What All Millionaires Have In Common
A woman who studied 600 millionaires discovered that most of them exhibited 6 behaviors (she called them wealth factors) that helped them reach the 7 figure club—regardless of their age, salary, or background.
Frugality
Defined as living below your means, paying yourself first, and avoiding lifestyle creep (Warren Buffet drives a 2014 Cadillac and eats a $3 breakfast).
Ways you can be more frugal:
Create a values-based spending plan
Ruthlessly cut spending in areas you don’t really care about (like subscriptions, random Target purchases, or delivery meals)
Keep your big financial why in mind (so it’s easier to say NO to things in the near-term because you’re clear on what you’re saying YES to in the future).
Confidence
Defined as trust and belief in your financial management, investing, and household leadership skills.
Ways you can be more confident:
Invest time into your financial education! Take a course, listen to a podcast, join a Wealth Circle, watch YouTube.
Talk about finances with your friends and family.
Practice making smaller decisions (like selecting and opening a HYSA for your emergency fund) until you feel comfy making bigger ones (like making your own investment selections!).
Responsibility
Defined as taking full ownership over your financial future.
Ways you can be more responsible:
Stop blaming other people for the current state of your money.
Practice believing that you’re the only one in charge of your financial future.
Planning
Defined as setting goals for your financial future.
Ways you can plan more:
Write out your 1, 5, and 10-year goals. No really, we can’t stress this enough, if you don’t have your financial goals outlined and written down, how are you going to know what steps to take to achieve them? If you need some guidance, join a Factora Wealth Circle.
Schedule monthly money check-ins with yourself.
Focus
Defined as directing your attention to a few key areas, ruthlessly.
Ways you can focus more:
Write a money mantra that addresses your most important goal. Hang it somewhere you’ll see and say it daily.
Social indifference
Defined as ignoring social pressure or norms
Ways you can be more socially indifferent:
Unfollow IG influencers that make you feel like you constantly need new things.
Shop your own closet!
Remember that wealth is not a #lewk; it’s a mindset
Which of these behaviors do you already practice? Which ones could you cultivate? Focus is one we’re always working on. If you made it to the end of this blog, you’re already working on confidence 😉
Keep Learning With Us
Get even more insights with our weekly podcast, Coffee & Coin, hosted by our Founder & CEO, Allegra Moet Brantly.
Ready to take your financial life to the next level? The Wealth Circle is our live online course and community dedicated to helping women invest confidently and reach financial freedom.