The First Step to Becoming a Millionaire
So what does it take to turn millionaire wishes into reality? The answer might be easier than you might think. Curling up with a good book is one of the basics of how to be a millionaire.
A 30-year survey of the world's wealthiest people by Steve Siebold, author of "How Rich People Think" found that self-made millionaires all have one thing in common. Reading is a significant part of their lives.
Billionaires from Warren Buffett to Bill Gates to Mark Cuban all point to their voracious reading habits as a crucial part of their daily routine. But it's not just the act of reading itself, it's how you read and what you read.
The reading habits of people with a liquid net worth of $3.2 million and an annual income of $160,000 or more do the bulk of their reading to educate and improve themselves, increasing their odds of success. Their reading material includes educational books rather than magazines or novels. Biographies and autobiographies of other successful people are also on the rich person's reading list as a source of inspiration and guidance.
Warren Buffett's reading habits are legendary. He says his life forever changed after reading "The Intelligent Investor" by Benjamin Graham, which was first published in 1949. Today, Buffett devotes 80 percent of his workday to reading.
If you think you can't find the time, try turning off the TV set. According to Tom Corley, author of "Rich Habits: The Daily Success Habits of Wealthy Individuals," 67 percent of wealthy people limit themselves to an hour or less of television daily. By comparison, only 23 percent of poor people turn off the tube after an hour.
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Methodology: The GOBankingRates survey asked 1,008 respondents, "Do you think that you will become a millionaire during your lifetime?" Respondents could select either "yes" or "no." Responses were collected through a Google Consumer Survey conducted April 26 - 28, 2017, and responses are representative of the U.S. online population.