More than 10 million households in the United States have a net worth of $1 million. That doesn’t include any property assets. Although it might seem impossible to reach 7 figures of net worth, it isn’t.
With these habits, it is possible to reach the 7-Figure Club in five years or less.
1) Save Aggressively
Those who are focused on wealth will save about 20% of their salary each year. If you can’t live off 80% right now, don’t worry. Households with incomes of $150,000 or less, but have $1 million in retirement accounts, save an average of just 14%. The average age to start saving is just 25, but anyone can get started today and benefit from investing.
2) Wake Up Early
Half of all self-made millionaires get up at least 3 hours before their day is supposed to start. This early time period offers more opportunities to tackle big-ticket tasks before everyone else gets started with their day.
3) Exercise Each Day
Some self-made millionaires exercise during breaks in their day, like a lunch break. Many use their early morning time to hit the gym. Tim Cook, who is the current CEO of Apple, wakes up at 3:45am to get his workouts in.
4) Thought Comprehension
Today’s successful people organize their thoughts. A journal or diary is an easy way to improve thought comprehension. Writing improves your working memory and reduces stress. It also gives you a chance to look back on past successes or learn from past mistakes.
It takes just 20 minutes of meditation each day to improve personal decision-making skills. The benefits of meditation can become apparent in as little as 4 days. Reductions in anxiety and fatigue come with increases in creativity and mindfulness.
About 9 out of 10 self-made millionaires, on average, spend at least 30 minutes reading every day. This may include self-improvement books, biographies, or historical books. Bill Gates reportedly reads an average of 1 book per week.
By saving as much as you can now, while working to improve yourself, it becomes possible to build the foundation needed to reach the 7-Figure Club. There’s only one question left to ask: what are you waiting for?