7 Powerful Habits of a Self-Made Millionaire

Daniel Ally | 3/23/2016, 12:29 p.m.
When I was 21, I was ready to take my life to the next level, but I felt stuck—I still ...

When I was 21, I was ready to take my life to the next level, but I felt stuck—I still lived at my parents' house, I was making $8 an hour at a side job, and I was enrolled in a never-ending MBA program. Deep down inside, I knew I had to escape. But unlike I was used to doing, I wasn't going to run away from myself.

This time I was determined to make a change—I wanted so bad to become successful, except I didn't know what to do or where to start. What I firmly believed, though, was that if I changed my habits, my habits would change me. So instead of fooling around with miscellaneous activities like sports and TV, I started reading books and giving speeches.

Related: The 4 Powerful Ways to Change a Bad Habit

And I saw positive results. Professionally, I became more competent. Personally, I became more confident. This realization, that competence breeds confidence, was the pivotal point that changed my life. It enabled me to reach the summit of success, to create wealth and inspiration for so many people.

The habits I created are what made me who I am today—they are what took me from $8 an hour at 21 to a self-made millionaire at 24. And they can change your life, too.

  1. Simplify your words.

How well do you spread your message? Millionaires know how to share their message in simplest terms. They use their words with precision and possess deep meaning in what they say. Personally, I peruse the dictionary every day, but I would never attempt to use every word I know. By speaking pompously, many people exterminate their opportunities. In short, never drown people in the sea of verbosity.

To learn to speak with ease, join your local Toastmasters club to brush up on your communication skills. Unfortunately, too many people get lazy with their communication and subtly conform to the habits of others. But millionaires diligently work on improving what they say and how they say it.

  1. Abandon the old.

Before you are able to face the new, you must relinquish the old. If you want a new car or house, then bless the old one and search for a new one. When you want to achieve a positive mindset, you must get rid of the negative one first. To abandon your negative habits, you must replace them with positive ones.

I realized this one day as I was feasting on a couple cheap burgers at McDonald's. I decided to venture out to find the finest steak houses in the area to seek a new and delectable experience with my meals. Instead of indulging in $1 burgers several times a week, I was happier to splurge my money on a robust steak once or twice a month.

“We are what we repeatedly do. Therefore, excellence is not an act, but a habit.” —Aristotle

  1. Set goals—daily.

Every day, I set my goals on paper. This is an inspiring habit that I promise to keep for the rest of my life. Whether you're writing your financial projections, planning your weekly tasks or scheming new ways to build your empire, you'll want to create a daily goal-setting habit that will give you momentum—on a daily basis.