A MILLIONAIRE shared ten habits he wished he had done sooner to become richer at a younger age.
Cori Arnold has over 40,000 followers on Twitter, where she claimed to have become a millionaire at the age of 41.
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“I could have become a millionaire at the age of 34 if I had installed these 10 habits sooner,” she said later. from a Twitter thread.
read
According to Cori, the first step is to read often as “88% of financially successful people read at least 30 minutes a day”.
This statistic has been scattered around the internet, but it is believed that many of the super rich take time out of their day to read.
Mark Cuban said he reads more than three hours a day, and Bill Gates reportedly reads about 50 books a year.
WRITE THE GOALS
Arnold also advises that people write down their goals.
“Written goals are 42% more likely to be achieved,” she wrote.
A study by a psychology professor at Dominican University of California, Dr. Gail Matthews is often cited with this statistic.
Matthews studied men and women between the ages of 23 and 72 from around the world and from different backgrounds and occupations and divided them into two groups.
One group wrote down their goals and one didn’t, with her findings showing that participants who wrote down their goals achieved their desires at a significantly higher level than those who didn’t.
WAKE UP EARLY
According to Arnold, 50 percent of millionaires wake up three hours before the start of their workday.
This statistic also has a study to back it up as well. Author Thomas C Corley observed 177 self-made millionaires during a five-year study.
Corley found that nearly 50 percent of them woke up roughly three hours before their workday began.
Corley said it’s used as a strategy to deal with the twists and turns that happen every day.
“Life has a way of throwing wrenches into our days,” Corley wrote in his book, Change Your Habits, Change Your Life.
“How many of us throw up our hands in frustration at the end of a workday because the three or four things we wanted to do were somehow superseded by unforeseen interruptions?”
By waking up earlier, Corley says you’ll have the opportunity to tackle the top three things you want to accomplish in your day, which will help you regain control of your life.
SLEEP
On the opposite end of the spectrum, Arnold says getting more sleep is the key to success.
“The vast majority of millionaires sleep at least 7 hours a night.”
While the average person doesn’t make money sleeping, getting enough rest helps when it comes to memory, creativity and decision-making, according to the National Institutes of Health.
Amazon CEO Jeff Bezos said getting eight hours of sleep makes a “huge difference” to him.
“I try hard to make this a priority. For me, that’s the amount needed to feel energized and excited.”
It’s important to find the best sleep routine for you, lack of sleep can lead to unhealthy habits, but oversleeping for no good reason can be seen as laziness.
exercising
Arnold’s next tip is exercise, a great way to keep your mind and body healthy.
Arnold wrote, “76% of millionaires exercise at least 30 minutes a day,” something few CEOs can agree with.
Richard Branson, the founder of the Virgin Group wrote that he doubts he would have been as successful in his career and personal life “if I had not always given importance to my health and condition”.
Branson enjoys playing tennis, cycling, running and kite surfing.
“I can definitely accomplish twice as much by staying in shape,” he told FourHourBodyPress. “It keeps the brain working well.”
In a Facebook Q&A, founder Mark Zuckerberg said staying fit is “very important.”
“Doing anything well takes energy, and you just have a lot more energy when you’re fit.”
AVOID bad debt
“Millionaires understand that interest expense is a waste,” Arnold said.
She describes “bad debt” as car loans and credit card loans and student loans.
“I use a credit card, but I pay it off every month if it’s due. The key is to minimize how much interest you’re paying.”
Other ways to avoid bad debt is to set realistic credit limits and properly document all your transactions.
pour in
“Many invest at least 20% in retirement and non-retirement appreciation assets,” Arnold said.
Jeremy Schneider is the founder of Personal Finance Club.
It’s an online forum that teaches people how to invest wisely, and that’s how Schneider spends most of his time these days.
However, he recently shared his best advice on how to get rich with CNBC: “Live within your means and invest early and often.”
He said living by those golden rules, along with the opportunity to sell his first company — a startup called RentLinx — helped him retire in his mid-thirties.
If you are looking to invest, keep in mind that you are not guaranteed to make money and your assets may fall in value.
This means that it is important to never invest more than you can afford to lose.
MULTIPLE STREAMS OF INCOME
Arnold’s eighth tip was to create multiple streams of income, claiming that millionaires generally have seven sources of income.
Dividends, payments, rental income, royalties, capital gains from the sale of assets, profits from owned businesses and interest on savings are some of the ways Arnold said he made money.
As the side hustle culture becomes more popular, more ways to make money have emerged online.
TAKE THE RISK
“Millionaires enter the arena willing to fail in order to succeed,” Arnold said.
Business Insider reported that self-made millionaires have a higher risk tolerance.
Wealthy people have higher levels of risk tolerance, openness, extraversion, and conscientiousness than people who are not wealthy.
Because of this, wealthy people tend to have a significant influence on the wider society.
“When an important decision maker with a high risk tolerance implements plans that may be beneficial but are too risky, this risk-averse decision-making may end up to the detriment of the rest of the more risk-averse population, ” it reads. a study by the German Socio-Economic Panel.
ASK FOR ADVICE
According to Arnold, asking for advice is the key to success.
“Millionaires have experts and mentors in their corner,” she said.
Arnold’s post received thousands of responses from people sharing their advice and others criticizing her words.
One person claimed to have become a millionaire at the age of 28.
“I don’t have a regular sleep pattern and wake up late,” they wrote. “It doesn’t matter when you finish your work, as long as you do what matters is when you’re awake.
“Yes, take calculated risks, but don’t be reckless. You don’t need to read and I don’t exercise.”
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