Personal Finance

Top 10 Habits of Millionaires for Building Wealth

Published

6 years ago

March 15, 2017

Jeff Desjardins

The Top 10 Habits of Millionaires for Building Wealth

If building large amounts of wealth was easy, then almost anyone could do it.

However, we know that only 6.4% of American adult population are millionaires, and the reality is that not all of those are self-made.

What habits and practices helped this elite group in accumulating large amounts of wealth, and how can we apply these to our own careers to become more financially independent?

Copying the Habits of Millionaires

Today’s infographic from StocksToTrade.com skips the silver bullets and “get rich quick” tricks to show the real habits of millionaires that have led to wealth accumulation over time.

Many of these habits are not particularly glamorous, but remain essential for the long-term success of entrepreneurs and investors. They tend to fall in categories such as: hard work, persistence, passion, acquiring self-knowledge, associating with the right people, and staying healthy.

Here are the most important statistics to consider:

88% of the rich devote 30 minutes or more each day to self-education or self-improvement.
76% of the rich aerobically exercise for 30 minutes or more, every day.
86% of the rich who liked what they did for work made $3.4 million in 32 years
7% who loved what they did made $7.4 million in 12 years.
92% of rich say good luck had nothing at all to do with their wealth. They just never gave up.
88% of millionaires believe relationships are critical to financial success.
94% of wealthy individuals read current events every day.
88% of the rich people say that saving money was incredibly important to their success.
93% of the self-made millionaires attributed their wealth to their mentors’ help.
86% of wealthy, successful people associate with other success-minded people.
79% of the rich read educational, career-related material.

In other words, it’s not a simple idea or plain old luck that leads to success.

The stats above show it is the daily habits and practices that count in the long run.

Related Topics:millionaire habits wealth rich

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Personal Finance

Ranked: The Best U.S. States for Retirement

Getting ready for retirement? See which states score the highest in terms of affordability, quality of life, and health care.

Published

1 month ago

May 1, 2023

Marcus Lu

Ranked: The Best U.S. States for Retirement

What is the most important aspect of retirement planning?

If you said finances, you’re probably right. But have you ever thought about where the best place is to retire? Being strategic about location can make a big impact on your quality of life, and perhaps help your savings go just a bit further.

To help break it down, we’ve visualized data from personal finance platform, WalletHub, which ranked the best U.S. states for retirement as of 2023.

Data and Methodology

WalletHub ranked each state using 47 metrics across three dimensions.

Affordability (7 metrics worth 40 points)
Quality of Life (22 metrics worth 30 points)
Health Care (18 metrics worth 30 points)

Here are some examples of what each dimension measures:

Affordability: Cost of living and taxation
Quality of Life: Quality of elder-abuse protections and crime rates
Health Care: Number of health professionals per capita and life expectancy

Visit the source for the full list of metrics.

The final scores (visualized as the bars in the infographic above) represent each state’s weighted average across all metrics. See below for more comprehensive results.

Rank	State	Score	Affordability (rank)	Quality of Life (rank)	Health Care (rank)
1	Virginia	57.6	16	11	11
2T	Florida	57.4	9	4	28
2T	Colorado	57.4	14	27	5
4	Wyoming	55.6	5	9	38
5	Delaware	55.5	6	33	18
6	New Hampshire	55.0	31	5	7
7	South Dakota	53.6	25	30	9
8	Minnesota	53.5	40	2	1
9	Idaho	53.2	15	17	31
10	North Dakota	53.0	22	25	20
11	Utah	52.7	20	24	26
12	North Carolina	52.6	12	23	35
13	Missouri	52.4	17	28	32
14	Pennsylvania	52.3	36	3	12
15T	Montana	52.1	24	15	29
15T	South Carolina	52.1	4	38	39
17	Massachusetts	51.9	47	1	2
18	California	51.6	32	19	10
19	Alaska	51.3	26	36	8
20	Arizona	51.1	18	35	25
21	Wisconsin	50.9	34	14	17
22	Alabama	50.7	1	44	50
23	Ohio	49.8	27	8	37
24	Hawaii	49.7	38	29	4
25	Nebraska	49.3	37	16	15
26	Iowa	48.9	35	12	24
27	Georgia	48.6	7	40	42
28	Michigan	48.0	29	18	36
29T	Maine	47.5	43	6	13
29T	New Mexico	47.5	21	46	30
31	Indiana	47.3	23	31	40
32T	Nevada	47.2	11	42	41
32T	Tennessee	47.2	2	48	45
34T	Vermont	47.1	48	7	6
34T	Connecticut	47.1	44	26	3
36	Kansas	46.8	30	32	33
37	West Virginia	46.4	3	43	49
38	Oregon	46.1	41	21	21
39	Texas	45.9	28	37	34
40	Rhode Island	45.0	39	39	14
41	Arkansas	44.7	8	49	44
42	Maryland	44.6	46	20	19
43	Washington	44.5	45	13	23
44	Illinois	44.3	42	22	27
45	Louisiana	43.9	13	45	47
46	New York	43.7	50	10	16
47	Oklahoma	43.6	19	47	43
48	Mississippi	40.8	10	50	48
49	New Jersey	40.2	49	34	22
50	Kentucky	38.8	33	41	46

According to this methodology, Virginia is currently the best state for retirement. Although the Southeastern state does not excel in any one dimension, it scores consistently well across all three to create a very balanced retirement profile.

This gives it a slight advantage over second place Florida, which excels in quality of life and affordability, but falls further behind in terms of health care. Third-placed Colorado is a mirror of Florida, offering excellent health care but a lower quality of life in comparison.

How to Interpret These Results

It’s important to remember that this ranking is purely based on data and the methodology above, and may not be tailored to your individual preferences.

For example, if you believe that health services will be very important during retirement, you may rank Minnesota (#1 in terms of health care) much higher than eighth place.

You may notice that prioritizing one dimension will often come at a trade-off in others. Looking at Minnesota once more, we can see that the state is also one of America’s most expensive.

Looking to retire outside of the U.S.? Check out this graphic on the top 25 countries to retire in.