There’s something special about millionaires that makes them different from the rest of the population. Success isn’t usually ingrained in your DNA; success is cultivated by maintaining good habits and working hard towards your goals. There are some habits that most millionaires share, and you can learn a great deal about success by studying the habits of successful people. Here are some of the habits and traits of millionaires, all based on research included in The Next Millionaire Next Door by the late Dr. Thomas Stanley and his daughter, Dr. Sarah Stanley Fallaw.
Millionaires spend more time reading than the general population, about 5.5 hours per week compared to 2 hours for everyone else. It’s common knowledge that successful people read more; reading makes you a more informed person, increases problem-solving skills, and increases our intelligence and comprehension of the world around us. Reading comes in many forms, such as online articles, magazines, newsletters, and short stories. You don’t need to be a bookworm to be an avid reader.
Another reason the time spent reading is so much greater for millionaires is because highly successful people never stop learning. In order to stay ahead of the curve, you’ve got to keep growing, learning, and improving. Reading helps keep you sharp and being well-informed will keep you ahead of your peers.
2. Less social media
There are great, productive uses for social media, but more often than not it’s a time waster. Millionaires spend about 2.5 hours per week on social media, and the general population spends 14 hours per week on social media! This means that the average person uses social media for nearly as much time in one day as a millionaire will in an entire week. The difference in social media usage is the most drastic difference in how millionaires and the average person spends their time. Social media usage is a very telling statistic; it means that millionaires, and successful people, are much more efficient with how they use their time. They keep social media to a minimum, while the time the average person spends on social media seems excessive.
Not all social media is bad or a waste of time. On LinkedIn, for example, you can form connections that could lead to a job or other career opportunities. Other social media networks can be used for productivity rather than wasting time, but spending an excessive amount of time on social media is usually not that productive.
It probably comes as no surprise that millionaires exercise more than the average American. Staying in shape prolongs life expectancy and exercising releases endorphins that lift your mood and increase feelings of positivity and happiness. Everyday Millionaires, by Chris Hogan, found that 82% of millionaires considered themselves optimists. Exercising is one of those habits that helps people feel optimistic – about their health and life in general.
The great thing about exercising is that it’s free. You don’t need any expensive equipment to get started, and you can exercise inside or outdoors. Exercising is not only a habit of successful people, it will also make you healthier and more positive.
4. Caring for family
Probably the most surprising habit of millionaires is the amount of time they spend caring for their family. We normally think that financially successful people spend most of their time at work and probably don’t get to see their family very often, but the research shows the opposite is true. Millionaires spend 8.5 hours per week caring for their family and the average American spends just 3.6 hours per week caring for family members.
This shows that financial success doesn’t mean spending days and nights at the office and rarely seeing your family. Millionaires get more quality time with their family than the average person. The numbers show that millionaires don’t work less – they work 38.4 hours per week compared to 32.1 for the average American – which means they are more efficient with their time. Spending less time on social media and other time-wasters allows them to focus on more important things, like spending time with family and reading.
There’s so much we can learn from how millionaires think and behave. Our most recent show, “5 Steps to Becoming a Millionaire!,” explores even more millionaire behaviors and habits. Data used in the show comes from our first ever Money Guy Wealth Survey, a survey of our clients about habits, behaviors, and what has made them successful. Watch it now on YouTube below.