Although each individual is unique, there are a few common denominators most successful people share. These are principles and habits that can be seen in just about anybody who is a leader in their field, whether it be a professional football player, portfolio manager, or salesperson. By looking at the daily habits of the most successful people, we can emulate what they do, which will propel us down the path of accomplishment and financial peace.
It’s important to note that these habits are not difficult to implement; the reason they are so impactful for the top 1% is that not many people are willing to go the extra mile or step outside their comfort zone. Without further ado, let’s take a look at 7 common habits of the most successful people in the world.
The vast majority of rich people say they devote a significant amount of time every day to reading for self-betterment and mental stimulation. The top three genres read by millionaires are non-fiction, biographies, and self-help books. There is a seemingly infinite amount of information through which we can educate ourselves so there should never be a reason to stop reading. Almost all of the richest people in the world today begin their day by pouring over hundreds of pages of information and current events to keep pace with the world around them.
However, most of us don’t have the time or willingness to dedicate hours of our day to reading, and that’s fine! The best way to develop a habit of reading is to set a specific minimum page goal for each day. For example, I read at least 25 pages a day (about half an hour). We can all spare half an hour in the name of self-improvement. By starting small and gradually increasing our reading amount consistently, we can learn new things, broaden our horizons, and be one step ahead of most people who aren’t willing to spend a little time on education.
In order for you to be functioning at a constant high state throughout the day, you have to take care of your body first. Exercising frequently gives you greater energy, stamina, motivation, mental clarity, and boosts endorphins. Those who exercise daily will tell you that it is crucial to start off the day, and they function at a much higher state than their drowsy coworkers. While it’s not easy to get out of bed an hour earlier than you normally would to go run or lift weights, you will feel much better later in the day.
Exercising is scientifically proven to improve your mood and make you feel more motivated, plus you feel accomplished if you already did something productive before the work-day even started. For those of you reading this post, I offer a challenge: get up 45 minutes earlier than you normally would and complete at least a somewhat strenuous workout for half an hour and continue this practice for 5 days a week for a month. I strongly believe you will benefit from it and will continue to do it on your own.
3. Surround yourself with the right people
“Show me your friends and I will show you your future” is a statement that has been drilled into me for years. While this sounds cliché, there is exceptional truth behind it. Who you spend your time with will affect how you think, speak, and act. If you surround yourself with lazy and disrespectful people, you too will become like them over time. Conversely, if you surround yourself with motivated people who chase their passions, spend time productively, and care for people, you will become like them and gradually level up into a better person. Before starting new relationships, reflect inward and decide what kind of crowd you want to spend time with because it will largely affect who you become.
4. Pursue goals passionately
Rich people don’t end up being rich by accident. They don’t just stumble upon an idea and passively pursue it. They set high goals, work night and day to achieve them, and get back on their feet immediately if they fail. Wealthy people relentlessly pursue their goals and dreams because they don’t see giving up as an option. For example, Starbucks CEO Howard Schultz was turned down by banks 242 times, Walt Disney was turned down 302 times, and J.K. Rowling was turned down by publishers for years. If these people threw in the towel after adversity hit, even extreme adversity, we would not have many of the household names or objects that we have today. The moral of the story is: find what you are passionate about and pursue it vigorously until you achieve it. Remember, the person who refuses to give up is powerful beyond measure.
5. Sleep/rest well
The smartest and wealthiest people need their minds to be functioning tip-top shape all day, so they need to prepare by getting plenty of sleep. Albert Einstein got about 10 hours of sleep a night, and many Fortune 500 CEOs will get a minimum of 7 or 8 hours of sleep. Sleep is so important that it can largely dictate whether or not you will be able to make effective decisions. Sleep is critical for all bodily functions, but especially for creative thinking and memory compiling.
6. Develop multiple sources of income
Almost all millionaires have more than one source of income. Typically, most people have an income from a job, stock investments, real estate investments, and perhaps own some restaurants or stores. Diversifying where the money is coming from greatly shelters you from disaster if one of your income sources disappears (if you get fired or make a bad investment). Having side hustles and other interests will allow you to take the money you make and increase it exponentially if the money keeps working for you. You don’t have to have a million-dollar salary to be a millionaire if you manage your income properly. For example, Shaq has sneaker sales and owns hundreds of restaurants, Elon Musk is the head of multiple companies, and Jeff Bezos owns the Washington Post in addition to being the CEO of Amazon. Don’t settle for just getting by; make the most out of your money!
7. Use time efficiently
In the world of technology and endless distractions, it is incredibly difficult to maintain focus for prolonged periods of time. Successful people see time as equally, if not more, important resource than money. Money will come and go, but time always carries on, so we better use it efficiently. Avoid getting caught in the social media trap (Instagram, Twitter, Snapchat, and Netflix, etc.). There is nothing wrong with using social media, however, it is very tempting to get carried away and waste hours on end watching videos or scrolling through posts we don’t need to see. When you need to really focus, put all distractions completely out of sight and mind so you can devote all of your mind to the task at hand. Time is the most important investment we can make, so we must use it wisely!
Doesn’t sound too hard, right? None of the items listed above are exceptionally difficult, they can be achieved by every single one of us. The thing that separates us from the top 1% is the willingness and dedication to stick with these habits, no matter the circumstances. Now that we are armed with the 7 habits of the most successful people in history, let’s put them to use! There is no reason to wait. I want you to start implementing these now. Success is within your reach, all that’s left is for you to go out and grab it.
Thank you for reading! My name is Michael Winaker, and I am an intern here at Investing City. If you enjoy this content or would like to chat some more about investing and achieving financial peace, check out the rest of our website and feel free to reach out if you have any questions! Join us in conquering the investing world together.