12 Habits of Millionaires – Money Making Habits and Mindset of the Wealthy

hey guys it’s practical psychology and
in this video we’re going to be going over 12 habits that millionaires have
and hopefully you can start implementing them in your life to increase your
chances of success tip number one is that they have a budget now this could
be a monthly budget or a weekly budget but they track their net worth through
their income and expenses and this is something that you’re just gonna have to
turn into a habit if you’re trying to implement it in your life I have started
it I started it probably two years ago and I’ve definitely noticed you start
understanding where your money is going and you become more conscious about that
and it’s really fun to see your net worth grow habit number two is that they
are proactive now if you don’t know what proactive means I highly suggest you go
and watching my seven Habits of Highly Effective People video because that’s
the first step and basically it means when something bad happens to you don’t
be reactive you have the opportunity to go out and change it you have the
opportunity to change the world look at me I started practical psychology as
book reviews and I’m almost at a million subscribers now thank you so much guys
anyways I wanted to change the world I wanted to add more value and that’s what
I did tip number three is that they read a lot
I cannot over stress this I’ve read tons of books on success psychology business
and self-development and one common theme that I’ve seen among all of these
which is weird because it’s meta because it’s also in books is that they read a
ton of books millionaires love to fill their heads with ideas because ideas are
seeds for businesses and businesses generate profit if you want to increase
your chance to becoming a millionaire the number one thing I can suggest is to
read more read more nonfiction read more stuff that will help you become a better
person social skills business development personal growth almost
anything that you can get your hands on just start reading even newspapers I’ve
seen people read newspapers business reports all kinds of stuff read read
read fill your head with all kinds of ideas and these ideas will start to
compound to number four is to be super curious now this ties in with reading
because if you’re reading something that you’re not curious about it’s not gonna
be fun I mean I’ve read books in high school they were fiction they were
stories and I was like I’m not even this is not interesting I don’t want to learn
about this and the curiosity part of it a ton of millionaires are curious if you
find a millionaire that isn’t curious I want you to email
to me have practical psychology tips at gmail.com because I don’t think I’ve
ever met an entrepreneur or a millionaire even a billionaire I bet
most billionaires are super curious they never stop learning tip number five ties
in to tip number four which is to pursue your curiosity so you can have curiosity
you can be curious about something I mean I’ve actually seen this before my
sister asked me a question and I was like what are you have in your pocket
right now it’s a smart phone why don’t you look it up I mean you can be curious
about something but pursuing that curiosity and taking
action against it is something that millionaires do to number six is they
find a mentor now if you’ve ever seen any of the Thai Lopez advertisements
you’ll know something that he’s very big about is finding a mentor and the reason
he is is because he wants to be a mentor for you he wants you to pay money for
you to be his mentor and that’s just part of his business strategy but in
reality a mentor can skip you across all kinds of failures that you would have
yourself if you just listen to the mentor I mean there’s tons of people who
learn mistakes by themselves but if you can skip that process and you can learn
from someone else’s mistakes because they’re a mentor to you that’s gonna
give you a jumpstart on being a millionaire tip number seven is goals
goals are really important in any aspect of life simply because they will help
you with motivation and they will help you with discipline having goals setting
goals and then achieving those goals is something that works you have to be
self-aware because for me I love to be competitive I love to have more
subscribers than someone else I love to make more videos than someone else I
love it’s just it’s motivating me so you have to have goals that are congruent to
what motivates you it can’t be way out there but they also can’t be
short-sighted my best tip is to come up with goals that are smart and that’s an
acronym that stands for specific measurable achievable relevant and
time-bound and if you use all these things and
create a goal around them it should motivate you tip number eight is to do
daily lists so every morning when I wake up what I do is I write down three
things that I want to get done that day and it’s super important because every
time I do one of those things I get across it off and it motivates me to do
the next one and if I am laying in bed at night and one of those things isn’t
crossed off sometimes I will literally get up out of bed at
and 30 at night and go hey I need to get this done it’s making me mad I can’t go
to sleep and I’ll do it and for some reason that motivates me and I think and
I believe it will motivate you as well it’s something that I’ve realized a lot
and studying a ton of millionaires they like to do lists and organize those
lists and they use those lists to complete what I mentioned in the
previous step which was goals tip number nine is to have multiple streams of
income now this is really technical and if you’ve never had multiple streams of
income I highly suggest you watching some of my videos on income development
or passive income well it’s like raining money when you get different sources of
income it just feels amazing can you just imagine having $1 thrown at you on
the left side one dollar on the right side a dollar falling down from the sky
looking down and seeing a five dollar bill that’s what it is to have multiple
sources of income money coming at you at all different angles and it’s just if
one breaks down if I get fired at my job boom I got other places to rely on and
that’s something that millionaires do is they have multiple streams of income
it’s important not to confuse this with the next tip which is to not diversify
now you’ve probably heard the term diversify your portfolio and you’ll get
rich well the thing is a lot of people a lot of millionaires in fact if you study
them what they do is they don’t diversify their portfolio until after
they’re a millionaire to become a millionaire they put all their eggs in
one basket and they look at that basket and they watch it and they make sure
none of the eggs break so don’t diversify you need to focus on something
put all of your energy and focus on one thing don’t diversify it if you look
like Mark Cuban he started one company boom made a whole bunch of money started
another company he focused only on that second company boom made a whole bunch
of money and it continues now he diversifies because over time he had
multiple companies but at the time he only had one focus and that’s one thing
I think that millionaire habits can do that you can implement in your life too
is to have one focus tip number 11 is to avoid time wasters now there are tons of
things in this world and time that you can do that will literally just waste
your time but millionaires one of their habits is that they understand the
importance and value of their time they will never get time back and you need to
understand that too and once you understand that you will start valuing
your time more once you start valuing your time more you’ll understand
easy to avoid a lot of time wasters you know checking your Facebook for 30
minutes a day you know how much more productive you could be if you turn that
into business development or writing a book if you spent 30 minutes writing a
book for a year you could have like two or three books written I can almost
guarantee it just understand the value of time and if there’s something in your
life that is completely wasting your time
like you’re spending time with a friend and you’re not getting any value out of
it and you’re not helping them either and then cut that line tip number 12 is
something that I’ve came up with it has never really been stated in any book
that I’ve read but I’ve noticed it a lot of millionaires focus on their highest
earning activities for example one thing I do here on the channel is I have
noticed there are a ton of different kind of videos I do book reviews I do
top tens I do lists there are all kinds of videos but one habit that I’ve seen
millionaires do in the past that I’m going to try to replicate is focus on
which videos are the highest earning ones which ones get me the most views in
other words what gets me to my goal that quickest and there’s a lot of people
that make this mistake they’re like oh I want to make a million dollars but I
want to have ten thousand dollars in my savings account or I want to buy this
ten thousand dollar car that is not a highest earning activity if you buy that
car it’s going to cost you money if you spend 30 minutes at your local grocery
store trying to decide which can of peas is going to save you 3 sins that’s not a
high earning activity in fact you’re literally wasting your time when you can
spend three extra pennies on the can of peas and have 30 extra minutes to work
on your business so I’m going to review these tip number one is have a monthly
or weekly budget tip number two is to be proactive tip number three is to read a
lot number four is to be super curious and pursue that curiosity tip number six
is to have a mentor tip number seven and eight is to have goals and have daily
lists to accomplish those goals tip number nine is have multiple streams of
income tip number ten is to not diversify but be extremely focused tip
number eleven is to avoid time wasters and the last tip is to focus on the
highest earning activities in your life if you guys enjoyed this video click the
like button if you want more videos like this subscribe I hope I added immense
value to your life from this video thanks for watching if you guys enjoyed
that video and want to read the book I wrote that it came from search Amazon
for habit harvester or click the link in the description the book is short enough
to read in one sitting but is jam-packed with tons of information just like you
saw in this video in fact I’ve also added a few extra
stories and fixed some of the errors found in this video course there’s also
plenty of amazing illustrations to aid in the learning process and keep the
book fun to read if you’re interested you can buy the Kindle version for $2.99
or sign up for a month of Kindle unlimited to get it for free which is
what I personally use and you get access to millions of other ebooks and
thousands of audiobooks included in your Kindle unlimited membership when you buy
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Kindle app on your smart phone download the software for PC or even read it on
amazon.com through their cloud server if you want to watch the rest of the videos
in this series click this thingy or check the link in the description for a
playlist thank you guys so much for watching

100 thoughts on “12 Habits of Millionaires – Money Making Habits and Mindset of the Wealthy

  1. Great tips and thanks for putting your energy into these videos! This one helped me a lot with planning my budget!

  2. In response to number 12 on your list, there is a reference to focusing on the only the most important aspects that make you the most money in Tim Ferriss book The Four Hour Work Week. Your instinct is dead on, he talks about an 80/20 rule. Typicallly, he finds that 80% of his income is coming from 20% of his clients and that is where you keep your focus.

  3. 1.Have a budget
    2.They are proactive
    3.Read a lot
    4.Be curious
    5.Pursue your curiosity
    6.Find a mentor
    8.Daily list
    9.Have multiple income streams
    10.Don't diversify
    11.Avoid time wasters
    12.Focus on highest earning activities

  4. I agree with step 3. Read. Read Marx, read Kropotkin, read De Leon, read Lenin, and you will, if you're someone who understands that others can suffer, no longer want to be a millionaire while there are people on the streets without food.

  5. Guys I swear I just got free $1546_real money from this_amazing website>>>>freepplmoney.win/?yHzQLf Try once.

  6. Don't be reactive was my favorite piece. Make the world work for you instead of the other way around.

  7. Really great tips especially focus on one thing at a time and multiple sources of income.Thank you for sharing.

  8. Summary:
    1. Have a budget. Track your money. Listen to Dave Ramsey. Have a plan for EVERY DOLLAR before the month starts
    2. Be Proactive. Chase your goals but just sit there waiting for something good to happen. Make the good in your life by grabbing the bull by the horn.
    3. Read read read. Ideas come from books. Ideas are seeds for buisiness. Millionaires are generally buisiness owners. Read read read. Fill your head with ideas. Ideas will compound.
    4. Develop a curious nature. Be curious about the world, and what is around them. Never stop learning.
    5. Pursue your curiosity. Chase down the answer, take action.
    6. Have a mentor.
    7. Have measurable, trackable
    Goals. Whrite down your goals, which should be congruent with your motivations. Specific, relevant, time-bound
    8. Have a daily list of getting stuff done and track your daily goals.
    9. Have multiple streams of income.
    10. Do not diversify – focus on what you know- put your eggs in one basket until
    You are a millionaire. So if you are in one industry or one goal, go after it 100%, focus on 1 thing at a time.
    11. Stop wasting your time on crap. Recognize the value of your time. Avoid Facebook and other shit that don't bring you closer to your goals. Your time is your most valuable asset.
    12. Focus on highest earning activities. What gets you to your goal the quickest ? Then focus on the highest earning activities.

  9. Good video…concise,quick,to the point,but most of all valuable..I am by no means a millionaire,but i do implement several,of these to get stuff done,and further along because of it

  10. Ok, what if one does not care about being competitive has no interest in the thought process of IM BETTER THAN YOU!!!

  11. theres different accounts on youtube with different names, but all have that same sketching. its the same sketch artist?? thats weird. where are you getting it from

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  13. I Standing at 5:00am every morning to Focus on my Business… At 7 i am going to my Job… To Finance my business

  14. Not certain about the points made but ,if anyone else wants to learn about positive affirmations for prosperity try Morundan Amazing Mental Mastery (just google it ) ? Ive heard some great things about it and my colleague got amazing success with it.

  15. you should read the richest man of babylon. payinging yourself first for future investments would be somewhere near the top of your list i assume

  16. I'm not sure but ,if anyone else wants to discover millionaires mindset try Renkarter Millionaire Brain Report (do a google search ) ? Ive heard some great things about it and my buddy got cool results with it.

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  21. 1. Have a budget
    2. Be proactive
    3. Read a lot
    4. Be curious
    5. Pursue that curiosity
    6. Have a mentor
    7. Have goals
    8. Make daily lists
    9. Have multiple streams of income
    10. Don’t diversify, be focused
    11. Avoid time wasters
    12. Focus on highest earning activities

    Thanks PP!

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  28. I was born poor. And promise eversince I wont die still poor. Im a single mom and working hard now for our dreams. I know I'll get there.

  29. why diversifying is not good, how if I invest in stocks market and i invested only in one stock then than one goes down can you tell me what is this called. otherwise if i invest in many stocks maybe one goes down and the others ones goes up so i secure my money safer

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  31. Amazing video! Have the habits of a millionaire, act like one, and you'll start being one. If you're not okay with the idea of spending a lot of money, losing then winning losing, then winning again, and failures. It's about working ALL the hours right now than to spread it throughout time like a 9-5. Entrepreneurs work on daily 14 hours and up. Even after they get off, they will work.

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  33. I don't have any degree but I became a millionaire simply by working hard towards my goals. I invested in my future by purchasing a property at young age and in a golden area.

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  35. 12 habits of millionaires

    1. They have a budget
    2. They are proactive
    3. They read a lot
    4. Be curious
    5. Pursue your curiosity
    6. Find a mentor
    7. They have goals
    8. Daily lists
    9. Have multiple straps of income
    10. Don't diversify
    11. Avoid time wasters
    12. Focus on highest earning activities

  36. All the points listed here are absolutely effective BUT point number 10 cannot be overstated. Listen to that again and again

  37. Reading "How to win friends & influence people" will help you succeed far more than any college degree.

  38. Warren Buffet and Peter Lynch would disagre on the Not Diversify hint. Specially Lynch, which had 700 different investiments at one point. Buffet had dozens of different stocks in his portifolio. Most brazilian billionaires had a diversified portifolio at all times.

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