Have you heard the one about the billionaire who lives in a modest home?
Probably not, but we bet you know his name.
It’s Warren Buffett. Yes, we said Warren Buffett—the stock market guy who Forbes estimates has a $106 billion net worth.1 His house? It’s not a sprawling 30,000-square-foot beachfront mansion. Not even close. He lives in a quiet Omaha, Nebraska, neighborhood in an $850,000 home that he bought for $31,500 in 1958.2
Let’s be real—living in an $850,000 home is a pipe dream for most of us. But if you think about a house like that being home to the fifth richest man in the world, it’s kind of amazing, right?
Warren Buffett could buy any house in the world (with cash!), but he chooses to live in a modest, relatively small home in Omaha. Why is that?
And what other surprising things can you learn from millionaires (and even billionaires like Buffett) who don’t live the average millionaire life? Let’s explore 10 simple habits of millionaires. Some might surprise you, but the best thing about this list? It’s 10 things that you can start doing today, no matter where you are in your financial journey.
And who knows? Adding some of these habits into your daily routine might help you get on track to becoming an everyday millionaire yourself!
1. They’re avid readers.
President Harry Truman once said, “Not all readers are leaders, but all leaders are readers.” One of the reasons millionaires become millionaires is because of their constant desire to learn. To them, leadership books and biographies are much more important than the latest reality show or TikTok trend. When they have free time, they use it wisely—by reading.
2. They understand delayed gratification.
Millionaires spend most of their lives sacrificing temporary pleasures for long-term success. They have no problem buying an older used car, living in a modest neighborhood, and wearing inexpensive clothes. They don’t care about keeping up with the Joneses.
These decisions allow them to do things like save for retirement and college, and build up a large down payment for their dream home. They realize that instant gratification is fun—but delayed gratification is so much better. Today’s sacrifices set them up for tomorrow’s successes.
3. They choose their relationships wisely.
When they say you become who you hang around with, they (whoever that is!) aren’t kidding. Friends and family are some of our biggest influencers, for better or worse.
If you hang out with a group of like-minded people who are committed to the same basic personal, relational and financial goals you are, then you’re all headed in the same direction. And you’re more likely to find encouragement, trust and accountability in a group of friends who align with your values and goals.
Building a network of supportive friends and mentors can make all the difference when it comes to growing in your career or building wealth. No one walks the path of success alone, so make sure you have the right people to speak truth and cheer you on as you work to become a millionaire!
4. They stay away from debt.
One of the biggest myths out there is that average millionaires see debt as a tool. Not true. If they want something they can’t afford, they save and pay cash for it later.
Car payments, student loans, same-as-cash financing plans—these just aren’t part of their vocabulary. That’s why they win with money. They don’t owe anything to the bank, so every dollar they earn stays with them to spend, save and give!
Debt is the biggest obstacle to building wealth. We tell that to everyone. You need to avoid it like the plague. Your dreams are too important!
5. They budget.
Your budget is your plan. And you can’t build a million-dollar net worth without a plan, people. Success isn’t an accident. You are in charge of your own wealth-building.
Just like you build a house by starting with the foundation, you build wealth by starting with the budgeting basics. And then you keep following them. When you’re making a lot of money, you don’t stop managing it, right?
Average millionaires have made a habit of budgeting every month. They know what’s coming in and what’s leaving their bank accounts. If you only remember one thing, it should be this: Budgeting is the key to winning with money. It’s telling each dollar where to go at the beginning of the month instead of wondering where it all went.
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