3 of the Best Self-Made Millionaire Habits
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These 3 habits from self-made millionaires can help you achieve financial success, according to Grow.
Habit 1: Be conscious of your spending habits.
Frugal and cheap are not the same thing. A frugal spender buys the lowest-priced but highest-quality product or service. Innovation has made frugality even more accessible. Anyone with a smartphone can compare prices online before making a purchase. Patience is essential for this process. Impulse buys based purely on emotion can have repercussions when prices drop.
Habit 2: Saving an additional 20 percent of income.
This requires living off 80 percent or less of net pay. Time and compound interest are a significant advantage for those who start young. However, it's never too late to start saving and investing. Every 10 years you delay investing/saving will require an additional 10 percent of savings.
A good way to approach saving is to pay yourself first. By paying yourself first you ensure that you are meeting your goals before paying bills.
Habit 3: Create a bucket system for savings
Developing several savings buckets and setting goals for each bucket will allow you to finance expected future things such as a wedding, first home, emergency fund, retirement and others.
Adaptability throughout life is also a key aspect. Being able to consistently monitor and evaluate your investment/savings needs will lead to the most fruitful rewards.
