Simple Habits of Millionaires, According to Experts

• They Buy Their Cars (Instead of Leasing) and Keep Them As Long As Possible

  Cars lose their value quickly. That’s why buying a used car is usually much less expensive than a new car. The second that car is off the lot, it’s considered used and drops in value thousands, even with just another mile on the car. That said, according to CNBC.com, wealthy people buy, don’t lease, their cars and keep them long-term. That way, they can save money between car purchases.

  

  They Buy Their Cars and Keep Them

• They Delay the Pleasure of Having the Finer Things in Life

  According to RamseySolutions.com, “Millionaires spend most of their lives sacrificing temporary pleasures for long-term success. They have no problem buying an older used car, living in a modest neighborhood, and wearing inexpensive clothes. They don’t care about keeping up with the Joneses.” So, instead of picking up all the hot, expensive new stuff, wait it out.

  

  They Delay Pleasure

• They Educate Themselves on Money

  If you’re a newbie to financial planning, listen to some podcasts on the subject or find a helpful book. Finance.yahoo.com says, “knowing how to become a millionaire isn’t innate, even for most wealthy people.” Research from certified financial planner and CPA Tom Corley shows that “63 percent of wealthy people listen to audio books during their commute to work versus 5 percent of poor people,” says Finance.yahoo.com.

  

  They Educate Themselves on Money

• They Network and Meet New People

  In the same Finance.yahoo.com story, Corley says that networking is huge when it comes to becoming a millionaire. “On his Rich Habits blog, Corley revealed 79 percent of wealthy individuals network at least five hours per month, compared with only 16 percent of poor people,” they explain. So, get out there, and meet new people who could make up your network.

  

  They Network

• They Live Below, Not Within or Above, Their Means

  Millionaires are frugal. They don’t splurge like you might expect. According to RamseySolutions.com’s The National Study of Millionaires, nearly half of millionaires in their poll said they save at least 16% of their monthly income. They often use it for an emergency fund or liquid cash.

  

  They Live Below Their Means

• They Make Use of Their Money By Investing

  CNBC.com’s Select asked Faron Daugs, certified financial planner, founder and CEO at Harrison Wallace Financial Group, “about the financial habits his wealthiest clients all share that could apply to the average person.” One big thing he mentioned was building up emergency funds and then investing. “Daugs says his clients have organized investment plans, whether its in stocks, bonds or exchange-traded funds (ETFs),” CNBC explains. He also recommends having a “monthly or bi-monthly automatic transfer of cash from your checking account into an investment account.”

  

  They Invest

• They Invest in Particular Things

  According to Fool.com, the wealthy “invest in stocks, real estate, and their own businesses.” They add that, “Millionaires put their money into appreciating assets (assets that can grow in value).” Also, “people with net worths of $1 million or higher tend to have more of their money” in stocks and mutual funds; real estate; and business interests.

  

  They Invest in Specific Things

• They Look at the Bright Side

  Whatever your financial situation, look at the bright side. Look for opportunities for working with what you have and growing your nest egg. Reach out to experts in the financial field if you’re really stumped and see how they can make your financial dreams come true.

  

  They Stay Positive

• Don't Give Up

  Wherever you are on your financial journey, don’t give up. It can be temping to just throw everything to the wind, but if you take a more level-headed approach, you’ll have a better chance of coming out successful. Good luck on your financial journey. 

  

  They Keep Trying