15 Habits Self Made Millionaires Have

https://www.youtube.com/watch?v=Y4WPGYeaAvY Today I read through an article from Property Update about 15 habits that transformed 177 average people into self-made millionaires in just 12 years. We read through it together, talk through some of the points and I think about the things I'm doing well and what I can do better. Property Update Article 0:00 - Introduction1:19 - #1: Rich People Do Work That They Love3:28 - #2: Set Good Goals vs Bad Goals5:22 - #3: They Make Living Below Their Means a Daily Process7:51 - #4: They Don't Gamble9:28 - #5: They Read To Learn Everyday13:20 - #6: They Avoid Time Wasters13:58 - #7: They Control Their Words and Emotions14:41 - #8: They Dream-Set Before They Goal-Set17:00 #9: They Develop Relationships With Other Success-Minded Individuals17:48 #10: They Never Quit on a Dream18:40 #11: They Seek Out and Find Mentors20:59 #12: They Develop Multiple Streams of Income22:15 #13: They Are Open Minded and Positive22:46 #14: They Don't Give Into Their Fears and Doubles24:36 - #15: They Create Their Own Luck Recommended Videos: The 4 Disciplines of Execution Review and How To Apply It To Your Personal Life Financial Freedom, Longevity and Living To 150 Recommended Resources: 4DX Book Grit Book Transcription: Ryan 0:00Today, I want to read through this article from Michael yarny, his property update website about 15 habits that transformed 177 average people into self made millionaires in just 12 years, I want to go through these 15 habits, see which ones of them that I'm working on. We'll talk about them as we go through. And then hopefully, we can learn something together, I will link up to this article in the description down below. This is a great website that has a lot of cool stuff on it. I've had a bunch of financial habits that have changed in my life over the last year going from near bankruptcy, to paying off more than $20,000 worth of debt, and setting myself up with about four or five months worth of buffer financially. If I donate any money, then I can survive for that long. So completely transformed myself over the last 12 months. But it's learning things like this and creating these little daily habits, that makes such a huge difference over the long term. In in a year from today, I want to be so much better off, I want to have all my debt paid off, I want to be saving my deposit, I want my business to be in a really good place. So it's always really good to learn. So here's 15 habits, we're not going to read through the whole article, because as you can see, it's quite long. But we're going to touch on some of the habits here and talk about it. So the first one, which is really interesting is that rich people do work that they love. This is something I've been talking about more and more. And it's getting rid of this idea that financial freedom is so we can retire early, we should be living a life that we love right now. And financial freedom just gives us the insurance policy gives us the security that we can continue to do what we love, no matter what happens to us financially. So it's really interesting that rich people do what they love. It says in the data 96% of the poor did not like what they did for a living 86 86% of the rich did like what they did, and 7% of the original loved what they did for a living, I actually would be right between like, like and love what I do at the moment, I can definitely expand upon it. And I'm excited for the future, probably in the like at the moment, moving up towards the love when I worked in the cafe. For the last year did not love that I didn't hate it. It was great. The people that I worked with were amazing, the customers were great, the job was pretty chill, and easy and like fun. But it just didn't stimulate me mentally, there was just there was no difficulty in it. Once you learn how to do everything, just kind of go through the day, it was good social job. But you know, I didn't love it. And so here it's saying that rich people love what they did. Now, obviously, some passion projects aren't going to deliver us any money. But finding the combination of what you love, and what can make money is obviously so powerful. So for me, I I just love the challenge. And I love creating content. And I love researching and learning about things, the stuff that I'm creating content on on my other websites other than on property, I would not say is life changing. I would not say it's a natural passion of mine the stuff that I'm writing about. But I love researching. I love learning things. I love helping people. And so I found a way to love what I do. And that that makes me money. I know it makes me money. And I found a way to love it and love the process. And second one is they set good goals versus bad goals. Now, you know, setting goals in general is obviously really important. And if you don't set goals, like Where are you going, they talk about the difference between good goals and bad goals. An example of a good goal would be to lose 20 pounds, which is going to create changes in your life that are going to be positive and healthy outcomes. So for me kinda like one of my goals around health at the moment, is to live longer. I want to live to like 120 130 150. And so that's actually creating this massive onward effect of different habits in my life. And so I'm cutting down on sugar. I'm like eating less during the day, I'm eating healthier, I'm exercising more. And yeah, that's as a result of that longevity goal. They set an example of a bad goal would be to own a Ferrari, Daytona Ferrari must make more money, which involves working or taking excessive financial risks. I don't know why it's a bad goal and why they say that it's a bad goal. Are they saying the happiness you derive from owning more or better stuff will fade over time, since happiness derived from buying stuff, always short term. And I have heard studies about that sort of stuff where if you give someone a certain amount of money, and if they spend it on something material, like a car, or if they go and spend it on something like a holiday in an experience, and then you interview those people a year or two later,