Developing this habit could lead you to financial security.
Thomas C. Corley had the unique opportunity of interviewing 177 self-made millionaires. It took him five years to do that and he has since written books about the insights he has gained, such as “Rich Habits: The Daily Success Habits of Wealthy Individuals”.
According to him, about 80% of these millionaires had one common practice that they did way before they hit the big time. And this one habit eventually played a big factor in helping them become more financially-stable.
Corley revealed:
“The self-made millionaires in my study all set a goal of saving 10 to 20 percent of their income during their pre-millionaire years.”
This is, of course, in stark contrast to the average amount saved by workers in the United States – which is only around 8%, according to the St. Louis Federal Reserve.
“Self-made millionaires make a habit of saving,” he emphasized. “The more you are able to save at an early age, the more wealth you’ll accumulate.”
Another point that the author made is that millionaires “do not rely on one singular source of income.” As he wrote in his book “Change Your Habits, Change Your Life,” 65% had” at least three streams of income that they created prior to making their first million dollars.”
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