hey guys it's practical psychology and in this video we're going to be going
over 12 habits that millionaires have and hopefully you can start implementing
them in your life to increase your chances of success tip number one is
that they have a budget now this could be a monthly budget or a weekly budget
but they track their net worth through their income and expenses and this is
something that you're just gonna have to turn into a habit if you're trying to
implement it in your life I have started it I started it probably two years ago
and I've definitely noticed you start understanding where your money is going
and you become more conscious about that and it's really fun to see your net
worth grow habit number two is that they are proactive now if you don't know what
proactive means I highly suggest you go and watching my seven Habits of Highly
Effective People video because that's the first step and basically it means
when something bad happens to you don't be reactive you have the opportunity to
go out and change it you have the opportunity to change the world look at
me I started practical psychology as book reviews and I'm almost at a million
subscribers now thank you so much guys anyways I wanted to change the world I
wanted to add more value and that's what I did
tip number three is that they read a lot I cannot over stress this I've read tons
of books on success psychology business and self-development and one common
theme that I've seen among all of these which is weird because it's meta because
it's also in books is that they read a ton of books millionaires love to fill
their heads with ideas because ideas are seeds for businesses and businesses
generate profit if you want to increase your chance to becoming a millionaire
the number one thing I can suggest is to read more read more nonfiction read more
stuff that will help you become a better person social skills business
development personal growth almost anything that you can get your hands on
just start reading even newspapers I've seen people read newspapers business
reports all kinds of stuff read read read fill your head with all kinds of
ideas and these ideas will start to compound to number four is to be super
curious now this ties in with reading because if you're reading something that
you're not curious about it's not gonna be fun I mean I've read books in high
school they were fiction they were stories and I was like I'm not even this
is not interesting I don't want to learn about this and the curiosity part of it
a ton of millionaires are curious if you find a millionaire that isn't curious I
want you to email to me have practical psychology tips at
gmail.com because I don't think I've ever met an entrepreneur or a
millionaire even a billionaire I bet most billionaires are super curious they
never stop learning tip number five ties in to tip number four which is to pursue
your curiosity so you can have curiosity you can be curious about something
I mean I've actually seen this before my sister asked me a question and I was
like what are you have in your pocket right now it's a smart phone why don't
you look it up I mean you can be curious about something
but pursuing that curiosity and taking action against it is something that
millionaires do to number six is they find a mentor now if you've ever seen
any of the Thai Lopez advertisements you'll know something that he's very big
about is finding a mentor and the reason he is is because he wants to be a mentor
for you he wants you to pay money for you to be his mentor and that's just
part of his business strategy but in reality a mentor can skip you across all
kinds of failures that you would have yourself if you just listen to the
mentor I mean there's tons of people who learn mistakes by themselves but if you
can skip that process and you can learn from someone else's mistakes because
they're a mentor to you that's gonna give you a jumpstart on being a
millionaire tip number seven is goals goals are really important in any aspect
of life simply because they will help you with motivation and they will help
you with discipline having goals setting goals and then achieving those goals is
something that works you have to be self-aware because for me I love to be
competitive I love to have more subscribers than someone else I love to
make more videos than someone else I love it's just it's motivating me so you
have to have goals that are congruent to what motivates you it can't be way out
there but they also can't be short-sighted my best tip is to come up
with goals that are smart and that's an acronym that stands for specific
measurable achievable relevant and time-bound
and if you use all these things and create a goal around them it should
motivate you tip number eight is to do daily lists so every morning when I wake
up what I do is I write down three things that I want to get done that day
and it's super important because every time I do one of those things I get
across it off and it motivates me to do the next one and if I am laying in bed
at night and one of those things isn't crossed off sometimes I will literally
get up out of bed at and 30 at night and go hey I need to get
this done it's making me mad I can't go to sleep and I'll do it and for some
reason that motivates me and I think and I believe it will motivate you as well
it's something that I've realized a lot and studying a ton of millionaires they
like to do lists and organize those lists and they use those lists to
complete what I mentioned in the previous step which was goals tip number
nine is to have multiple streams of income now this is really technical and
if you've never had multiple streams of income I highly suggest you watching
some of my videos on income development or passive income well it's like raining
money when you get different sources of income it just feels amazing can you
just imagine having $1 thrown at you on the left side one dollar on the right
side a dollar falling down from the sky looking down and seeing a five dollar
bill that's what it is to have multiple sources of income money coming at you at
all different angles and it's just if one breaks down if I get fired at my job
boom I got other places to rely on and that's something that millionaires do is
they have multiple streams of income it's important not to confuse this with
the next tip which is to not diversify now you've probably heard the term
diversify your portfolio and you'll get rich well the thing is a lot of people a
lot of millionaires in fact if you study them what they do is they don't
diversify their portfolio until after they're a millionaire to become a
millionaire they put all their eggs in one basket and they look at that basket
and they watch it and they make sure none of the eggs break so don't
diversify you need to focus on something put all of your energy and focus on one
thing don't diversify it if you look like Mark Cuban he started one company
boom made a whole bunch of money started another company he focused only on that
second company boom made a whole bunch of money and it continues now he
diversifies because over time he had multiple companies but at the time he
only had one focus and that's one thing I think that millionaire habits can do
that you can implement in your life too is to have one focus tip number 11 is to
avoid time wasters now there are tons of things in this world and time that you
can do that will literally just waste your time but millionaires one of their
habits is that they understand the importance and value of their time they
will never get time back and you need to understand that too and once you
understand that you will start valuing your time more once you start valuing
your time more you'll understand easy to avoid a lot of time wasters you
know checking your Facebook for 30 minutes a day you know how much more
productive you could be if you turn that into business development or writing a
book if you spent 30 minutes writing a book for a year you could have like two
or three books written I can almost guarantee it just understand the value
of time and if there's something in your life that is completely wasting your
time like you're spending time with a friend
and you're not getting any value out of it and you're not helping them either
and then cut that line tip number 12 is something that I've came up with it has
never really been stated in any book that I've read but I've noticed it a lot
of millionaires focus on their highest earning activities for example one thing
I do here on the channel is I have noticed there are a ton of different
kind of videos I do book reviews I do top tens I do lists there are all kinds
of videos but one habit that I've seen millionaires do in the past that I'm
going to try to replicate is focus on which videos are the highest earning
ones which ones get me the most views in other words what gets me to my goal that
quickest and there's a lot of people that make this mistake they're like oh I
want to make a million dollars but I want to have ten thousand dollars in my
savings account or I want to buy this ten thousand dollar car that is not a
highest earning activity if you buy that car it's going to cost you money if you
spend 30 minutes at your local grocery store trying to decide which can of peas
is going to save you 3 sins that's not a high earning activity in fact you're
literally wasting your time when you can spend three extra pennies on the can of
peas and have 30 extra minutes to work on your business so I'm going to review
these tip number one is have a monthly or weekly budget tip number two is to be
proactive tip number three is to read a lot number four is to be super curious
and pursue that curiosity tip number six is to have a mentor tip number seven and
eight is to have goals and have daily lists to accomplish those goals tip
number nine is have multiple streams of income tip number ten is to not
diversify but be extremely focused tip number eleven is to avoid time wasters
and the last tip is to focus on the highest earning activities in your life
if you guys enjoyed this video click the like button if you want more videos like
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thanks for watching if you guys enjoyed that video and want to read the book I
wrote that it came from search Amazon for habit harvester or click the link in
the description the book is short enough to read in one sitting but is jam-packed
with tons of information just like you saw in this video
in fact I've also added a few extra stories and fixed some of the errors
found in this video course there's also plenty of amazing illustrations to aid
in the learning process and keep the book fun to read if you're interested
you can buy the Kindle version for $2.99 or sign up for a month of Kindle
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you want to watch the rest of the videos in this series click this thingy or
check the link in the description for a playlist thank you guys so much for
watching