The 5 Key Attributes of Millionaires

Well, we are now three months into 2020 and the majority of people have already abandoned their New Years Resolutions. 🙁

Everyone is always looking for the fast and easy solution to achieve their goals. They need this fast and easy solution because they aren’t willing to be consistent with their actions for long periods of time.

The reality is that an average plan (system) followed consistently over long periods of time is far better than an above average plan (system) rarely used. We all know this to be true; however, most people don’t apply this to their actions.

I just started reading a new book titled, “Everyday Millionaires” by Chris Hogan. This book seems to be an updated version of “The Millionaire Next Door” by Stanley and Danko. Hogan’s team studied over 10,000 millionaires and found the following key attributes:

1. Millionaires take personal responsibility
2. Millionaires practice intentionality
3. Millionaires are goal-oriented
4. Millionaires are hard workers
5. Millionaires are consistent

It’s this last attribute that caught my attention. Consistency ALWAYS beats inconsistency. This rule applies to every area of our lives. A crappy workout plan followed consistently is better than a fantastic workout plan rarely performed. An average retirement plan followed consistently is far better than an accelerated wealth plan not implemented.

Seriously, think about it… The average person who consistently invests $300 a month into a low-cost index fund for 40 years will eventually become a multi-millionaire. This consistency applied over 40 years (480 months) isn’t easy.

What would happen to this average person who lived with consistency for 40 years had they applied their action to a better plan? For example, what would happen if this person consistently created $200 a month in new positive cashflow for 40 years?

They would have $96,000 a month in positive cashflow.

The reality is the average person cannot apply consistency for more than a few weeks. They make a plan and then they don’t follow it. It doesn’t matter if the plan is good or not, they’ll quit either way. It is so easy to move to the above average zone… all you have to do be consistent with important things.

Obviously, I don’t care too much about having a million dollar net worth. I DO care about creating an amazing life, and this does require a great deal of consistency (self-control) applied over long period of time.

So, here’s an important question for YOU to think about:

WHAT AM I CONSISTENT WITH?

Seriously, take some time to think about this question. Make a list of everything your consistent with including the good things and the bad things. It will be an eye opener. It was for me.

Do you exercise consistently?
Do you watch TV consistently?
Do you read consistently?
Do you consistently buy new income-producing assets?
Do you consistently eat crappy food?
Do you consistently make time to “think” each day?
Do you consistently make excuses?
Do you consistently take responsibility?

Most people don’t really “see” how powerful consistency is in their lives. And because the don’t “see” how powerful consistency is, they don’t use this tool to completely transform their lives.

The crazy part is that consistency doesn’t require a lot of work in any given day. It does require self-control applied over long periods of time.

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