Balancing Act

Do you have dreams of living the lifestyle of the rich and famous? Hanging out with the pretty people, floating along in your yacht without a care in the world? Well maybe that isn’t exactly the dream but plenty of people believe they will become millionaires within their lifetime.

According to an Ernst & Young International Intern Leadership study in Orlando, Florida, 59% expect to be millionaires within their lifetime.

So with that in mind, Barbara Reinhold of Monster.com gives us five habits that millionaires seem to follow.

Make these habits yours and you could be the next millionaire.

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The old fashioned way. We earn it.

Well we have talked about this before but there seems to be a big difference in the way people treat easy money and earned money. Money made easily is easily lost. So what is easy money? This is found money that comes from winning the lottery or inheritance. For those who come into a windfall the path can be tricky. History tells us that most people who luck into money lose it all within 10 years.

Those who have earned their fortune and know how to keep it do so by following the following habits.

1. It’s what you keep

Who cares what the neighbors think? According to Michael LeBoeuf, author of The Millionaire in You, It is important to view money as something to invest and accumulate. Money is not just about spending power. Many millionaires live very modest lifestyles. They are not as concerned about keeping up with the Joneses. This simple lifestyle allows people to lead financially independent lives. True, it is less showy and your neighbors might not be as impressed but you will know that you are financially free. Isn’t that the point, anyway?

2. Stay on track

Stay with me here. If that is hard then you need to work on your concentration. LeBoeuf says that we need resist the urge to be into everything and everywhere. Write down your goals and keep them in focus. “Winners focus; losers spray.”

3. Make it happen

As you might imagine, becoming a millionaire requires more than just staying focused. Perseverance is also required. Once you have your goals clearly stated you need to make sure that nothing gets in the way of accomplishing your goals. Be the kind of person who won’t be denied and you are more likely to get where you want to go. Remember, it is not an obstacle; it is an opportunity.

4. Take Calculated Risks

It has been said that if you want to do better you have to do different. In this case most millionaires have taken a strategic risk. This does not mean that you should throw caution to the wind but you have to be willing to recognize opportunity and take the chance to succeed. Want to be average and you will likely see average results.

5. Be Generous

Be it for the tax breaks or for your own peace of mind, generosity seems to be a prevailing habit among the rich. Personally, I think it is a recognition of gratitude, and being able to help is a sort of privilege in and of itself. After all, it is easier to do good if you have the goods to do it with.

We have to agree with Reinhold that these five habits are a pretty good prescription for living happily even if you’re not a millionaire.

LeBoeuf points out that being a millionaire is a lot more common than it used to be. As of 2004, there were 8.2 million households with a net worth of more than $1 million.

So the obvious question is does money buy happiness? Well if you ask professor Andrew Oswald of the University of Warwick in the UK, the answer is yes. After conducting an eight year study of more than 9,000 participants, Oswald concluded that people with money do tend to be happier than others.

Thanks to:

Monster Contributing Writer Barbara Reinhold To read the full story go here.