“Legacy is not what you leave for people; it’s what you leave in people.”
— Peter Strople
I’ve spoken with over 2,500 millionaires.
During these conversations, I’ve found that millionaires tend to work differently than the average person.
It’s been said that we are what we repeatedly do.
Excellence is not just something that happens; it’s a habit.
Developing good habits can also have a positive effect on our mind, according to this study.1
Today, I’m going to get into what those millionaire habits are today so we can all learn from them.
Let’s get into it!
1. Common Traits of Successful Investors
Some of the millionaires I’ve spoken with are worth upwards of $30 million.
We also run a mastermind called the Wealth Forum.
Everyone in the mastermind has a net worth of at least $2 million.
Interacting with these people, I’ve seen many shared traits.
Success leaves clues.
If you do what you’ve always done, nothing will change.
When you broaden your horizons, that’s when the magic happens!
The first thing that wealthy people do is that they commit to learning.
This sounds very basic, but it’s really not.
It’s said that many CEOs reads 50 to 60 books per year.2
However, the average American only reads about 12 books a year3 and reading is overall on the decline in America.4
That’s a pretty big difference!
When you read books, you’re able to make connections and see patterns in the real world.
This is as true for history books as it is for fiction.
I’m constantly reading.
In 2023, I read 98 books.
I think the best investment you can make is in your own education.
You see wealthy people do this all the time.
They’re focused on their vocation as well, but they also spend a lot of time learning.
If you don’t have an emphasis on learning in your life, you’re not thinking with a wealth mindset.
The second trait that all wealthy people have is networking.
It’s been said you’re the average of the five people you spend the most time with.
Wealthy people are more interested in developing their network than simply making more money.
If you can do that effectively, it leads to growing wealth over time.
2. Shift the Focus from Returns to Impact
Once you have enough money, your goals can and should shift.
You might start asking yourself questions like:
How can I impact my family?
What are the things I want to do?
How do I want to invest my time?
I know a person worth about $40 million.
They’re in their mid-50s and retired now.
They spend time with family and find causes they believe in to support.
So, at the end of the day, when you have enough money, a shift happens.
You go from having enough and trying to get more to having the ability to make an impact in the world.
Ideally, we can all make the impact we want along the way.
In a perfect scenario, you’re not just accumulating until you can turn around and give back.
But if that’s not how your financial journey goes, keep in mind these new goals for when you get to that point.
When your wealth changes, your mindset changes.
Having goals for when that happens is very important.
3. The Power of Community in Building Wealth
The last habit we’ll talk about is collaborating with other investors.
It’s part of the networking trait I mentioned before.
I’m a huge fan of masterminds and am currently in three.
I know one guy who’s in 14 masterminds. Wow!
That number baffles me, personally, but he’s very successful and gets value from all of them.
When you’re in a group with people, if you pay to be there, you’ll be more likely to find value.
I also just love talking to people in person.
You get access to the community that way.
Let’s say it costs upwards of $50,000 to get in one of these groups.
But through the group, you found a way to make $100,000.
You’ve already made your money back—and then some!
You also get in the deal flow and learn what to avoid.
I actually connected with one of my business partners through a mastermind.
We’re getting ready to purchase an e-commerce business that will be life changing for many of our investors.
That opportunity happened because I invested in the power of community.
To sum all of this up: Millionaires do very different things than most people.
They really focus on education and networking.
Both of these things interplay with each other.
When you’re with people, you learn.
When you learn, it makes you want to interact with people.
Thinking like a millionaire will create a certain synergy in your life.
You can continue to grow your wealth and you grow your legacy.
You can always make more money, but you can’t make more time.
Now I want to hear from you!
What millionaire habits will you be trying out for yourself?
Let us know in the comments.
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Disclaimer: I am not your investment advisor. This is for educational purposes only. I am not giving specific advice on what you can do. I am simply giving my opinions.
Works Cited
1. A. Graybiel. “Habits, rituals, and the evaluative brain.” Annual review of neuroscience, 31 (2008): 359-87. https://doi.org/10.1146/annurev.neuro.29.051605.112851.
2. King, Carrie M. 2020. “Bill Gates Reads 50 Books a Year – Find out Why.” @Blinkist. Blinkist. September 10, 2020. https://www.blinkist.com/magazine/posts/most-ceos-read-60-books-per-year.
3. Perrin, Andrew. 2016. “Book Reading 2016.” Pew Research Center: Internet, Science & Tech. Pew Research Center: Internet, Science & Tech. September 1, 2016. https://www.pewresearch.org/internet/2016/09/01/book-reading-2016/.
4. Jones, Jeffrey M. 2022. “Americans Reading Fewer Books than in Past.” Gallup.com. January 10, 2022. https://news.gallup.com/poll/388541/americans-reading-fewer-books-past.aspx.
