Millionaires are often cut from the same cloth — they’re disciplined, have focus, are resilient, and practice perseverance.
These are all qualities that help them build wealth, according to Sarah Stanley Fallaw, co-author of ” The Next Millionaire Next Door: Enduring Strategies for Building Wealth” and the director of research for the Affluent Market Institute. But these traits aren’t necessarily innate — there are two ways anyone can develop them.
The first way, according to Stanley Fallaw, is to understand where you are today.
“If you know that you’re prone to make emotional decisions, it’s first being aware of that and kind of taking stock of that and asking yourself, okay, when is it that I’m making decisions that are really not in my best interest?” she said in an Afford Anything podcast with writer Paula Pant.
Once you’ve built awareness, you should then build new behaviors around typical behaviors, Stanley Fallaw said. She referenced Charles Duhigg’s book, ” The Power of Habit,” for an understanding of building new behaviors around things you don’t often give thought to.