Learn From The Smartest Millionaire Minds in Business

8 Insider Millionaire Money Habits to Improve Your Life

Inside the mind of a millionaire are money habits and secrets of excellence so deeply ingrained, that it has become their character.

They cannot be anything other than rich.

Every decision they make is based on the habit of prioritizing their happiness, success, and wealth.

They don't make a move or spend a dime unless it's harmoniously fulfilling.

Take it from Trainer, Speaker & Author of Secrets of the Millionaire Mind, T Harv Eker who has not only become a multi-millionaire himself, but has helped millions of others generate astounding fortunes over the last 3 decades.

He offers valuable insight on the habits rich people have that help them get, and stay rich.

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Are you working hard? 

Then you may as well make money while you’re at it. 

And I bet the reason you’re not rich yet is that you’re still practicing the same habits from when you were poor.  

If you keep thinking and acting like you are poor, you will always be poor.

How Do Rich People Make Money?

There are a variety of ways people can achieve wealth. 

Some create new products, others choose investment in different companies while many simply continue working hard at their jobs. 

Although everyone does it slightly differently, what is common is that most millionaires commit to the same patterns and habits.

The universal trait among the rich is how they think about, and treat their paid earnings.

They understand that responsible habits are key to their success.

Rich people have a “wealth mindset” which enables them to make their money work well for them.

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What Do Rich People Do with Their Money?

Truly wealthy people know that if they wish to keep their wealth, they have to manage it.  

Millionaires do NOT spend their abundance on luxuries - they learn instead, how they can make their millions work for them.

‘What do millionaires do to make their money work for them’, you may ask?  

Use it to make more money through multiple income streams of course!

Imagine getting three or four extra paychecks every month. How nice would that be? What could you do with that extra money, especially if you didn’t have to work an hour to earn it?

Passive income became a reality for the wealthy because they applied what they learned and continue patterns and habits of making sound investing decisions. 

Residual or passive income is money you will earn with no labor or effort on your part and can mean different things from renting out a property you own, to affiliate marketing, or creating information products.  

There are as many ways to create passive income as there are to make money and by comparison, much fewer habits to adopt to be successful in making your money work for you.

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How Can You Manage Money Like the Rich?

The thoughts about, and use of their money is something rich people approach differently than most. 

Instead of taking their money for granted, they actively manage it. 

Harv gives us 6 ways the rich manage what they wish to keep.

1. Get Out and Stay Out of Debt

Debt devours your profits. 

No amount of money in the world can make you rich if you refuse to improve on your habits of indebtedness.

What good is making six figures if you owe 50% of it to your debt?

Instead of celebrating your victories and spending your money on what you rather want, debt demands you use your money to pay for what you already own.

Getting out of debt starts with not getting any new debt.

If this means you must destroy your credit card so you can’t use it, then get chopping!

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2. Stick to a Budget

Of all the great habits millionaires have about their money, the most life-changing one may be 'living only within your means'. 

They know that spending less than what you earn is the only way to become and stay wealthy.

Regardless of how close you are to making your first million, using a Jar Budget to manage your money will benefit you greatly and if you provide your children with a great example from young on how to manage their finances, you will never have to worry about their financial success again!

Splitting your earnings, each into it's own money jar (or account) works in your favor to help create the habit of responsible planning, saving and spending which ultimately - with commitment -  sustains your creation of wealth.

Here are your 6 money jars:

  • 55% – Necessities (rent, food, electricity, bills)
  • 10% – Long-term savings for spending (big purchases, vacations, rainy day fund)
  • 10% – Play (spoiling yourself and family, leisurely expenses)
  • 10% – Education (coaching, mentoring, books, courses)
  • 10% – Financial Freedom (stocks, mutual funds, real estate)
  • 05% – Give (charitable donations)

A key part of making your budget is giving up instant gratification.

Rich people understand that they don’t need to get what they want immediately.

The instant delight of buying anything new isn’t worth risking the success of your future financial security.

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3. Know the Difference Between Wants and Needs

The rich have a clear definition of what they need, understanding that their wants can wait. 

You might believe the bigger house, the newer car, or that specific outfit is what you need, but how will those favor your finances? 

More, bigger and better only deepens your debt. Will a fancy new car bring fortune to your finances?  And will staying in the habit of buying things you actually cannot afford make you rich?

Defining the difference between a need and a want is crucial as it builds your wealth foundation.

If you can’t manage your impulse control and distinguish between a want and a need now, you’ll run into the same problem of wasting your money on unnecessary purchases when you make it big.

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4. Be Frugal

Many believe the rich spend their money on whatever, wherever, and whenever they want.

When in fact the wealthiest among us are often bargain hunters and notoriously frugal.

The rich do not need to purchase luxurious products.  

They buy their clothes off the shelf, cut their hair themselves, fly coach, bike, or cycle to work, and often hold on to their ‘starter’ home for the duration of their career.

After all, why spend money when you could save it or make it work for you?

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5. Research the Market

The rich do their homework and don’t get bullied into taking anyone's advice. 

They research facts & figures for themselves. 

At the suggestion of good investment opportunities, they ensure to understand each aspect of it before they invest.

To the rich, knowledge is power, so the more information they have on a market, investment, or potential business partners, the better they can decide on how to use their money.

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Where Do the Wealthy Invest Their Money?

Investment strategies vary as much as those using them. 

Some prefer the security of federal bonds while others advocate contrarian investments. 

The universal habit of the rich, however, is investing.

The rich set aside part of their income to invest, even during financially hard times. They save early and often, and never break the habit.

Different millionaires choose different investment strategies, so have a look at some common choices the wealthy make as to where they invest their money:

1. Physical Goods

It’s not surprising that millionaires own things as they invest in land and real estate which are tangible assets. 

These tangible goods are safer, being external from stock markets and therefore unaffected by depressions, recessions, and crashes and can therefore still generate wealth.

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2. Diversification

Rich people diversify. 

Resist the temptation to impulsively invest everything you have into one field or company, the risk is simply too high. 

Of course, you’ll win if the company succeeds but if they fail, then you fail too. 

Thinking All-or-Nothing is not safe - you could lose everything.

By diversifying, the wealthy choose several locations to invest their money into simultaneously. 

Should one investment take the plunge, the success of the others becomes a safety net.

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3. Long Term Plans

The rich don’t invest in short-term stock market unpredictability. 

Instead, they prefer investing in the long-term success of companies. 

Where they invest, the plan is to keep the investment for a few years. 

This takes research and infinite self-control.

Millionaires aim for long-term plans and targets, and even when stocks start succeeding, their nerves of steel reinforce their patience.

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Conclusion: How you look at it, is what you will see

Being rich starts with your mindset and your willingness to improve your habits to become and stay wealthy. 

Wouldn’t you be happier and more confident if you didn’t have to stress about making ends meet?

Take responsibility for your choices, learn how to manage yourself and your money, and take action to follow through on your commitments. 

Budget, plan, invest and hold your nerve. 

Don’t be seduced by opulence - stay humble!

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Frequently Asked Questions About Money Habits


What are 5 good money habits?

Staying out of debt, knowing the difference between your needs and your wants, not living beyond your means, sticking to your budget and investing in passive income streams.

What do most millionaires do?

Most millionaires commit to the same patterns and habits of investing, saving, spending, budgeting and managing their wealth with deliberate intent by making their money work hard for them and not spending their resources on anything that won’t build on their wealth or has not been planned.

They are masters at making and keeping money, with financial freedom at the core of their wealth.

What are the habits of millionaires?

Having a millionaire mindset and a money blueprint that attracts wealth and success, most self made millionaires have cultivated the habit of excellent money management through self-mastery.

They are early to rise, decisive in taking action at the right time and are excellent receivers because they are equally committed to giving..

They set and achieve their goals, invest in long and short term plans, spend strictly what they allocate their earnings to and have multiple passive income streams.