by Shekinah Harper, Editorial Intern
What people fail to realize is that no one is born a millionaire. There are people who inherit their wealth, but 92 percent of millionaires are self-made.
Being a millionaire isn’t just about accumulating wealth, it’s about changing your mindset. By changing the way they thought, most millionaires were able to create their rags to riches story within years. To help you on your journey here a few habits to practice to reach 1 percent status.
Don’t spend it all at once
Most millionaires don’t spend their savings buying islands and yachts. They create a budget and stick to it. They know how hard they work and they don’t want to see their money go to waste.
Pay yourself first
An important part of budgeting is saving. Saving little by little will help you retire a millionaire. Experts in finance recommend using the 50-30-20 rule- spend 50 percent of your income for what you need (mortgage, groceries, etc.), 30 percent for what you want ( an island for example) and invest or save the remaining 20 percent.
You can tell how much a person is worth by what they wear, which is why millionaires live below their means. Most millionaires won’t brag about their net worth or parade it around driving the latest sports car. They live happily and comfortably with the basic necessities.
Be surrounded by millionaires
Ever heard the saying, “Birds of a feather flock together”? Of course you have. If you want to be successful in business, you should hang out with those who are successful in business. If you wanted to learn French you wouldn’t hire a German teacher, so why surround yourself with those who can’t help you learn and grow. Just to prove a point, 79 percent of millionaires spend five-plus hours a month networking, compared to just 3 percent of people making $30,000 or less a year.