Thread by @creation247

Habits of Self Made Millionaires

• They track net worth
• They continually learn
• They take calculated risks
• They automatically invest
• They help others succeed
• Understand how taxes work
• Understand assets vs liability

What else?

1. They track net worth

You need to need to think of everything from a net-worth perspective. To me, it’s the most important statistic that defines wealth.

This month our net worth increased over 63K, not the best but every month it gets a bit easier.

2. They continually learn

Wealthy people always continue learning. Knowledge is always the best investment because you will continually reap the rewards. When you begin to go down this path of self-improvement it will impact your ROI in every avenue of life.

3. They take calculated risks

Rule No.1: Never lose money
Rule No.2: Never forget rule No.1

If you want to get ahead you need to be able to mitigate and assess risk. Regardless of what anyone says you want to avoid losing money (especially when young).

4. They automatically invest

Less mental real-estate is the goal.

Have investments set to automatic. Have money taken out of your paycheck directly. When payday comes your money is automatically put to work.

Set it up properly and you will never think about it.

5. They help others succeed

Broke people waste time/energy bringing others down. They have a "crab in the barrel" mentality.

They lack a true abundance mindset because they only see limited options for themselves.

Real Gs want to see others win.

6. Understand how taxes work

Understanding how taxes work is the biggest lever you can pull to get to financial freedom.

There is a reason it is complicated.
(it's to keep people rich)

7. Understand assets vs liability

Poor people buy liabilities and then don’t understand why their stuff keeps them poor.

“Rich people acquire assets. Poor people acquire liabilities." - Robert Kiyosaki

Want to be rich? Spend money on assets