7 Money Habits of Highly Successful Millennials

by Guest Writer, on category "Personal Finance"

August 10, 2019


Money Habits of Successful Millennials | Moneymax

Just like muscle building, achieving success takes time. It involves building a habit, which allows your small results to snowball into something bigger in the future. Just like how Manny Pacquiao exercises every day so he can win an upcoming fight.

This goes the same way financially. The little consistent things you do for your financial matters provide a glimpse of your financial future. So if you don’t have good money habits, don’t expect to yield good results. You see, success is not an accident. It’s intentional. If you want to achieve your financial goals, learn from the money habits of highly successful millennials.

Money Habits to Reach Your Financial Goals

1. Investing early to create passive income

Money Habits of Successful Millennials - Invest Early to Create Passive Income

Don’t wait for your senior years before you decide to make any investments. The best time to start is now. One benefit of investing early is that you can have better financial results at a later time. Passive income may come from different forms such as pension, dividends, capital gains, and other insurance benefits. Make ways for you to make investments. This will only be possible if you don’t embrace the idea of “YOLO”, leading you to habit number two.

2. Delaying instant gratification

Did you just lay eyes on cool sports shoes while strolling inside the mall? Suddenly, you imagine yourself preparing for your next mountain hiking activity. While you still have shoes that you can use for your upcoming adventure, you’re still tempted to buy a new pair. Don’t. You don’t need it. Wants should only be gratified through passive income, which you can only attain if you know how to delay instant gratification. This also allows you to try different avenues for success, leading you to the next habit.

Read more: What Type of Spender are You? Determine Your Money Personality

3. Taking a calculated risk

Just like a scientific experiment, you don’t just act on something to achieve your desired result. Actions should be guided by an “intelligent guess”. You don’t invest your money in something just because someone says that it’s good or you see a crowd voicing out their testimonials about it. You should be objective when assessing situations. To do so, educate yourself so you can evaluate opportunities and make better financial decisions. One effective way to do this is by forming habit number four.

4. Connecting with successful people

Money Habits of Successful Millennials - Connect with Successful People

Sure, the internet is available to gain knowledge about anything. But a better way of taking advantage of it is to connect with successful people. The virtual world has made it easier for us to make connections. Harness its power to build rapport with individuals whom you have so much to learn from. If there’s an event about financial literacy or other beneficial topics, try to attend it. Doing so allows you to connect with other people who might lead you to money-making or job hiring opportunities, overall helping you achieve your financial goals. But, before they knock, make sure you’re doing habit number five.

5. Pursuing self-enrichment

This habit involves learning practical knowledge about the field you choose to enter so you can realize your financial goals. When you’re targeting something, you should do whatever it takes to succeed in it. This is possible if you do not stop enriching yourself. One example is enrolling yourself in a short online course or attending a boot camp. These self-enrichment activities would also help you stand out amongst recruiters in an ever more competitive job market. But how do you know exactly how far you are in achieving your goals? To know how, check the next number.

6. Taking measurable objectives

It’s hard to improve something you can’t measure. If your goal is to have PHP 50,000 at the end of the year, then set necessary measures every month. How much do you need to generate or save per month to attain that final goal? What measurable objectives do you need every week? That could be starting your job search and applying to at least 10 companies per week to increase your chances of landing the job that will support your financial goals. On the other hand, that could also mean cutting your expenses by 10% to save a consistent amount of money per month. To make it easy for you, learning habit number seven can help you.

7. Saving before spending

Money Habits of Successful Millennials - Saving Before Spending

Most people do it the other way—they only save the extra amount after spending. However, most of the time, they don’t have anything left to save. So in the end, they only have little to no savings at all. If you want to financially succeed, you have to set apart an amount to save before spending. Adjust on your expenses, not on your savings. You will thank your future self for doing so. Otherwise, you’ll be surprised to encounter emergencies if you don’t have enough savings for your safety net.

Final Thoughts

You can’t control the result, but you can control the steps you’re doing on a regular basis. Don’t worry about the results. Instead, focus on the process and learn to embrace it. Build habits that will make the process produce your desirable outcome. Achieve your financial goals by incorporating positive habits into your life.

Author bio:

Remi Lin is a Content Writer for Bossjob.ph, a job search portal for professionals in the Philippines. She is also a freelance email and sales page copywriter. She’s an introvert who loves milk tea and nature.

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