Self-made millionaires clearly know how to make money, and more importantly, most know how to save it and make it grow.
That’s how they accumulate wealth.
Certified Financial Planner Thomas Corley spent five years researching and talking with 177 self-made millionaires for his book Rich Habits: The Daily Success Habits of Wealthy Individuals.
Here’s what he found.
Those self-made millionaires share very specific daily habits that help dictate their success.
Corley found that millionaires, compared with other people, are driven to define and pursue their own life-success goals. They do that through discipline and purpose. They spend time reading, learning, networking and strategizing to realize their vision. And when it comes to accumulating wealth, they focus on building future income flows by strategically saving money.
One surprising insight: Ninety-six percent of self-made millionaires read 30 minutes each day for education, career or self-improvement, said Corley, in an interview with Kiplinger’s Sandra Block.
Are you on track to rack up a million or more?
Let’s look at how much the average self-made millionaire saves.
“All of the people in my study,” said Corley, “saved 10% or more of their net income every year, and 95% saved 20% or more of their net income. And they did this long before they became rich.”