Habits of Millionaires (and 7 Things You Must Give Up)

If you are breathing as you read this sentence, you already have everything it takes to become a millionaire. Listen up, because acquiring wealth does not require you to be a genius, have rich parents, have a degree from a fancy school, or be really good at anything in particular. You do not need to have some money stashed away, a great job, or a group of successful mentors to shoulder you on.

In fact, it is not so much about who you know or what you are going to do to get there – it is about what you are prepared to give up. These are the 7 things you must give up if you want to seize the opportunity of wealth that was given to you at the moment of birth.

Approval

There are a lot of good folks in your life who mean well, but their dreams are just not your own. It may make mom and dad proud to tell their friends that you are in medical school, but if this is not a passion you share, you will never accel in it.

“Joseph Campbell talks about following your bliss – It is your passion,” Pete Nelson of Treehouse Masters explained to us in an interview. “The important part of this bliss is that it is your gift, and your gift is that thing you know in your heart that you might be really good at.” And if you are busy trying to receive approval from everyone important to you, you will never discover your bliss.

Comfort/Security

Being a millionaire may seem like it is a goal towards achieving comfort and security, but it is actually the exact opposite.

Taking the (calculated) risks necessary to create true wealth and success is never a comfortable task. It is throwing yourself out on a teetering limb, and whenever that breaks, you’ve got to be ready to grasp the next available one and begin the climb all over again.

If you were to stumble onto a really great idea through risk, and then pull yourself into a “comfortable” position to maintain that success. I can almost guarantee that you would never reach your potential because you would be stifling yourself with comfort. Get used to being afraid, feeling uncertain, and walking through doors that make you feel very-very uncomfortable because those are always along the path to big success.

Luxury

Most people are working to achieve the ability to purchase all the ‘signs’ that say, “Hey world, I’ve made it.” A luxury car, highrise apartment, TAG Heuer Monaco V4 Tourbillion watch – these trinkets are traditionally used to tell the world… well, that you have settled into the reality that you will never be massively wealthy.

Every dollar that you remove from your available funds to appear wealthy, minimizes your potential to earn. And you know what else it does? It makes you feel pretty darn comfortable and in case you have not read the above reason why comfort is bad, now would be the time.

If you seek to be a millionaire in order to one day claim massive luxury and comfort – you have already slipped off the fast track. Don’t let the shiny things derail your focus.

A Steady Paycheck

A steady paycheck earns approval, provides comfort and security, it welcomes modest luxury – all the things that a person on the fast track to wealth is avidly trying to avoid. Being paid for your time provides entirely different results than getting paid based on your results. This is why the vast majority of wealthy people have built their empire from their own ideas. What I am basically saying here is that this empire is built through self-employment.

And even if you need to accept a “steady check” to make ends meet, as long as you never allow that to settle you into the comfort zone, you will have the potential to reach a point where you no longer need that crutch to support the “Bliss” you are trying to achieve.

Putting Your Own Needs Last

A lot of people think that climbing the ladder to success is about sacrificing so much that you are even willing to sacrifice your own needs before everyone else’s. First, let me ask this question? Whose needs do you think you are meeting when you make a car payment, pay the mortgage, and make a trip to the grocery store?

Well, you are receiving a service (possible luxury) while providing wealth to GM, Toyota, Ford, many different banks… and I could go on, but let’s just call it corporate America. In other words, these payments are not going towards your goal of becoming a millionaire. Giving yourself a payment towards your own goals should always come first.

This requires that you make a preliminary budget on what you can afford to pay yourself and still meet your basic living requirements. But once this number is established, you will do yourself a favor to stick to it and keep the rest of your outgoing payments in check.

Savings

A penny saved may be a penny earned, but you’re really just better off earning more pennies over the long run. And this isn’t the mindf*ck it seems like because this isn’t a technique as much as it is a state of mind. If you spend 6 hours a week clipping coupons and searching Amazon for the cheapest dog food, you will save a couple of dollars. But if you spend that time putting effort into a new website that will launch that new business you’ve been thinking about, that could expand into six-figure digits.

Having priorities is good – just make sure that your time is being invested with your greatest earning potential in mind.

Disbelief

Most people have thought about being a millionaire, but quickly give up on the thought, because they figure it is just never going to happen. And they are absolutely right… once they introduce any doubt into their mindset. And then there are those few people who believe in the hustle. They believe without a doubt that they have the capability to achieve great wealth.

Which person are you?