All self-made billionaires had to start somewhere. Much of their transformation from ordinary to ten-figure status is attributed to “rich habits.”
So what makes them different from everyone else?
Consistency and discipline of doing the right things over and over until they became habits. Good habits. Also, daily habits dictate how successful or unsuccessful you will be in life.
Get up early
50% of billionaires get up 3 hours before their workday. It’s a strategy to deal with inevitable daily disruptions, such as a meeting that went too long, egregious traffic, or having to pick up your sick kid from school. These disruptions have a psychological effect on us. They can drip into our subconscious and eventually form the belief that we have no control over our life. Getting up at five in the morning to tackle the top three things you want to accomplish in your day allows you to regain control of your life. It gives you a sense of confidence that you, indeed, direct your life.
Mark Cuban does an hour of cardio six to seven days a week. Seventy-six percent of the rich aerobically exercise 30 minutes or more every day. Aerobic exercise includes anything cardio, such as running, jogging, walking, or biking. Cardio is not only good for the body, but it’s good for the brain as it grows the neurons (brain cells) in the brain and increases the production of glucose. Glucose is the brain’s fuel. The more fuel you feed your brain, the more it grows and the smarter you become.
Live below their means
Warren Buffett’s house cost $31,500 in 1956, he has never upgraded. You should avoid lifestyle inflation which is the concept of increasing your standard of living every time your income increases. While in some cases it is fine to increase your living standard as you make more money, when it becomes a habit of ever increasing expenses as income increases, people find themselves in a perpetual state of “near poverty.” Many self-made billionaires live in the same house and drive the same car they had before they became millionaires, or at least, they don’t go overboard when upgrading.
Read as much as possible
Warren Buffett spends 80% of his day reading, getting through 600 pages. The rich would rather be educated than entertained. Eighty-eight percent of the rich devote thirty minutes or more each day to self-education or self-improvement reading. Most did not read for entertainment, the rich read to acquire or maintain knowledge. Moreover, the rich prefers mostly three types of books: biographies of successful people, self-help or personal development, and history.
Take Time to Reflect
The rat race is real — life is very busy and most of us find it hard to stop and reflect on the past. Self-made billionaires understand the importance of reflection and future vision, they dedicate at least 30 minutes a day to strategic thinking. Strategic thinking includes topics such as finances, family, health, careers, and hobbies. Some questions self-made billionaires ask themselves are: How can I increase my earning potential? Do I enjoy what I am doing now? Am I exercising enough? Are there any more community organizations that I should be involved in?
Get quality sleep
Binge watching shows all night is certainly a thing now, but self-made billionaires make it a habit to get enough sleep on a consistent basis. The Millionaire Next Door outlines that self-made millionaires sleep an average of 7.5 hours each night.
There are things you can do to get a better night sleep:
- Set a relaxing mood before bedtime by lowering the lights, taking a shower or listening to soft music
- Lay out your next day’s clothes to set your mind at ease
- Make your bedroom as dark as possible
- Stick to a constant sleep schedule
- Ensure you have a quality mattress and pillow
Hours of Sleep per night of Successful People:
- Richard Branson: 6 hours
- Albert Einstein: 10 hours
- Tim Cook: 7 hours
- Bill Gates: 7 hours
- Benjamin Franklin: 7 hours
- Jeff Bezos: 7 hours
- Elon Musk: 7 hours
- Ellen DeGeneres: 8 hours
- Neil Patel: 8 hours
Understanding the value of sleep is important, as getting enough sleep has positive effects on memory function and creative thinking.