The Top 10 Habits of Millionaires You Should Adopt Now

By Sara


Last Updated: April 3, 2023


Being a millionaire is a more achievable goal than you may think - if you make it a priority.

Having a million dollars in assets, investments, and cash can seem daunting, but taking small steps to reduce your expenses, increase your income, and make smart investing moves can help you get there.

Along with making good financial decisions, there have been countless studies that show many millionaires have similar habits that have helped them achieve millionaire status as well as maintain millionaire status. 

Let's take a look at some of them! 


What are the common habits of millionaires?

When it comes to millionaires, people are interested in their daily lives.

There have been so many studies that have questioned the habits of millionaires. These are the top 10 habits millionaires have that you can apply to your daily life. 



Top 10 Habits of Millionaires You Can Apply to Your Life

1. Millionaires love learning and are always reading. 

Educating themselves and constantly learning is something most millionaires have in common. 

Reading and staying on top of market trends, topics and ideas helps them learn about new investment opportunities or industries. For some, it also ups their skills and knowledge to keep them ahead of the crowd, or connects information that can be helpful with getting a promotion, side gigs or starting a new business.

Check out these popular finance books to get started in a reading habit today. 


2. Millionaires have a budget.

Most millionaires have a budget.

It is almost impossible to become a millionaire without knowing how much:

  • money you are bringing in
  • you are spending
  • you are saving

A budget is a simple thing anyone can start today to better understand their financial situation. 


3. Millionaires don't try to keep up with the Joneses.

When you constantly try to keep up with others, buy the newest car, or go on the best vacation, it will keep you poor.

Millionaires don't try to keep up with what is popular or always have the best thing - they are keeping their eyes on the prize and making solid financial decisions. 

For some people, it is important to look rich - hence, going into debt because it's more important to have a new car you can't afford, rather than have a practical car that will keep your savings growing and your debt shrinking.

If you find it hard not to be influenced by others, limiting social media is a good way to start. Making a list of financial goals to help keep you on track is another. 


4. Millionaires don't take on debt.

Debt has become a common financial burden to have.

It seems almost normal to owe money. However, saving money for everyday purchases and large investments is something millionaires do. Create a financial goal to help you build the habit of saving small amounts and slowly increase the amount you can save. 


5. Millionaires have a healthy lifestyle.

Having a healthy lifestyle is something many millionaires find important.

Having a healthy brain and body can give you the energy for everything you need to do in a day. A millionaire's day is the same, but because of the value of health, they can accomplish more in a day than the average person. 


6. Millionaires volunteer.

Many millionaires volunteer or donate to important causes.

Donating your time and money can help create a better relationship with money. In addition, having the ability to share your wealth can give you more empathy and gratitude. Consider volunteering once a week as a way to start. 


7. Millionaires are great listeners.

Being able to listen is a valuable skill to have.

Millionaires enjoy learning, and one way to learn is by listening. When you listen, you may hear about new opportunities to invest in. When you are with a group of friends, try saying less to see if you can learn more. 


8. Millionaires are frugal.

Many millionaires have become more frugal in saving as much money as possible.

When you actively try to save money, you can find ways to save from everyday expenses you have. However, these small actions can add up to a large amount over time. Find ways to save on your expenses, from making coffee at home to biking to work once a week. 


9. Millionaires make goals.

It can be challenging to reach a goal without making a goal.

For example, many millionaires probably had a goal to be a millionaire.

Before that, it was to have $100,000 saved up. These incremental goals can help you reach a larger goal. 


10. Millionaires invest in quality items.

When millionaires spend money, they focus on quality over what is trendy or cheap.

Buying high-quality shoes, clothes, or furniture can be a large initial investment, but these will last much longer than cheaper items. 



5 things millionaires don't spend money on

  1. New cars - Millionaires tend to buy used cars and keep cars longer over buying a new card and replacing it in a few years. 
  2. Fast fashion - Buying trendy items for cheap usually results in spending more money over time. 
  3. Credit card fees - Paying interest or fees on a purchase you could have saved for is something millionaires do not do. Save for what you need to pay in cash. 
  4. Large homes - The average millionaire is living in a modest home. Your housing shouldn't be so expensive that it takes over a large portion of your expenses. 
  5. Lottery tickets - Gambling of any form is a risk because there is no guarantee you will make money. Only invest in things that you know will grow based on the research you've done to grow your money. 



What are 3 things that self-made millionaires have in common?

1. They have multiple sources of income.

To save money, you need to: 

  • Increase your income 
  • Decrease your spending

Some expenses cannot be avoided, so you cannot save 100% of your income. To save more, millionaires find ways to increase their income. In addition, having multiple sources of income can help you diversify your portfolio. 


2. They invest.

Investing is putting your money where it will grow. This could be investing in the stock market, bonds, mutual funds or retirement funds. While the market fluctuates, if you invest for years, you can expect a return on your investment. This is how millionaires are able to grow their net worth. 


3. They drive older cars and have modest homes.

The average, everyday millionaire doesn't spend money upgrading everything in their life.

They usually have smaller homes and older cars. Yet, the online perception of a millionaire is flashy, expensive things. Look at Waren Buffett; he still lives in a home he bought in 1958! 



Adopting the Habits of Millionaires

Being a millionaire is more about who you are rather than how much money you have.

To save a large amount of money, you need to instill certain lifestyle changes and daily habits to help you reach this goal.

With access to so much information, we know we can learn what makes a millionaire different and mimic them to help us reach our own goals.

Photo by Ari Roberts


3 comments on “The Top 10 Habits of Millionaires You Should Adopt Now”

  1. This is very helpful information a lot has to change especially on daily expenses and savings.
    Thank you

    1. Thank you Winfred, the sooner you start focusing on savings and watching expenses, the better off you will be!

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