We all dream of becoming millionaires one day and enjoying all of our wealth. Some of us might read books and articles on tips for how to become a millionaire while others of us try the get rich quick approach in hopes of turning our $100 into $100 million overnight. Unfortunately, this option takes us further from our goal rather than helping us achieve it. The real way to become a millionaire and retire early is part hard work and part habit. In this post, I will show you 3 habits that you need to embrace so that becoming a millionaire and retiring early becomes a reality for you.
3 Habits For Growing Your Wealth And Retiring Early
#1. Use Time To Your Advantage
This is probably the most critical habit for us to embrace, using time to our advantage. You need to make sure you don’t waste time. How do we waste time? A few examples include getting lost on Facebook, Twitter, watching TV, etc. I’m not saying you can’t use any of this technology any more, but what I am saying is to make sure you limit it. This is what the most successful people do and you should too.
Spend your time doing something useful. Read, take a class, enjoy a hobby, start a side business, hang out with your family. Any of these options help you grow and become a better person. They also help you to realize what is really important in life.
When you realize this, your priorities shift. You stop overspending on things that aren’t important to you and focus more on the things and experiences that matter. This is the first step in getting your spending and focus under control so you can grow your wealth and retire early.
#2. Use All Available Options For Growing Your Wealth
When it comes to your money, you have to develop the habit of helping your money grow for you. This means to put money in a savings account for emergencies. Put money into the stock market for the long-term, which includes your retirement. If you own a business, reinvest some of the profits to grow the business more.
If you ignore the options for growing your wealth, and instead keep all of your money under your mattress or in a bank account, you are going to have a hard time becoming a millionaire and retiring at all.
This is because when you invest your money, you can take advantage of compound growth. Over time, as your wealth grows, the compounding will help your wealth to grow faster as it compounds upon itself.
#3. Invest In Yourself
The final habit you need to embrace is investing in yourself. This means educating yourself and working to be the best you that you can possibly be. The more you can learn, the more you grow. This leads to more potential opportunities for you to take advantage of.
The great news with this one is that you can keep learning for free as many colleges offer no cost, no credit courses. Even better, many of these courses are offered online. While you might not think that continually learning will pay off, let me give you an example in my life.
I was working in the financial services industry and was using Excel on a daily basis. A lot of my work was manual and it took a long time. I started playing around with macros and other advanced Excel functions. I eventually ended up taking a course at my local community college.
A few months after taking this course, I landed a promotion at work. Now, my company didn’t pay for the course and I am not saying that just because I took the course, I got the promotion. But, because the new skills helped me to become more efficient at work, I suddenly stood out from the crowd.
I encourage you to keep learning and educating yourself. At the end of the day, you become a millionaire and have the opportunity to retire because of the money you are able to save. If you can earn more, you can save more. You earn more by staying on top of things in your industry and educating yourself.
To become a millionaire and retire early you have to develop the habits so that when you reach your goal, you can stay there. This is the main flaw of getting rich quick. The people that go that route never developed the right money habits so they end up broke shortly thereafter.
If you can develop good habits – using your time wisely, making your money work for you, and investing in yourself, you can achieve your goal of becoming a millionaire and retiring early and you can stay there.
Jon blogs at MoneySmartGuides.com a personal finance blog that helps readers get out of debt and start investing for their future.
Join our newsletter
Subscribe to get the latest "Engineer Your Finances" content via email.