Building a good habit can take a long time and good practices. While you’re in college and still young, it is a great opportunity to build those good habits.
Thomas C. Corley, who spent five years researching the daily habits of 177 self-made millionaires, once said, “Daily habits dictate how successful or unsuccessful you will be in life.”
It’s not about how well you perform while you’re in college nor in your professional careers. Daily habits can hold you back from getting rich or even can transform you from ordinary to seven-figure status.
Here are the five-minute habits of self-made millionaires that you can start developing today.
Write Down Specific Goals for Your Money
If you want to accumulate wealth, you need to take actions. There is absolutely nothing wrong with spending money on goods and expenses, while you’re in college. However, it is a good start by writing down specific goals for your annual income written by self-made millionaire T. Harv Eker in his book “Secrets to the Millionaire Mind.”
You should be realistic when setting a time frame to accomplish these goals, don’t be afraid to think big and challenge yourself.
Eker explains, “The number one reason most people don’t get what they want is that they don’t know what they want,” but the rich people know exactly what they want.
Send Thank You Cards
Many college career centers and advisors often suggest students to write thank you letters to their interviewers, recruiters or during job shadowing. Corley writes, “saying thank you is a reflection of your character,” but this does not mean sending Facebook messages or using other forms of social media tools. Send a thank you card.
You may wonder, when should you write a thank you notes. It can be very simple and genuine. When someone remembers your birthday, refers a recruiter to you, or does you a favor.
Automate Your Savings
Criticism is one of elements that many people fear and do not seek feedback from others. But Corley explains, “feedback is essential to learning what is working what isn’t working. Feedback helps you understand if you are on the right track. Seeking criticism, good or bad, is a crucial element for learning and growth.”
While you’re in college, don’t be afraid to ask for feedbacks from your college professors or from your colleagues. Criticisms and feedbacks guide you with the information you will need to succeed in any venture.
Make A ‘To-Don’t’ List Not ‘To-Do’ List
Many college students and young professionals make ‘to-do’ list because that’s what they were told to do’ make a list. Wealthy people, however make ‘to-don’t’ lists – a dailty list of things you should never do.
A ‘to-don’t’ list can include such things like “Don’t watch more than one hour of TV today,” “Don’t purchase anything more than $50 today,” or “Don’t spend time on Facebook or Twitter during studying weeks.”
It is important to get things done, but it’s equally important to avoid doing things that would take away good habits. Many rich people’s lives consist of diligence of doing things every day and at the same time avoiding certain activities.”
Start saying ‘both’ instead of ‘either / or’
Eker writes, “practice thinking and creating ways of having ‘both’. Often many wealthy people never say ‘either / or’ but instead ‘both,’ because they know you can have it all.
When it comes to money, thinking more about ‘both’ is essential. Poor and many middle-class people believe that they must choose between money and other aspects of life. Remember, you also have a choice to choose both.
Tell Yourself You Deserve To be Rich
A self-made millionaire Siebold says, “”The average person believes being rich is a privilege awarded only to lucky people.” In a capitalist country, like the United States, you have every right to be rich if you’re willing to create massive value for others.
Next time when you think about your future, ask yourself this questions, “Why not me?” Then, start thinking big and outside the box. Rich people set their expectations high. So, perhaps ask yourself, “Why not $1 million dollars?”
College life can be very exciting and fun. At the same time, it can be difficult and stressful. Remember, what you do everyday matters. Start building those good habits while you’re still in college.
Sam Lee / Illinois University