Tom Corley, certified financial planner (CFP) and author of “Rich Drawings: The Routines Millionaires Use Daily That Will Help You Build Wealth,” interviewed 233 millionaires to find out the daily habits that helped them build wealth. In an article in Entrepreneur, Corley laid out six daily habits of millionaires that you can adapt to help you build wealth faster.
We’ll break down six habits that are most effective and how you can implement these habits into your everyday life.
Set Clear and Actionable Goals
Clarity is one of the most important factors in building wealth. “80% of self-made millionaires set specific, long-term goals and focused on them every day,” Corley said.
This means writing down what you want to achieve, when you want to achieve it and what actions you need to take on a daily/weekly/monthly basis to get there. Consistent incremental steps beat sporadic big efforts.
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Commit to Continuous Learning
Millionaires don’t know everything and that’s a good thing. “My ‘Rich Drawings’ study shows that 88% of millionaires devote at least 30 minutes a day to self-education, reading books on personal development or industry trends,” said Corley.
If you want to grow wealth, you must be humble enough to realize that there is always more to learn. Commit to learning something new every day that can improve your skills, increase your knowledge (in things like business or investing) and give you insight into life.
Live Frugally To Reinvest
You cannot increase your wealth if you spend everything you earn. Millionaires always live on less than they earn and invest the rest. This could be a traditional investment like maxing out a 401(k) or Roth IRA – or it could be investing back into your business if you’re an entrepreneur.
Corley gave some guidelines on how to limit your spending in order to invest. “In order to be able to live frugally, budget no more than 25% of net income on housing, 15% on food, 10% on entertainment and 5% on vacations,” explained Corley.
Build Power Relationships
I’ve heard the saying, “It’s not what you know, it’s who you know.” Corley agreed with this principle, stating that “93% of millionaires with mentors credited them, almost entirely, for their success in life.”
If you want to get ahead financially, you need to network like your wealth depends on it (because it does). Work on being more curious; ask questions, listen actively and take notes when engaging with peers or mentors. Look for one new connection or mentoring opportunity every quarter. Join interest or professional groups. Surrounding yourself with people who lift you up can be powerful.
Take Calculated Risks
If you want to become rich, risk is simply part of the equation. It is important to take calculated and researched risks in order to jump to the next level of wealth. “27% of millionaires failed at least once in business but learned from their setbacks,” Corley added.
Taking risks means asking yourself, “What is the upside, the downside and what can I learn from this?” Maybe launch a side project, test a new investment on a small scale or take on a stretch role at work. If it fails, document what you learned and grow from it. Rich people view failure as feedback, not defeat.
Prioritize Positivity and Health
A positive mindset and healthy daily habits can propel you towards wealth. “My ‘Rich Drawings’ millionaires practiced ‘rich thinking,’ controlling negative emotions and staying optimistic,” said Corley. “In addition, 76% exercised regularly to maintain energy and focus, and improve decision-making and resilience.”
Building wealth takes time, sacrifice and your fair share of obstacles. Staying positive and taking care of your body can help. Aim for regular exercise (even if just 20 minutes several times a week), adequate sleep and some time for reflection or gratitude. A positive and resilient mindset helps you bounce back from setbacks, maintain focus and make better decisions.
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This article originally appeared on GOBankingRates.com: I’m a CPA: 6 Habits That Make Millionaires Rich — You Can Teach Them Too