It is estimated that there are over 47 million millionaires in the world. Interestingly, the majority of them are in the US. There are more than 2700 billionaires in the world. In Africa, over 56 percent of the wealthiest people are from South Africa, Egypt, Nigeria, Kenya, and Morocco. By the way, there are 23 billionaires in Africa. Overall, there are 138 000 high net worth individuals (HNWIs) in Africa. Your chances of becoming a millionaire (or billionaire) depend on many variables. Regardless, you can become one if you put your mind to it. Anyways, there is a lot to be learnt from high-net-worth individuals; let us look at 5 habits.
Goal Writing
In any venture, the best starting point is to plan. You have to set goals. Steve Maraboli once said something striking about goals. “If you have a goal, write it down. If you do not write it down, you do not have a goal – you have a wish”. Even more striking is what Bryant McGill once said, “A goal that is not written is not a goal. It only becomes real when you write it down. Look at your list daily and read it out loud. Let your list of goals become a mantra and a meditation”.
High net-worth individuals are commonly known to write down their goals. Writing down goals can either be done physically or digitally. Even when you look at most iconic historical figures, journaling was a huge part of their lives. Examples are Albert Einstein, Leonardo da Vinci, Bruce Lee, and Benjamin Franklin. Once did a series of different articles on (check them out to aid you in cultivating a culture of goal writing):
The different types of journals
The importance of and how to journal
How to create a notebook journal
How to create a digital journal
Journal sections successful people have
Neuroscience and psychological studies even support goal writing. It has been found that putting your goals in written form is a precursor to and catalyst for success. This happens because of several dynamics, which I will not delve much into here. For example, writing down your goals places a demand on you to clarify and refine them. Goal writing also conditions your mind to execute them. Writing down goals does not need to be that complicated. Simply writing, ‘To make over US$1000 in profit every month’, can work wonders for you. Start goal writing now!
Incline More On Production Than Consumption
In economic theory, most of you may know this. As in, a country needs to produce more than it consumes. No wonder you often hear people citing the need for production in Zimbabwean industries. This is common sense and applies to individuals too. Yet many people struggle with consuming more than they produce. That is one of the reasons why many people are in debt. Limiting your consumption is great. That is why you should build a savings culture; it primes you to consume less. Once did an article on 5 important guidelines for setting and accomplishing goals for saving money.
There is another one on 4 important qualities for saving money effectively. More importantly, you need to produce more and more. Your efforts to regulate consumption are always a function of what you bring in. That is why you must start a business or invest in something. You must build several income streams always to produce more than you consume. That is how high-net-worth individuals came to be, and it is something they sustain. Always spend less than you earn but also increase your production capacity.
Have Planned Times For Mindfulness Exercises
Some people may downplay this as being too spiritual, religious, and the like. However, if you check closely, you will realize that practising mindfulness is universal. Mindfulness entails setting aside time to think and meditate. There are so many simple mindfulness exercises you can do. This is a subject I urge you to dig deep into because it is vast. You can even enrol for free online courses on mindfulness to learn more.
Coursera is one example of where you can find such courses. Even just by going on YouTube, you can find many videos that can take you through guided meditation. Mindfulness is pivotal to promoting one’s mental health. The result is that every other area flourishes since your mind is at the centre of everything. That is why millionaires and billionaires are prominent on mindfulness. Whilst mindfulness may sound too out there, there is solid science to back it up.
Deep Work
I never get tired of emphasising the importance of deep work. Deep work is a concept where you set aside several fixed hours in your day where you work uninterrupted. During those hours, you block any possible distractions. It depends from person to person, but it is mostly the first hours of the day. For me, it is usually five or so hours. I can do that from 6 am to 11 am or 9 am to 1 pm. Then if I have more work to do, I find time from 4 pm to 6 pm. High net-worth individuals mostly have strict schedules and routines. That is why they tend to be hard to access. I recommend reading the book Deep Work by Cal Newport to learn more.
Networking
“The richest people in the world look for and build networks; everyone else looks for work” – Robert Kiyosaki. You often hear it being said that your network is your net worth. You must actively seek to network. It does not only have to be in person, even online. There are limitless opportunities to network with people online. The opportunities that can come from that are unimaginable. I have built valuable networks online; it works.
These are the five habits you need to start cultivating now. If you have been, then it is time to cultivate them more. If you take this seriously, there is no telling where you can be three months from now. Be dedicated and consistent!
