5 Millionaire Habits To Change Your Life

Most millionaires don’t come from generational wealth. Only around 20% of them inherited money from their families — the remaining 80% are self-made

Those 80% have shifted their mentality to achieve their dreams and goals. 

Here are five actionable steps you can start today to begin your own journey toward a millionaire life.

Erika Taught Me

  • Your time is valuable — don’t waste it on things that don’t matter.
  • View your mistakes as learning opportunities and don’t fear risk.
  • It’s okay to splurge sometimes, but you don’t need to always keep up with everyone else.

. . .

1. Simplify Your Life

Decision fatigue is real. It happens when you have too many options and your brain gets exhausted. (This is when you begin to make impulse purchases.)

When you stop wasting your mental energy on things that ultimately don’t matter, like getting dressed in the morning, you have the capacity to make clear decisions on the things that do.

I used to care way more about what I wore. I’d spend the morning shuffling through my closet, wasting energy on putting an outfit together. After simplifying my closet to basics and things I actually like, it now takes me two minutes and I move on to the next thing in my day. 

You might have seen people like Mark Zuckerberg or Steve Jobs do something similar. Jobs wore the same black turtleneck every day to take the guesswork out of getting dressed. 

It saves time and energy, both of which are of extreme value to you!

2. Value Your Time

I used to have a DIY attitude and would bend over backward just to save $20. 

But when I realized my attitude was costing me tons of my time, I changed my mindset. I stopped wasting my precious time and began outsourcing stuff — even things like laundry, which eats up my time at home! 

That DIY mindset doesn’t always serve you best, and just because you can do something yourself doesn’t mean you should.

I could spend hours making mediocre graphics for my YouTube channel, but instead, I pay someone who’s way better at it than me to make them in a quarter of the time. 

Stop wasting your time and outsource the things that make sense to take off your plate, so you can focus on what’s important for you.

READ MORE: Short-Term vs. Long-Term Financial Goals

3. Don’t Fear Failure

Thomas Edison failed a thousand times before he successfully created the lightbulb. 

Instead of calling them “failures,” he said that the path to the lightbulb simply required a thousand steps. 

Every risk and failure is a learning opportunity.

Take calculated risks when you have fewer responsibilities. When you’re young, you might have less overhead to worry about, like a house or kids, so it’s the perfect time to go all-in on your passion to build the life you want. 

I took the risk of quitting my job as a lawyer to start my business, and it turned out to be the best decision of my life! 

I was scared to give up the comfortable paycheck and stability, but only by leaving these things behind could I start living my life the way I wanted to.

READ MORE: How To Start a Business With No Money

4. Be More Frugal

It’s simple math: The less you spend, the more you save. 

And, when you save, you create a financial buffer that allows you to take more of those calculated risks that lead to the successful life you envision for yourself. 

Our world teaches us to “keep up with the Joneses.” We don’t want to have the smallest house in the neighborhood or the oldest car at the office. We want to follow trends and fit in — which requires constant spending as stuff comes in and out of fashion quickly.

We see these as necessary expenditures, but are they really? 

Start working toward being content with what you have, rather than comparing yourself to your friends and neighbors. Having less while still getting by is a simple way to save a lot of money.

Don’t get me wrong — this doesn’t mean we need to be miserable! What I’m describing is just a way of life that can lead to increased savings.

It’s not wrong to splurge every once in a while, like upgrading your laptop or buying a new outfit. But, in general, the more frugal you are, the sooner you can get to your savings goals.

When I graduated college and started my corporate law job, I noticed many of my coworkers spending their paychecks on expensive cars, nice apartments, and high fashion. 

While none of these things were inherently bad, my coworkers weren’t saving very much because all their money went to car payments and high rent. 

By driving my college car, staying in a smaller apartment, and eating out only a couple of times a week, I saved loads of money. 

Be wary of the lifestyle creep! Live frugally and you’ll start to see your savings swell. 

5. Surround Yourself With Inspirational People

Motivation often comes from those we look up to. When we admire people who are focused, passionate, and encouraging, they help us rise, too. So, surround yourself with those who have ambition and see your potential. 

In movies about heroes, all the main characters have mentors who push them beyond their limits. Frodo has Gandalf, Harry Potter has Dumbledore, and Luke Skywalker has Yoda. When our heroes reach rock bottom, their mentor pushes them toward greatness.

Like the heroes’ mentors, our friends and family influence our energy balance. 

When I was working in the law firm, everyone seemed to have thought they had “made it.” I could see they weren’t happy, though. We weren’t like-minded, and I didn’t feel like I was at my best around them. 

Consider doing an audit of your social circles. Note where your battery gets drained versus recharged. If one person always sends you spiraling, reconsider how much time you spend with them. If someone always leaves you feeling inspired and confident, try to spend more time with them.

Actively spend time with those who charge you up, not bring you down. The negativity of others will never do you any good!

TL;DR: 5 Important Habits of Millionaires

There’s a lot of power in evaluating your habits, and even more when you’re willing to change some of them. Successful millionaires know the importance of simplifying their lives, valuing their time, taking risks, prioritizing saving, and connecting with inspiring people. 

When you commit to new habits like these, remember that you are setting yourself up for future financial stability and success!

For more tips on making the most of every day, check out these episodes of the Erika Taught Me podcast:

Erika Photo

Learn With Erika

. . .

Latest Articles
A young woman In a hat stands against the backdrop of the Kilimanjaro volcano and looks away.

How To Protect Your Trip by Planning With Cancellation Insurance

Young husband and wife compare travel insurance policies together at home.

How To Compare Trip Cancellation Insurance Providers

Woman with injured foot holding paperwork calls insurance agency.

How To File a Trip Cancellation Claim

Crying young woman sitting on snow injured during skiing trip.

Best Travel Insurance for Medical Coverage in 2025

Hiker grimacing and holding knee, in pain, asking for help on phone.

How To Access Emergency Assistance Abroad Through Your Travel Insurance

Related Articles

A young male/female couple drinking coffee and eating cake in a cafe.

How To Date on a Budget

Thanks to inflation, going out on a date has gotten a lot more expensive. According to a survey by LendingTree, 65% of singles say inflation

Young woman choosing bread while buying groceries in supermarket.

8 Ways To Save Money on Groceries

There’s a good chance your weekly trip to the grocery store is feeling more expensive than ever — food prices have increased 28% in the last

Compare To Other Cards

Best Offers From Our partners

Reward rate

Welcome bonus

Annual fee

Regular APR

Recommended credit

Author picture

I'm an award-winning lawyer and personal finance expert featured in Inc. Magazine, CNBC, the Today Show, Business Insider and more. My mission is to make personal finance accessible for everyone. As the largest financial influencer in the world, I'm connected to a community of over 20 million followers across TikTok, Instagram, YouTube, Facebook and Twitter. I'm also the host of the podcast Erika Taught Me. You might recognize me from my viral tagline, "I read the fine print so you don't have to!"

I'm a graduate of Georgetown Law, where I founded the Georgetown Law Entrepreneurship Club, and the University of Notre Dame. I discovered my passion for personal finance after realizing I was drowning in over $200,000 of student debt and needed to take action-ultimately paying off my student loans in under 2 years. I then spent years as a corporate lawyer representing Fortune 500 companies, but I quit because I realized I wanted to have an impact; I wanted to help real people and teach them that you can create a financial future for yourself.

Advertiser Disclosure

Our aim is to help you make financial decisions with confidence through our objective article content and reviews. Erika.com is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as MileValue.com. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. Terms apply to American Express benefits and offers. Enrollment may be required for select American Express benefits and offers. Visit americanexpress.com to learn more.

Advertiser Disclosure

Our aim is to help you make financial decisions with confidence through our objective article content and reviews. Erika.com is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as MileValue.com. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. Terms apply to American Express benefits and offers. Enrollment may be required for select American Express benefits and offers. Visit americanexpress.com to learn more.

Advertiser Disclosure

Our aim is to help you make financial decisions with confidence through our objective article content and reviews. Erika.com is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as MileValue.com. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. Terms apply to American Express benefits and offers. Enrollment may be required for select American Express benefits and offers. Visit americanexpress.com to learn more.