Millionaires lead very different lives from us normal folk.
But that’s all surface-level stuff. If you look a little deeper, you’ll find that a lot of their “luck” (barring wealthy parents) actually boils down to habits.
The good news? You can copy them!
Discover the secret millionaire habits the wealthy use to grow and preserve wealth that we all can implement for greater financial security.
Secret Millionaire Habits
The biggest secret is that millionaire habits are actually accessible to everyone. We’re not going to sugarcoat it and say it’s easy – we know that life is crazy expensive, salaries haven’t kept up with inflation, and everyone deserves a little joy in their life.
But it is possible – for nearly everyone.
If you incorporate these millionaire habits into your life, you can grow wealth, too, no matter where you are today.
Consistency
Millionaires develop consistent money-saving habits early in life. Even those without wealthy parents found ways to squirrel away a chunk of each and every paycheck.
I’m not a millionaire (yet). But I’m over halfway there, despite growing up in a lower-middle-class family. I started with just $5 a paycheck in my 401K when I was in my early twenties. Every time I got a raise, I increased my contribution.
When I maxed that out, I started funding a non-retirement brokerage account. I’m still only putting $100 bucks a month in that, but I’ve been doing that consistently for years, and it’s growing, slowly but surely.
Your Money Makes Money
Millionaires reap massive rewards with compounding interest, capital gains, and dividends. Some can even live off the interest and dividends of their accounts without contributing another dime.
I said I’m over halfway to millionaire status, but I didn’t invest that much money. My contributions are probably closer to $200,000 total over the past twenty years (and about $150,000 more came from my company match).
But that means my money earned close to $400,000 over twenty years. And the more money you have invested, the more you will make, so each year, my money will earn even more.
When you pair consistent saving with investment gains over a long period, you will be well on your way to becoming a millionaire.
Avoid Consumerism
Looks can be deceiving.
Many millionaires get that way by ignoring fancy trends and “looking” rich. They buy old used cars rather than expensive luxury cars, shop at the dollar store, and don’t value appearances.
You can avoid consumerism by separating your needs from your wants and focusing your spending on your priorities.
Invest Wisely
There’s a massive difference between investing and investing wisely.
Most millionaires don’t chase trendy investments like the latest crypto coin. They buy stable companies with high growth potential and strong fundamentals.
If you aren’t already a millionaire, your best bet is to stick with low-cost index funds like Vanguard’s total market fund. You’ll get instant diversification (so less risk) while investing in solid companies.
Entrepreneurial
A lot of millionaires built wealth by starting their own businesses. You can make far more working for yourself than for anyone else.
However, there are lots of strings attached. A lot of small companies fail, and sometimes you need a stroke of luck to make it big.
But thankfully, the internet has made it easier than ever to start your own business with less risk. You could start a blog, consulting business, Etsy shop, YouTube channel, or a variety of other hustles on the side while not risking your day job.
Risk Takers
Millionaires aren’t afraid to take risks (which is why they start businesses in the first place!).
But they take smart risks. They don’t invest in shady startups or start businesses without research.
To become a “smart” risk-taker, learn to analyze data and mitigate risk. Eventually, it will become second nature, and you’ll be able to spot the “risks” that are most likely to pay off.
Growth Mindset
Most millionaires believe anything is possible. They believe the world offers ample opportunities for everyone.
You can develop a growth mindset, too. When you see a world full of opportunities rather than obstacles, you’ll start pursuing them, leading you to better outcomes for both building wealth and personal fulfillment.
Patient
Patience is a virtue millionaires are experts at employing. They’re okay with delaying gratification now for a better payoff in the long term.
Stop being in such a rush all the time. You don’t need that new thing today. If something doesn’t work out this time, find out what went wrong and improve for next time.
Just take a deep breath – it will all be okay.
Thrifty
Millionaires know the value of a dollar. They constantly shop around for the best deals and won’t buy something if the price isn’t right.
You can incorporate this millionaire habit into your daily life by shopping for better insurance rates, negotiating at the car dealership, avoiding impulse buys, couponing, and opting for cheaper stores.
Goal-Oriented
Many millionaires have a specific goal and will do anything to achieve that goal. If something doesn’t align with their goal, they won’t do it.
When the goal is to amass a fortune, they’ll focus all their energy on achieving it.
A lot of us normies fail because we struggle to even set the goals in the first place, and when we do set them, we don’t follow through.
We can help. We’ve developed an action plan template bundle designed to help you:
✔ Clarify what you actually want (and why)
✔ Turn vague goals into realistic, achievable plans
✔ Break big goals into manageable steps
✔ Track progress and momentum at a glance
✔ Decide what to do next—every time
✔ Stay aligned with your values as life evolves
Proactive
Do you seize life by the horns and force it to go your way, or do you passively let life happen to you?
Proactivity is one of the simplest secret millionaire habits to incorporate into your own life.
Do something. Anything. Put a dollar in a savings account. Check out the jobs on Indeed. Apply for one. Network. Meet people.
Develop a proactive habit about everything and stop letting life happen to you.
Analytical
Taking the emotions out of decision-making is tough, but many millionaires do just that. They’ll put their emotions aside and focus on the practical when deciding what to do.
It’s difficult, because sometimes we don’t even realize we’re behaving emotionally. Journaling can help. Before making a big decision, grab that journal and write out why you’re doing it. Make a pros and cons list. Draw it out if you have to.
Putting all your thoughts down on paper will help you determine whether you’re making the decision based on logic or emotions.
If you’re still struggling, consider seeing a therapist who can help you find strategies to identify your emotional reactions.
Live Beneath Your Means
If you can’t afford it, don’t get it. Millionaires don’t rely on credit to pay for their wants. If they don’t have the cash, they won’t buy it.
I know life is ridiculously expensive, but most of us can live within our means. It starts with building a budget. Analyze, then reprioritize your spending.
You might be shocked at how much money you waste on things that don’t really matter.
Pay Yourself First
Many millionaires put their savings and investments on autopilot. They put 20% of all earnings into savings and build their budgets off the remainder.
Maybe you can’t afford to squirrel 20% of your paycheck away, but I’m sure you can afford something. Aim for at least 5% to start, and then gradually build up to 20% as you cut back on spending and get pay increases. That little paycheck to yourself now will pay off in dividends when you get older.
Leveraging Debt
People struggling with money use debt recklessly, while millionaires use it as a tool.
They’ll gladly pay interest on mortgages for cash flow or take out a loan if they know they can make more than the interest.
However, unless you’re pretty good with money, I’d avoid this millionaire habit. It’s far too easy to get in over your head with debt if you don’t know what you’re doing. You don’t want to overleverage yourself.
Financial Literacy
They don’t teach financial literacy in schools, so millionaires seek the knowledge independently.
They read books and articles on investing, saving, and retirement, and seek guidance from trained professionals.
Check out our favorite personal finance books to get started on your own journey to financial literacy.
Life Planning
Though some millionaires get lucky through the parental lottery or crazy investments, most gain their wealth by making smart decisions throughout their lives.
And they planned it that way. They mapped out what they wanted out of life and created a plan to achieve it.
Millionaires knew what career they wanted to pursue while in high school, planned their college and major based on that, and networked to make it happen. They planned out their families, deciding when to have kids (and how many to have) well before having them.
You can do the same. Decide what you want out of life. Set those major life goals, and then develop a plan to achieve them.
Build Generational Wealth
Let’s face it. A lot of folks are millionaires because they have generational wealth. But the wealth started somewhere.
You can set your kids up for success, even if you aren’t yet a millionaire. Here’s how you can build generational wealth for your family.
Incorporate These Habits for a Better Life
We can’t guarantee you will become a millionaire even if you incorporate all these millionaire habits. However, we do know that your life will be better, whether you have millions of dollars or not.
And wouldn’t that be worth it?