Today we are talking about 5 millionaire habits that changed my life! A 2017 Fidelity Investment study found that 88% of millionaires are SELF-MADE and did not inherit their wealth. Let’s learn from them and find out how to incorporate these habits into our own lives. Stay until the end to find out the MOST helpful habit that changed my life.
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Hi, I’m Jessica and I love talking about financial freedom after experiencing burnout early in my pharmacist career. We talk passive income and simplifying on this channel to combat stress and burnout. If you haven’t seen my burnout story or our debt-free journey while in residency/fellowship, please click those video links below.
Millionaire Habit 1:
Simplify your life – you know I used simplifying to reset my stress and burnout. Simplifying the 4 areas of clutter in life (see that video) will help with decision fatigue day to day – frees up mind to make important decisions and not fall into trap that leads to impulse buying or shopping to deal with burnout with a quick dopamine hit. The less complicated I make life, the more productive I became.
Millionaire Habit 2:
- Putting a Value on your Time – laundry, social media posts, graphics
- This is more than simply looking at your hourly rate or annual salary
- Also think about the overall compensation you receive from health insurance, retirement options/employer match and sick time
- Let’s say you value your time at $100 / hour then. If it takes you 30 minutes to do the laundry (put it in, change it from washer to dryer, fold it, hang it up, steam/iron it)
- If it takes you 2 hours to work on a social media graphic or editing a YouTube video…
Millionaire Habit 3:
- Don’t be afraid of failure – Thomas Edison example and failing a thousand times, many millionaires do not take the traditional path from college to organization to corporate ladder – taking these risks before you are tied down to marriages and children can be a great time to change your life
- As an inventor, Edison made 1,000 unsuccessful attempts at inventing the light bulb. … The light bulb was an invention with 1,000 steps.”
Millionaire Habit 4:
Being frugal with your money – the less you spend, the more you can save. The more you save, the most risk you can take because you are not living paycheck to paycheck
Millionaire Habit 5:
- Surrounding yourself with people who inspire you – Jim R quote about 5 people around you
- “You’re the average of the five people spend the most time with,” a quote attributed most often to motivational speaker Jim Rohn.
- If all of the people around you are accumulating credit card debt and barely scrapping by living paycheck to paycheck, you may be enticed to follow their lead. Go with the flow and drop $ on the newest jacket or vacation or car.
What has been the MOST helpful millionaire habit?
What habit helped me the MOST in my journey to a 7-figure net worth? Simplifying my life
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// CHECK OUT THESE VIDEOS //
How I’ll Retire Early // Financial Independence Retire Early as a Pharmacist:
How we Paid off $380,000+ in MEDICAL and PHARMACY student loan debt AS FAST AS POSSIBLE using the KAKEIBO Method:
Passive Income Ideas Video: https://youtu.be/PE9-TiFOm80
7+ Income Streams: https://youtu.be/9ruhNsBy9Kc
Money Traps to Avoid in your 20s: https://youtu.be/SD0OsCWbxzM