9 Secrets of Self-Made Millionaires: What You Need to Know

9 Secrets of Self-Made Millionaires: What You Need to Know

Written by Connor Brown   November 14, 2021

Approximately 12 million American households have a net worth of at least $1 million. Of these, 80%+ are self-made. It stands to reason then that those self-made millionaires know something about wealth creation. Today, I am sharing nine secrets of self-made millionaires to help you develop the financial habits you need to know to become financially successful as well.

1. Millionaires Think Differently

While many would have you believe large salaries and fancy degrees drive that millionaire status, that could not be further from the truth. No, instead, millionaire status is the result of discipline and thinking differently over decades.

Millionaires set clear visions for where they want to go, and then they put plans in place to help them get there.

When Elon Musk started Tesla, his vision wasn’t to become a billionaire many times over. No, his vision was to accelerate the world’s transition to the use of sustainable energy. Tesla has become little more than a side effect of that vision.

You, too, can set a clear vision for the things you want in your life. As it relates to money, that vision is usually about what you want money to provide. For example, you may want to experience grand vacations, or you may want to quit working for money earlier in life. These are the visions. Once you understand what you’re aiming for, you can put plans in place to get there.

2. They Set Clear Financial Goals

What’s the difference between a wish and a goal? A wish is something you want, while a goal is something with a concrete plan in place to achieve a want.

In this respect, millionaires work differently. They set actionable goals and put specific plans in place to get there. For example, the average millionaire spends six hours a week exercising. Is this because they love exercising? Probably not. But they know they must put in the work to achieve what they want (health, in this case).

You, too, can adopt this millionaire habit. With your finances, for example, it makes sense to plan far into the future. Once you do, you can take concrete actions in the near term to meet your long-term goals.

As you plan your financial goals, get clear on what you need vs. what you want and what you spend vs. what you earn. These simple steps will set you up to achieve your long-term financial vision.

3. Millionaires Track Their Spending

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