6 Simple Things Millionaires Do That You Can Too

Experts estimate that by 2026, there will be more than 87.5 million people across the globe with at least $1 million in wealth. As of November 1, 2022, there are 22 million millionaires – or nearly 9% of the population. Millionaires are some of the best teachers in the world.

Think about it. Every day, they make decisions necessary to build wealth. If you'd like to be one of those added millionaires by 2026, all you need to do is observe and learn from them. The habits millionaires use to get rich are not complicated.

Here are six habits millionaires use that you can copy to build more wealth than you can imagine.

1: They Create Their Own Luck

Millionaires don't get wealthy by accident. They don't wish for good things to happen. They make good things happen. They get out there and try.

That doesn't mean they will always be successful. But millionaires realize that failures are golden learning opportunities. They learn what not to do next time. Each failure is a data point they use to make better decisions.

You might call millionaires lucky. But what you probably don't see is the years of hard work and failure that went into building all that cash.

To get rich, you need luck. Thankfully, luck can be created.

2: They Associate With Great People

Harvard professor Dr. David McClelland said that the people we habitually associate with determine as much as 95% of our success in life.

That's an incredible number! And most millionaires know it's true.

Rich people have multiple groups of friends.

  • One group of friends might be ballgame/drinking buddies.
  • Another group might be old high school or college friends.
  • And most rich people have a “success group.” This mastermind group is highly-successful in life. They talk about entrepreneurship. About money. They discuss their business challenges and how to overcome them. Many success groups also talk about health and fitness, because nothing – not even money, is more important than your health.

The last group is the people they hang around with the most. Why? Because they make each other more successful.

3. They Prioritize Their Health

You might assume that millionaires are too busy working to eat healthily and be fit, but that's not the case.

In fact, over 3/4ths of millionaires exercise at least 30 minutes a day, four days a week. Most do aerobic exercises like jogging or biking.

Exercise is one of the most important habits to develop.

Regular exercise has been shown to boost confidence, concentration, and mental sharpness, helping you look and feel strong and fit.

For the record, I work out twice a day. In the morning, I do resistance training with barbells and dumbbells, and in the afternoon, I take a walk.

If you're struggling to find a workout routine, I am a big fan of Nerd Fitness and their 8 Best At-Home Workouts page. Check it out and design a program that works best for you.

4. They Create More Than They Consume

Millionaires aren't sitting home in front of their televisions all day.

Instead, they earn money by… doing something. Creating a product or service. Providing value in some way.

This doesn't necessarily mean starting their own business, though most millionaires are entrepreneurs. Millionaires create all the time.

They create at work.

They create at home.

They write. Code software. Make graphics. Design presentations.

The market rewards those who create with money – sometimes lots of it. The only requirement: you need to produce.

Note: Most millionaires don't subscribe to the “Hustle 24/7” culture. Burnout doesn't build wealth. Millionaires do relax. They do watch Netflix. They do go to ballgames and host BBQs.

They just don't do that all the time.

5. They Avoid Bad Debts Like The Plague

Millionaires know that not all debts are bad.

Bad debts are consumer debts, like credit cards. High-interest car loans also aren't great, because you're paying full price, with interest, for a car depreciating in value. Payday and personal loans are other examples of bad debt, and millionaires avoid these at all costs.

Why? Because nothing destroys our ability to build wealth quite like bad debts. Interest is high. And it takes months, sometimes years, to pay off these debts.

The total credit card debt in the United States is nearly $1 trillion. That's a frightening number that keeps so many people from becoming millionaires.

Wondering what good debts are?

Good debts include mortgages and business loans. Good debts are debts for assets that appreciate or go up in value. Real estate is a good example of this, as is a loan to start a thriving business.

6. They Earn Money in Their Sleep

Millionaires know how to make money in their sleep.

This happens by investing in appreciating assets.

Here's the magic: When we invest in an asset (i.e., a stock, real estate, or business), that asset will [hopefully] increase in value without us having to lift a finger. The stock market is a prime example of this in play.

This is called passive income. When we don't actively work to generate income, that's called passive. Money just happens.

The stock market has made a lot of people filthy rich. But, there are two basic requirements to build wealth in the market:

  • You gotta buy assets (stocks, ETFs, bonds, etc.), and
  • You gotta adopt a long-term mindset

The wealthiest investors remain in the market for the long haul. They don't try to time the market by selling before a dip. They stay invested through bull markets and bear markets.

History has been kind to long-term investors.

This article was produced and syndicated by Wealth of Geeks.

Steve Adcock is an early retiree who writes about mental toughness, financial independence and how to get the most out of your life and career. As a regular contributor to The Ladders, CBS MarketWatch and CNBC, Adcock maintains a rare and exclusive voice as a career expert, consistently offering actionable counseling to thousands of readers who want to level-up their lives, careers, and freedom. Adcock's main areas of coverage include money, personal finance, lifestyle, and digital nomad advice. Steve lives in a 100% off-grid solar home in the middle of the Arizona desert and writes on his own website at SteveAdcock.us.