How Do Millionaires Spend Their First Hour of The Day?
Last updated on 2021/5/1
Have you reached your personal, professional, and financial goals? If you are like most people, you are probably still working towards your goals - or even just trying to figure out what your goals are. Besides, life is a journey. But if you are ready to start reaching your goals, then it is all about attitude and living your life with purpose.
According to Sarah Stanley Fallaw, author of "The Next Millionaire Next Door: Enduring Strategies for Building Wealth", "focusing on goals is related to building wealth, regardless of age and income...The decisions we make, particularly related to the allocation of our time, energy, and money, impact our ability to become financially independent." Stop dreaming of your goals and start focusing on living them.
Create a Budget
What are your financial goals? If you already know the answer to this question, then you're ahead of the game! If you do not already know the answer to this question, create a budget! Before making financial goals, it is important to know where you stand with your money, and creating a budget will allow you to see the big picture. Once you know how much you bring in and put out every month, you can start making financial goals based on your priorities. Whatever your financial goals are, it never hurts to take advice from someone who has already reached their financial goals - and then make some of your own.
What Does Being Wealthy Mean to You?
Does it mean making a certain amount of money, being able to afford certain things, or just being able to not worry and stress about money anymore? Regardless of your personal definition of wealth, you will probably agree that millionaires know a thing or two about money management and wealth building. If you are trying to figure out how to be better with money and increase your money handling skills, then it just makes sense to seek advice from millionaires, who are personal experts on the topic of money.
Key Elements of Millionaires Morning Routine
How do millionaires spend their time so efficiently? How do millionaires spend the first and last hour of the day? To reach your goals, take a look at how millionaires start and end their day, as well as some tips for in-between.
Many millionaires highly value their morning routine and make sure to invest in both their mind and body every morning. So how do millionaires spend their first hour of the day? Here are our top tips on how to spend the first hour of your day like a millionaire:
Get up Early
Millionaires don't typically start the first hour of their day at 9 am, so it wouldn't make sense for you to do so either. Sleeping in is fine if it is the weekend or you really need some extra sleep, but if you want to start your day off like a millionaire, then you need to get up earlier than usual. You don't have to get up at 4:30 am like some millionaires do, but starting your day like a millionaire means being up and at it by 6 am or 7 am. What is essential is getting up early enough to have the energy and the time to get everything done that you need to get done.
Exercise
A 2018 study found that even just "mild exercise, on par with yoga and tai chi, may improve memory." This means that just 10 minutes of exercise in the morning can improve your memory, making you able to concentrate better and be more productive during the day. Besides better memory, exercise improves your health.
This means fewer sick days and the ability to work more hours. You can do a light meditative exercise, like yoga or pilates, or you can do a mild exercise like jogging. If you want to stay inside instead of jogging around the block, then there are a lot of 10-minute workout videos online that you could exercise with. Do whatever exercise is best for you.
Harness the Power of "Positive Thinking"
Self-doubt is very common in society, but it is not productive. While millionaires still feel self-doubt like the rest of us, they just deal with it, rather than dwell on it. Millionaires, instead of dwelling on self-doubt, have learned how to harness the power of "positive thinking", and you should too. When you use positive thinking, you will see a boost in your motivation and, in turn, an impact on your work life.
In order to prepare yourself in the morning to utilize positive thinking, use 10 minutes in the morning to recharge your motivation. These 10 minutes should be used to think about your goals, match your feelings and motivations with your goals, and prime yourself for your day. One way Steve Jobs did this was by asking himself, “If today was the last day of my life, would I be happy with what I’m about to do?” Learn how "positive thinking" can help make you wealthy!
Identify Your Most Important Task (IMT)
Before you start your actual work, it is important to know what your MIT for the day is. This is why it is important to spend a part of your first hour of the day deciding what your MIT is. This requires already knowing what your main overarching goals are, as well as being able to break down your large goal into smaller SMART goals.
A SMART (Specific, Measurable, Achievable, Realistic, Time-Oriented) goal can allow you to create a realistic MIT for the day. When you have an MIT, you will be more productive. Plus, once you complete your MIT later in the day, you will feel a sense of accomplishment, which is a great motivation-booster.
Spread Joy and Positivity
We all know what it is like to start the day by spilling your entire tumbler of coffee all over the kitchen floor or running late for an important meeting. When the day starts out negatively, it can sometimes feel like nothing could go right that day. Just having that attitude can cause a self-fulfilling prophecy. Research has shown that having a negative attitude towards the day has "a clear impact on performance, including both how much work employees [do] and how well they [do] it."
Because of this, it is important to start your day with joy and positivity. And what better way to do this than by being kind to others? Being nice to others will also boost your own mood. You can do this by spending 10 minutes in the morning sending positive messages to or calling your friends and family.
Millionaires do these things in the morning to prepare themselves for the day and boost their efficiency. If you incorporate these things into your morning routine, then you might also see improvement in your daily productivity and personal motivation. Spending just 10 minutes each on exercise, recharging your motivation, planning your day and identifying your MIT, and spreading joy and positivity can have a big impact on how you live and work.
How Do Millionaires Spend Their Last Hour of the Day?
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You may be saying, "Hey! I asked, 'How do millionaires spend their first hour of the day?' not 'How do millionaires spend their last hour of the day? '!" Well, before you are prepared to spend your first hour of the day like a millionaire, you need to create a similar routine to a millionaire. Speaking of routines, routine is key! Whether you adopt the entire routine of what millionaires recommend or just parts of it, the important thing is to do it every night.
By sticking to a routine, you will already see improvement in how alert, productive, ambitious, and positive you are during the day. This is in part because having a bedtime routine will allow you to fall asleep faster and remain asleep throughout the night. How do millionaires spend their last hour of the day? Here are just a few tips to the question of how do millionaires spend their last hour before sleeping:
Review Your Day's Performance
It is important to be honest with yourself when reviewing your day's performance. By reviewing your performance, you can determine not just what went wrong but why. Plus, being conscious of your decisions and their effects can help ensure you do not just keep making the same mistakes over and over.
Unplug
You might get some social media notifications before bed and be tempted to check them, but this can lead to a slippery slope. Besides a large amount of time you may accidentally spend on social media, due to the hole you may fall in when checking just your notifications -- and then just taking one quiz and watching only one cat video, it is actually also unhealthy. Screen time, specifically the ambient light it emits can disrupt your sleep. Practice bed hygiene and unplug an hour before bed.
Read
Whether it is a book solely for entertainment purposes or a book related to your career field that you have been meaning to read, read something! Reading can help you relax before bed, and what you read might even inspire your personal or professional life. If you are having trouble thinking of what to read, consider picking up some personal finance books for beginners or best personal finance books for experts, so that you can increase your personal finance know-how.
Pamper Yourself
It doesn't have to be all work and no play. Rest and relaxation are an important part of taking care of and investing in yourself. When you feel good, you will look and feel more confident, and your image is an important factor in professional (and personal) success. Even if you do not have the money for a spa treatment, a nice bubble bath with your favorite music playing does the trick.
How Do Millionaires Earn Their Money?
Besides just focusing on the question "How do millionaires spend their time?", it could be helpful to ask "How do millionaires make their money?" Many millionaires earn most of their money from their jobs, but they also earn money through investments and savings accounts. These methods could also work for you, if you take the time to learn the basics. Once you set it up, all you have to do is wait for the money to come rolling in.
How Can I Start Investing Like a Millionaire - with a Small Amount of Money?
If you have been wondering how to start investing like a millionaire but only have a small amount of money available in your budget to use for investing, then consider these simple ways to start investing. Even if you are on a tight budget, investing can still be possible for you. In fact, the entire point of investing is to increase how much money you have, so investing could allow you to increase your savings and use the additional money on your wants, instead of only on your priorities.
If you are trying to find enough money to start investing, collect your loose change (from around the house, in your couch, on the floor of your car, and in the bottom of your purse), selling something you no longer need or use, or even working an extra shift.
If you still need help figuring out how to get started, consider hiring a financial advisor - who can help you make more informed decisions about what kind of investing is best for your personal situation - or using investment apps - which can help streamline the process for you. Here you can learn more about 5 millennial investing apps that do a lot with little effort.
Do not just hire the first financial advisor you find though, as there are different types of financial advisors and a large range in fees that different financial advisors may charge for their services.
How Can I Benefit from Opening a Savings Account?
Many people don't save because they feel so overwhelmed with just surviving that they don't think they will be able to save. It may be difficult to overcome this mental block, but everyone can learn to manage money better and experience the benefits of opening a savings account. There are many great advantages to opening a savings account.
So, what are you waiting for? Start looking for a savings account right now. If you don’t know where to start, maybe we can help you. Here are some suggestions:
One advantage of opening a savings account is that it is low-risk, which means that you should earn money without much fear of losing what you invest. Even if there is somehow a failure with your bank, the Federal Deposit Insurance Corporation (FDIC) automatically insures the first $250,000 you have in a savings account.
Another great thing about savings accounts is the "out of sight, out of mind" principle. If you have money set aside in your savings account, then you will be more likely to save it versus spending it; if the same money was just sitting in your checking account, then you may be tempted to use it. You can also open multiple savings accounts, which can be used for multiple goals. Even if you do not have a current financial goal that you are working towards it is always a good idea to have an emergency fund.
Conclusion
You no longer have to ask yourself the question "How do millionaires spend their first hour of the day?" Now you can decide if their morning routine works for you, or if you want to incorporate some parts of their morning routine into your morning routine and forgo the other parts. The important thing is to just have a routine and stick to it. What is in your routine is completely up to you. If you want to be successful and live your best life, though, it could be worth considering adopting a morning routine and bedtime routine similar to the millionaires, who have already shown professional success.
While it may not sound enticing to get up earlier in the morning, getting up earlier will allow you to fit in some of the things that will allow you to have a more efficient day. Getting up earlier means more time to fit in exercise, recharge your motivation, plan your day and identify your MIT, and spread joy and positivity -- which will increase your own personal joy and positivity, as well. You also won't have to complain about not having enough time for everything if you start waking up earlier and using your time more efficiently.