If you aren’t lucky enough to inherit a million dollars, you’ll have to create wealth on your own. Relatively few millionaires inherit their wealth, so you’re in good company. Most millionaires didn’t become wealthy by doing anything spectacular. They simply have a useful set of habits that they stick to religiously.
Start on the path to becoming a self-made millionaire:

1. Deal with uncertainty. Most millionaires don’t have a “regular job” and are forced to deal with more uncertainty than average income earners. Be comfortable with uncertainty.

2. Pay yourself before you pay your bills. Save at least 10% of your paycheck before you sit down and pay your bills. If you pay yourself first, you’ll adjust your spending to accommodate your bills. If you pay your bills first, you’ll spend the remainder and save nothing. Save your money before you have a chance to spend it.

• The average millionaire saves over 20% of his income each month.
• When you get a raise at work, attempt to save 100% of that new income.

3. Live beneath your means. Most millionaires aren’t big spenders. They buy used cars and avoid luxury brands. They live in more modest homes than they can afford.

• Becoming wealthy is most often the result of a moderate lifestyle, aggressive saving, discipline, and time. These are all things that anyone can do. Consider the results when someone does the opposite of these things.

4. Fire your boss. Roughly 70% of millionaires are self-employed. Working for a big company can be comforting, but it’s also expensive. You’re selling your time at wholesale prices. When you work for yourself, you have more opportunities to make a big salary. Start a small business on the side and make that your hobby.

5. Spend time with other millionaires. Spend time with wealthy people if you want to become wealthy. You’ll be provided with more opportunities and learn how millionaires think. Their approach to money and the world is very different than those of the average person.

6. Avoid debt that doesn’t increase your income or net worth. Millionaires avoid debt like the plague, unless it provides financial opportunities. A millionaire might get a loan to purchase an apartment building or build a business, but she wouldn’t borrow money for a vacation.

• Avoid borrowing money unless it will strengthen your financial situation down the road.

7. Have financial goals. Most impressive things are accomplished by those with goals. Saving a million dollars is too big to happen by accident. Wealthy people that created their wealth have goals. What are yours?

8. Get a mentor. The vast majority of millionaires state that a mentor was a major factor in accumulating their wealth. Everything is easier when you have a guide that has already accomplished your goal. Find a mentor and follow their advice. Networking is the key to finding an appropriate mentor. Put yourself out there.

9. Avoid wasting time. Every minute you waste could’ve been spent on earning more money or learning something relevant. It’s important to have hobbies and interests outside of building your wealth. But time spent on television and surfing the internet is neither beneficial nor satisfying. Use your time wisely.

You can adopt the most important behaviors of self-made millionaires. Is there anything in the list above that you can’t do? With patience and the right habits, you can become a millionaire, too. With persistence, there’s nothing you can’t accomplish.

Silvana Jimenez