20 Habits to becoming a Millionaire

(Note: Scroll to the bottom to find out what I think the best way is to start creating your wealth.)

I Stumbled across this thanks to Guy Spier. ​​ and thought it would be well worth it to post it here. (wait, did that rhyme?)

This infographic comes from James Altucher, you can read the original article here:

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http://www.jamesaltucher.com/2015/10/eventual-millionaires/

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After going over the list I have a few favourites…what are yours? Let me know it the comments below.

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#3 Make Mistakes:

I think making mistakes is easy, after all, can you ever purposefully make a mistake?

The most important thing is taking the time to learn from them. Yah, it’s hard. ​​ 

Anytime you make a bad investment it’s always good to go back and figure out where you went wrong:

• Were you being too optimistic?

• Did the company have too much debt that slowly ate away their profits?

• Did you forget to look at the current market trend and individual stock trend?

These are all mistakes I’ve made in the past and I continually must remind myself not to make the same mistakes again. ​​ I know I’ll make mistakes again in the future, the key is to not make the Same mistakes ever again. ​​ That’s progress.

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#7 No excuses:

I think this one can tie into #3. ​​ If you make a mistake, it’s much easier to just make an excuse. ​​ Instead, Just own it, be proud you made a mistake, that’s where all the learning potential is. ​​ Own up to your mistakes, and learn from them.

I also find myself making excuses as to why I don’t need to do something Right Now, ‘I can always finish that later’ seems to be one that I need to work on. ​​ Just get the work done. ​​ Put in the time, and it will always pay off in the end.

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#10 The 5/25 rule:

I really like this one. ​​ I’m going to go over this one with my wife and see what our top 5 end up being. ​​ The other thing you may find is that you don’t need to be a millionaire to accomplish some of the things on your list. ​​ If they don’t require any money, what’s stopping you from doing it right now? It’s always good to ask yourself the question ‘What is stopping me from accomplishing this right now?’ and then remember #7 and ask yourself again.

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#13 Ask Questions

Remember: the only dumb question is the one that doesn’t get asked. ​​ So just ask them. ​​ Even if you’re just asking yourself the question. ​​ It's good to ponder possibilities, especially if you’re considering a potential investment opportunity.

Here’s a couple good questions to ask before you make an investment:

• What makes this company great?

• Will that greatness last?

• What’s the value?

• Is it on sale?

• Why is it on sale?

• Is it trending up or down?

• Is it a business you can easily understand?

• Is the market bullish, bearish, or just sideways?

• Is management going to work hard to make money for the shareholders, or just himself?

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#14 1% a day

As investors, compounding is either our greatest ally, or our biggest enemy. ​​ Let’s be sure to make it our ally by making it work for us, instead of against us.

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This can be applied to investing as well. ​​ If you simply commit yourself to reading and learning one new thing each day, whether it’s about a specific company, or about investing overall, you’ll be making more confident, and better educated decisions on your investments.

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If you could increase your wealth by 1% a day, you would do it, right? Of course you would. You’d be rich in no time! ​​ So why not apply the same idea and improve yourself by 1% each day.  ​​​​ No matter what you want to learn, it only takes a little step each day, to become great at it. As mentioned above, those little 1%’s adds up to a huge number if applied consistently. ​​ After just 1 year the number is 3800%, imagine if we continue to improve ourselves like this over our lifetime. ​​ The possibilities become endless. Those personal returns in yourself can’t help but turn into actual returns on your capital.

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#15 Right now

This is the most important point of them all. ​​ Without it, none of the other ones will be followed. This ties in all my other favourites into a nice little bow. ​​ The only way to make any of the other points work is to do them Right Now. ​​ Not tomorrow, not after you do that perpetual ‘next thing’. ​​ Stop making excuses for yourself and start doing. ​​ People don’t regret what they did do. ​​ It’s what they didn’t do that haunts them. ​​ So, like Nike would say, Just Do It!

Don’t just read about these principles, apply them.  ​​ ​​​​ Make a difference in your life, and the lives of those you love. ​​ I promise you’ll be better for it. I’m not just saying this for you, it’s a wake up call for me too. I’ll be working on doing the same right beside you.

We’ll talk again soon.

~Ryan Chudyk~

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PS. or get the full resolution picture here

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