5 millionaire habits you can implement today
With so much uncertainty from the pandemic, it’s important to get your finances in order and financially prepare for your future. The good news? You don’t have to earn a 6-figure salary to build a million-dollar portfolio.
Let me explain… In reality, building wealth depends on the small habits you implement today. Do you remember the saying, “baby steps?” Baby steps are what finance is all about – taking consistent, small steps to achieve your goals. You could still become a millionaire if you start implementing millionaire habits now.
Let’s take a deeper dive…
- Diversify your income – The average millionaire has 7 income streams. As the saying goes, “never put your eggs in 1 basket.” …And if COVID taught us anything, it’s to not rely on 1 income stream. Start building multiple income streams today.
- Read more – 85% of millionaires read for at least 30 minutes daily. Reading books about finance and inspiring individuals is the ultimate shortcut because you could learn from the successes and failures of the best.
- Build an emergency fund – The only constant in life is change. Be prepared for life’s curveballs by saving 3 to 6 months’ worth of living expenses in a high-yield savings account.
- Don’t drive away your wealth – A new car loses about 10% of its value the second you leave the dealership. Cars are depreciating assets, and to build long-term wealth, consider investing your money in appreciating assets like stocks, instead.
- Save for retirement – Albert Einstein once said, “compound interest is the eighth wonder of the world.” You don’t have to start with thousands to save for retirement. You can start investing for your future with as little as $5 per day. Yesterday was the best time to start. Today is the second-best.