What do millionaires do for a living? I’m sure you’ve thought about it. These days, just about anyone can learn how to invest in stocks, use blogging to generate passive income, develop Android apps with Java, or start a business on the side. With so many opportunities out there, it is no wonder that the passionate people want to know what millionaires do for work.
There are many lists of financial tips for young people to achieve their financial dreams, but you may find the ideas not applicable or realistic to you. Some of them may contain ideas that run contrary to what you think is the right way to manage your money and reach your financial goals. This article will address both sides: we’ll talk about specific things millionaires do and also the reasons why they do them.
They spend more time studying and planning for investments.
Millionaires’ preferred investing strategies might be fueled by their research. Millionaire investors spend more time — an average of 10.5 hours a month — planning for investments, according to Stanley Fallaw.
That’s nearly two hours more than under-accumulators of wealth, defined as those with a net worth less than one-half of their expected net worth based on age and earnings, who spend 8.7 hours a month doing so.
“Their literacy in financial matters means that they are more tolerant of taking investment-related risks,” Stanley Fallaw wrote. “Future outlook and financial knowledge typically relate to taking greater financial risk, so the time they spend in managing and researching investments helps in decision-making.”
They put more energy toward personal-growth activities.
Millionaires also spend more time focusing on personal growth. They spend roughly 5 1/2 hours a week reading for pleasure and nearly six hours a week exercising, while the average American spends two hours and 2 1/2 hours on those activities, according to Stanley Fallaw’s research.
“Successful individuals are keenly aware of how they spend their resources, including their emotional and cognitive resources,” Stanley Fallaw wrote.
Similarly, Thomas C. Corley, the author of “Change Your Habits, Change Your Life,” spent five years researching the daily habits of 177 self-made millionaires and found they devoted at least 30 minutes every day each to exercising and reading. Millionaires tend to read three types of books, he said: biographies of successful people, self-help or personal development, and history.
They keep track of how they spend their time
Billionaire entrepreneur and “Shark Tank” investor Mark Cuban calls time “the most valuable asset you have.”
“You can’t buy it. You can’t find it. You can’t store it. You can’t trade it,” Cuban says.
Barbara CorcoranDonna Ward | Getty Images
Fellow “Shark” Barbara Corcoran agrees. The real estate mogul, who went went from waiting tables to running a $6 billion empire, says that a big part of her journey to success was making sure she spent every minute wisely.
That’s why every morning, she divides her schedule into three parts, A, B and C. Each represents a different priority, to ensure that she not only makes money, but takes care of herself as well.
They treat their colleagues with respect
Every employee knows they should treat the boss with respect. But not everyone prioritizes treating their colleagues and subordinates professionally, too.
Bloomberg
Multi-millionaire banker Bill Winters says the best advice he ever received was from his father, who told him that the best employees are kind to people at every level of an organization.
“Make sure that you treat the next level down — whether it’s the assistants or the PA, whatever — with just as much respect as you would anyone,” says Winters.
They don’t let setbacks stop them from growing
In “Option B,” Facebook COO Sheryl Sandberg and organizational psychologist Adam Grant argue that successful people share one crucial trait: resilience.
Sheryl Sandberg and Adam Grant speak at the Commonwealth Club in San Francisco about their book “Option B.”
Sandberg, whose husband Dave Goldberg died unexpectedly in 2015, and Grant say that the ability to cope with and grow from immense tragedy or failure can make or break someone’s career.
Grant says everyone can become more resilient by doing a few simple exercises.
For example, he recommends keeping a journal of contributions you make to others to develop a better sense of how important your work is, something those struggling to overcome personal obstacles can forget.
They take their social media presence seriously
Serial entrepreneur and “Shark Tank” investor Daymond John says one of his best strategies for succeeding at work is to make sure your social media presence is authentic.
It’s easy to use social media as a simple means of self-promotion. But people who could help you in your career or end up providing you with new opportunities down the line aren’t going to be impressed.
Daymond JohnDavid A. Grogan | CNBC
Instead, use social media to communicate who you are and engage with others in your field.
“Be very honest with yourself, especially today with social media,” John says.
How do you know you’re doing that right? If you can describe yourself in five words or less, you’re onto something, John says.
They make time to work on projects they’re passionate about
On a recent trip to a furniture “mega-store” in Nebraska, longtime friends Bill Gates and Warren Buffett talked about the ways success is enabled by passion.
“Being successful at almost anything means having a passion for it,” says Buffett.
Warren Buffett, chairman and chief executive officer of Berkshire Hathaway, Inc., left, stands with Bill Gates, chairman and founder of Microsoft Corp., as they play table tennis outside Borsheims Jewelry Company, Inc., in Omaha, Nebraska, U.S., on Sunday, May 5, 2013.Daniel Acker | Bloomberg | Getty Images
“If you see somebody with even reasonable intelligence and a terrific passion for what they do and who can get people around them to march,” he says, “even when those people can’t see over the top of the next hill, things are gonna happen.”
They sleep less and work more.
But millionaires make a few sacrifices to make the most of their time. They sleep nearly eight hours less a week and work six hours more a week than the average American, according to Stanley Fallaw.
That might be because many wake up at least three hours before their workday actually begins — a strategy to deal with inevitable daily disruptions, according to Corley’s findings.
“Getting up at five in the morning to tackle the top three things you want to accomplish in your day allows you to regain control of your life,” Corley wrote. “It gives you a sense of confidence that you, indeed, direct your life.”
They think more.
Corley also found that self-made millionaires are thinkers. The rich tend to think in isolation, in the mornings, and for at least 15 minutes every day, he said.
“Thinking is key to their success,” he wrote. “They spent time every day brainstorming with themselves about numerous things.”
He said they asked questions such as “What can I do to make more money?” “Does my job make me happy?” “Am I exercising enough?” and “What other charities can I get involved in?”
They don’t follow the crowd.
According to Corley, millionaires don’t follow the crowd.
“We so desire to blend in, to acclimate to society, to be a part of the herd, that we will do almost anything to avoid standing out in a crowd,” Corley wrote. Failure to separate yourself from the herd, he said, is why most people never achieve success.
Instead, successful people create their own new herd, he said.
“You want to separate yourself from the herd, create your own herd, and then get others to join it.”
They ask for feedback.
Millionaires seek feedback to help improve themselves, according to Corley.
“Fear of criticism is the reason we do not seek feedback from others,” he wrote. “But feedback is essential to learning what is working and what isn’t working. Feedback helps you understand if you are on the right track. Feedback criticism, good or bad, is a crucial element for learning and growth.”
It allows millionaires to change course and experiment with a new career or business, Corley said. “Feedback provides you with the information you will need in order to succeed in any venture.”
They’re resilient, and they persevere.
According to Stanley Fallaw, self-made millionaires use resiliency and perseverance — characteristics of early retirees and entrepreneurs — to build wealth.
“To build wealth, to build one’s own business, to ignore critics and media and neighbors, you must have the resolve to keep pursuing your goals past rejection and pain,” she wrote.
She added: “Millionaires and other economically successful Americans who pursue self-employment, decide to climb the corporate ladder, or strive to create a financial independence lifestyle early do so by perpetually pushing on.”
Investment
Millionaires are willing to sacrifice time and money to achieve their goals. They are willing to take a risk now for the opportunity of achieving something greater in the future. Investing may include securities or starting a business—either way, it is a step toward achieving great financial rewards. Start investing now.
6. Salesmanship
Millionaires are constantly presenting their ideas and persuading others to buy into them. Good salesmen are oblivious to critics and naysayers. In other words, they don’t take no for an answer. Millionaires also have good social skills. In fact, when writer T. Harv Eker analyzed the results of a survey of 753 millionaires for his book, Secrets of the Millionaire Mind (2005), he found social skills were more important than IQ.
The ability to communicate with people is essential to selling your idea. Contrary to the traditional view of salesmen, millionaires cite honesty as an important factor in their success. If you want to be a millionaire, be an honest salesman, and polish your social skills.
Conclusion
Among the various ways and means to make and/or save money that we’ve tried or heard about, there is one that seems to work best – keeping track of how we spend our time. Time is valuable and it’s one of those things you can never get back. First, let me say this is not a time-tracking per se, it’s all about hours spent on what we do or spend most of our time on.