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The things you do that a millionaire doesn’t

Richard Branson is photographed at the Mandarin Oriental Hotel in Washington, D.C. on Wednesday, October 9, 2013. CREDIT: Melissa Golden for The Wall Street Journal RICHARDBRANSON

Certain habits separate the wheat from the chaff, the successful from the not-so and the wealthy from the comfortable. These are the things that are stopping you from reaching your potential and goals, let alone attaining the rewards.

Work for somebody else

A reported two-thirds of U.S. based millionaires are entrepreneurs. Simply put only a few industries and positions will allow you to stack your bank account in the way a successful entrepreneur is able to.

Sleep in

Apple CEO Tim Cook is sending emails by 4:30 a.m. and Twitter founder Jack Dorsey is up at at 5:30 a.m. to meditate and go for a jog. The wealthy and successful rarely have the time in a day to get everything done, so waking up early is fundamental to their success.

Go it alone

Most entrepreneurs have a mentor, a guiding hand to give them advice. Going it alone is a surefire way to failure as answering your own questions can lead to a false sense of security – especially with no one these to challenge your assumption. Similarly, networking is essential for growing your business and maximising opportunities. “To become a millionaire, don’t answer your questions, but question your answers. When you need to know the facts, you must inquire, not just make assumptions,” says self-made millionaire, entrepreneur and motivational speaker, Daniel Ally.

Spend free time watching TV

It can be tempting to slump yourself onto a couch at the end of the day and just zone out in front of the goggle-box. You won’t find the super-successful indulging in such practices though: the richest man in the world Bill Gate is a voracious reader as is Facebook founder Mark Zuckerberg. Spending spare time reading and studying is crucial for expanding your thought process and knowledge — you don’t know where it’ll get you at the end of the day.

Not fitting in exercise

When he’s done sending emails at 4:30 a.m., Tim Cook can be found in the gym by 5 a.m.. Roughly 70 percent of business leaders take a similar approach to their exercise routine and get it in first thing. A healthy body is a healthy mind and will allow you to function at your maximum for longer.

Wing it

The world’s wealthiest are meticulous planners, but rather than setting mindless goals they layout realistic steps on how to achieve them. Whether it’s making a speech, leading a meeting, or developing a marketing strategy, a millionaire will have plenty of steps on how they’re going to make it successful. “When you create processes, you don’t have to think, which takes energy and contributes to decision fatigue. Habits are valuable because they save brain fuel that can be used doing something else,” says Tom Corley, author of Rich Habits: The Daily Success Habits of Wealthy Individuals.

Avoid failure and rejection

Sometimes the only way to improve is to make mistakes and grow from them. Millionaires face rejection every day but they don’t hide from it, they continue to reach out to people, continue to negotiate and continue to ask favours – the worst somebody can say is no, after all.

Further Reading

Business ― 4 years ago

How Millionaires Spend Their Friday Afternoons

The life of a millionaire is one that is privileged and for most of us, we can only dream of the endless luxuries that they get to enjoy on a regular basis. imagine driving the fastest cars, living in the biggest houses and wearing the very best clothes that money can buy. of course, all of these luxuries are achieved through nothing but hard work and determination, but the results show how the wealthy can afford to live a life of uninterrupted opulence. how millionaires spend their friday afternoons is another matter though, and often, excess can get in the way of productivity.