Do you follow a series of productive daily routines? If not, it could be holding you back from making millions of dollars in life, seriously.
In fact, there are distinct traits and habits which millionaires share. But in addition to traits and habits, successful people also often share similar daily routines, such as waking up early and keeping notes on their progress in business. I’ve outlined several common positive daily routines in this post. If you develop these daily routines, you may just be speeding up your progress toward becoming a millionaire.
1. Wake up early and prepare ahead of time. Rise and shine; the early bird gets the worm; so on and so forth. It may be cliche, but there is wisdom in these cheesy adages. Waking up early in and of itself won’t make you rich, but what you do with this added time can very well make you a millionaire faster as you’re better prepared each day than most others who wake up later.
When I wake up early, I make good use of those AM hours. I take that time to pause and reflect and acclimate myself to the day. I also use that time to get annoying things out of the way: answering emails, doing mundane daily tasks so that I don’t have to deal with them when it’s time to trade.
Finally, this is a great time to check out the international markets and to do your daily reading of the news in quiet, when you can focus on it without interruption. Being prepared and being informed are the true benefits of your early morning routine.
Download a PDF version of this post.
2. Set goals for the day. To become rich, you need to set goals. I’ve said this time and time again (and, spoiler: I’ll say it again); it’s a big emphasis in the Timothy Sykes Millionaire Challenge. But it’s not just on a big scale. On a day to day basis, you can keep your big goals in check by setting manageable mini-goals.
For instance, say your big goal is to earn enough money to buy a house. It’s unlikely that you’ll make the entire sum in one day, but you can make smaller goals that will take you toward that bigger one. Today, you might make 20% more than yesterday. Over time, attaining these smaller goals will get you closer to the big goals.
3. Invest in yourself. You’ll increase your moneymaking potential by leaps and bounds if you invest in your education. If you want to be a great trader, this means that you’ll have to take the time and necessary means to learn all you can about the market and trading.
The Tim Sykes Millionaire Challenge Cost is one such investment that will offer great benefits. I act as a mentor to my students, leading them in the right direction to teach them the lessons about the market which they need to learn. This targeted direction and education will ultimately help them make money.
4. Learn something new. If you make learning something new part of your everyday routine, it can help make you rich faster. So how do you do this?
First, make reading part of your everyday routine. Stay current on the news, yes, but also read books and other media. Read books about the market, both strategies and biographies like this of successful traders. This will give you a view of how the market works and how to find success on both technical and anecdotal levels.
Read free stock market guides like this and blogs, too (good job on being here, btw) so that you can get an ongoing ticker tape of the current ideas and news swirling around the market.
Finally, learn by following traders on newer media channels. Often, nuggets of wisdom are dropped in casual settings such asor Facebook. Podcasts are also a great way to get knowledge while on the go; you can listen to them in your car or while on your morning run.
5. Do your research. Researching stocks and potential trades isn’t sexy or glamorous. But it’s got to be done, so you’d best make it part of your daily routine now. Even if you’re not yet making money, take the time to at least monitor the market on a daily basis.
If you are embarking on your career trading, it’s a good time to get used to doing your research. This means researching potential plays, so even if you’re not investing at all or not investing in big numbers yet, you can get used to feeling out a trade. Research the company, research the news, and anything relevant that might inform your trade. It’s a good habit, and it can save your skin in the future.
6. Dedicate yourself to your work. There’s an adage that says “whatever you are, be a good one.” Make a resolution right now, no matter what you are doing, to dedicate yourself to your work. It’s a habit that will serve you in whatever you do, but it will be particularly helpful in making you a millionaire.
When it’s time to work, completely dedicate yourself to it. Don’t be drawn in too many different directions. Remain focused on your goals. This great student of mine studies so much, he’s admitted to studying while on the toilet too!
7. Avoid distractions. In a way, this is an anti-routine: you want to avoid potential distractions and time wasting activities. Basically, by making avoiding distractions part of your routine, you’re protecting all of your other positive routines.
For instance, if you’re working from a home office a few days a week or even full time as a trader, friends or a partner might be tempted to spirit you away from your work for long lunches, or just draw you into their daily activities. Resist the urge. You really have to set up a work routine and honor it to be successful.
8. Evaluate your progress. At the end of each day of trading, make it part of your routine to take a few moments to quietly consider what it is that you’ve accomplished. Take this time to consider what it is that you did right that you can continue to develop moving forward. But also note what it is that you could have done better.
Overall, you want to look at your day and consider how you can use the information to move forward stronger and more intelligently. Write down any ideas you have so that you can keep track of your progress.
BONUS #9. Call it a day. Now for an important part of your routine: quitting for the day. While it’s possible to be at your computer for endless hours, that doesn’t mean your’e being productive. Know when to say when, and turn off the computer and/or smartphone so you don’t burn out. Take some time for yourself and/or to enjoy your friends/family, do the things that you want to do, and to get rest. You’ll come back to it stronger and refreshed, which can help you make millions faster than someone who goes hard, but burns out fast.
By cultivating these daily routines, you’ll be taking a grand step toward your future success. These are routines shared by many millionaires, and if you want to join their ranks, it’s a wise idea to start incorporating them into your daily life.
What’s your daily routine?