay money for you to be his mentor and that's just part of his business strategy but in reality a mentor can skip you across all kinds of failures that you would have yourself if you just listen to the mentor I mean there's tons of people who learn mistakes by themselves but if you can skip that process and you can learn from someone else's mistakes because they're a mentor to you that's gonna give you a jumpstart on being a millionaire tip number seven is goals goals are really important in any aspect of life simply because they will help you with motivation and they will help you with discipline having goals setting goals and then achieving those goals is something that works you have to be self-aware because for me I love to be competitive I love to have more subscribers than someone else I love to make more videos than someone else I love it's just it's motivating me so you have to have goals that are congruent to what motivates you it can't be way out there but they also can't be short-sighted my best tip is to come up with goals that are smart and that's an acronym that stands for specific measurable achievable relevant and time-bound and if you use all these things and create a goal around them it should motivate you tip number eight is to do daily lists so every morning when I wake up what I do is I write down three things that I want to get done that day and it's super important because every time I do one of those things I get across it off and it motivates me to do the next one and if I am laying in bed at night and one of those things isn't crossed off sometimes I will literally get up out of bed at and 30 at night and go hey I need to get this done it's making me mad I can't go to sleep and I'll do it and for some reason that motivates me and I think and I believe it will motivate you as well it's something that I've realized a lot and studying a ton of millionaires they like to do lists and organize those lists and they use those lists to complete what I mentioned in the previous step which was goals tip number nine is to have multiple streams of income now this is really technical and if you've never had multiple streams of income I highly suggest you watching some of my videos on income development or passive income well it's like raining money when you get different sources of income it just feels amazing can you just imagine having $1 thrown at you on the left side one dollar on the right side a dollar falling down from the sky looking down and seeing a five dollar bill that's what it is to have multiple sources of income money coming at you at all different angles and it's just if one breaks down if I get fired at my job boom I got other places to rely on and that's something that millionaires do is they have multiple streams of income it's important not to confuse this with the next tip which is to not diversify now you've probably heard the term diversify your portfolio and you'll get rich well the thing is a lot of people a lot of millionaires in fact if you study them what they do is they don't diversify their portfolio until after they're a millionaire to become a millionaire they put all their eggs in one basket and they look at that basket and they watch it and they make sure none of the eggs break so don't diversify you need to focus on something put all of your energy and focus on one thing don't diversify it if you look like Mark Cuban he started one company boom made a whole bunch of money started another company he focused only on that second company boom made a whole bunch of money and it continues now he diversifies because over time he had multiple companies but at the time he only had one focus and that's one thing I think that millionaire habits can do that you can implement in your life too is to have one focus tip number 11 is to avoid time wasters now there are tons of things in this world and time that you can do that will literally just waste your time but millionaires one of their habits is that they understand the importance and value of their time they will never get time back and you need to understand that too and once you understand that you will start valuing your time more once you start valuing your time more you'll understand easy to avoid a lot of time wasters you know checking your Facebook for 30 minutes a day you know how much more productive you could be if you turn that into business development or writing a book if you spent 30 minutes writing a book for a year you could have like two or three books written I can almost guarantee it just understand the value of time and if there's something in your life that is completely wasting your time like you're spending time with a friend and you're not getting any value out of it and you're not helping them either and then cut that line tip number 12 is something that I've came up with it has never really been stated in any book that I've read but I've noticed it a lot of millionaires focus on their highest earning activities for example one thing I do here on the channel is I have noticed there are a ton of different kind of videos I do book reviews I do top tens I do lists there are all kinds of videos but one habit that I've seen millionaires do in the past that I'm going to try to replicate is focus on which videos are the highest earning ones which ones get me the most views in other words what gets me to my goal that quickest and there's a lot of people that make this mistake they're like oh I want to make a million dollars but I want to have ten thousand dollars in my savings account or I want to buy this ten thousand dollar car that is not a highest earning activity if you buy that car it's going to cost you money if you spend 30 minutes at your local grocery store trying to decide which can of peas is going to save you 3 sins that's not a high earning activity in fact you're literally wasting your time when you can spend three extra pennies on the can of peas and have 30 extra minutes to work on your business so I'm going to review these tip number one is have a monthly or weekly budget tip number two is to be proactive tip number three is to read a lot number four is to be super curious and pursue that curiosity tip number six is to have a mentor tip number seven and eight is to have goals and have daily lists to accomplish those goals tip number nine is have multiple streams of income tip number ten is to not diversify but be extremely focused tip number eleven is to avoid time wasters and the last tip is to focus on the highest earning activities in your life if you guys enjoyed this video click the like button if you want more videos like this subscribe I hope I added immense value to your life from this video thanks for watching if you guys enjoyed that video and want to read the book I wrote that it came from search Amazon for habit harvester or click the link in the description the book is short enough to read in one sitting but is jam-packed with tons of information just like you saw in this video in fact I've also added a few extra stories and fixed some of the errors found in this video course there's also plenty of amazing illustrations to aid in the learning process and keep the book fun to read if you're interested you can buy the Kindle version for $2.99 or sign up for a month of Kindle unlimited to get it for free which is what I personally use and you get access to millions of other ebooks and thousands of audiobooks included in your Kindle unlimited membership when you buy the Kindle version you don't even need a Kindle to read it you can download the Kindle app on your smart phone download the software for PC or even read it on amazon.com through their cloud server if you want to watch the rest of the videos in this series click this thingy or check the link in the description for a playlist thank you guys so much for watching

Channel: Practical Psychology

Views: 403,404

Rating: 4.9124494 out of 5

Keywords: millionaire habits, how to make more money, money making habits, money habits, money habits example, habit harvester, practical psychology, millionaire mindset, mindset of weath, weathly habits, millionaire tips, how to be a millionaire

Id: RzA7R4mzxEM

Length: 9min 49sec (589 seconds)

Published: Sun Aug 27 2017