Latest Articles

November 1, 2007

5 Habits Of Millionaire Women

By Amanda Rice

Making the first million is the most difficult, as most millionaire women would admit. And save for the heiresses, like Paris Hilton, and the divorcees, like Heather Mills, women who earned their keep via hard work did so by adopting a few key habits that ensured that their bank accounts would reach the 7-digit figure.

If you depend on anyone for money or to balance your finances, it’s time you woke up and discovered that if you want to be a financial success, you need to pay attention to the money you make and the money you spend.

Do you want to be a millionaire? Well, what woman doesn’t, really? Think of all those shoes and vacations by the beach. It’s all too good to pass up, but that first million definitely won’t come easy. So what did these millionaire women do to make their millions?

They implemented these habits.

Millionaire women habits #1
Place value on your time
Many women I meet in my everyday life tend to give most of their time to others, for fear of being considered “self-absorbed.” But if you want to achieve success in life, you need to make it clear to yourself and others that your time is valuable.

If you have a plan to open up your own business or hope to land a CEO position with a corporation, you need to devote your time to a plan. You need to spend some time focusing solely on where you want to go and how you plan to get there, complete with a timeline breakdown and expected achievements.

Keep in mind that it’s not going to be easy; you’re going to have to make many sacrifices along the way, and that includes putting relationships, and perhaps family, on hold.

Millionaire women habits #2
Take calculated risks

Life isn’t easy and making a boatload of money might not happen upon your first attempt, either. Risks are a necessary evil of potential moneymakers and, if you want to make money, you’re going to have spend some first.

Ani DiFranco, a famous singer and entertainer, started her own record label, Righteous Babes Records, at 18 years of age and with only $50 (she didn’t have much more than that to her name). Now, she’s a millionaire in her own right and she did it on her own terms (she could’ve signed a lucrative deal with a major record label but wanted to maintain her artistic freedom).

Before she jumped into her venture, however, she assembled a business plan and then took a calculated risk. And if you want to achieve such a level of success, you’ll need to take smart risks, otherwise you’ll never triumph.

Millionaire women habits #3
Don’t earn to spend
Many women I know don’t invest their money in anything… or even save it for that matter. While it’s okay to buy yourself the occasional little black dress , it’s more important to think about your long-term financial future.

Whether you start by putting $100 away every month or “investing” in a new business, you need to stop spending every penny you earn on items that don’t reap a profit.

Millionaire women habits #4
Know your market

No matter what you plan on doing, whether it’s create and sell a new line of high chairs for infants, open up a high-end furniture store or put out a Pilates magazine, you need to study your market and its surroundings ad nauseum.

Spend some time and money on researching your competition, potential locations, recent trends, customer preferences, and everything in between. If you want to be successful, you will have to spend some time living in what it is you want to do.

And don’t just explore your market; explore upcoming trends and try to apply them to your business model. Most millionaires agree that being ahead of the trend is better than being in it.

Millionaire women habits #5
Think big

Many women are afraid to think big because they’re always being told about how risky everything is. But you need to become more optimistic and confident in your abilities and what you can accomplish.

If someone tells you that you can’t do something, use that as ammunition to prove to yourself that you can. If you make a decision to start up a new business, invest in your invention or take the lead position of a company, go at it with full force and turn negative or skeptic energy into a positive practice.

Of course, this is not to imply that you should be ridiculous in your ideas, but exploring a possible countrywide expansion for a business that is presently booming in your city is a grand and phenomenal idea.

Habits of millionaire women

With the right mentality and dedication, if you want to make a million dollars, you can. There will be times when the chips are down and you will feel like giving up… we all do. But if you simply hang in there and persevere, there is no doubt that you can reach your goals.

Until next time, I look forward to seeing you at the annual millionaire women’s club get-togethers.

No comments:


AddThis Social Bookmark Button
Add to Google

Powered by FeedBurner