Millionaire. Are they just like us? GOBankingRates looks at what kinds of resolutions highly successful people are making to inspire how we all step towards 2024. I thought I'd like to know.
Expert: If you want to get rich on an average salary, make 7 money resolutions
Find out: 3 things to do once your savings reach $50,000
More than 20 self-proclaimed billionaires shared their plans. On the surface, the common themes that emerge are very similar to typical aspirations: self-improvement, learning, prioritizing physical and mental health, and achieving a better work-life balance.
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Millionaire's determination
“Successful people often prioritize solutions that align with both their personal and professional growth,” said Samira Sullivan, a professional matchmaker who works with high-net-worth clients.
“Common resolutions among the ultra-wealthy include a commitment to prioritizing work-life balance,” Sullivan says. “Balancing career accomplishments with meaningful personal connections is essential to overall success. Setting boundaries and allocating quality time to relationships increases your sense of fulfillment.” ”
Even many of the financial goals of millionaires align with core strategies that anyone with any net worth should employ. Cameron Heinz, 18, founder and CEO of Mobility Nest, tells GOBankingRates that you can save more for retirement, improve your credit score, create a personal budget, and eliminate outstanding credit cards. He said his goal is to pay off his debts.
But El Mehdi, CEO of ChargePay, pointed out that coming from a privileged position makes a big difference, “beyond just adding zeros to your bank account.”
“The New Year's resolutions of the ultra-wealthy are often a little different from the average person's resolutions,” he says. “Financial security is certainly a given, but true wealth opens the door to a broader range of aspirations.”
Mehdi said these include legacy planning, such as creating educational opportunities, supporting scientific research and cultural heritage, and promoting philanthropy. “Billionaires have the privilege of being able to look beyond just their financial well-being. Many are using their wealth to tackle global challenges such as climate change, poverty and inequality. We are using it for.”
See also: 5 ways to earn at least 5% APY on your money (without using the stock market)
focus on progress
Regardless of one's wealth, Mehdi advises people to resolve to “embrace imperfect progress.”
“The pursuit of wealth can be a never-ending treadmill, and it is important to remember that progress, not perfection, is the key to happiness. There's an increased emphasis on celebrating and learning from setbacks. It's about letting go of the pressure to be perfect and embracing the journey of continuous growth,” Mehdi said.
“Remember, wealth is just a means. How you use it determines your true worth,” he said. “So this new year, whether you're a millionaire or not, set goals that go beyond the finish line and focus on making a positive impact on yourself, your community, and the world. I recommend you give it a try.”
Read more about billionaires' aspirations for 2024.
Get My Hands Dirty
“As a millionaire, I've been thinking about my New Year's resolutions, but guess what? It's not all about money. This year, I'm redefining ROI. What I'm investing now is not money. It's time.
“I'm going to step away from the 'always on' culture and focus on quality moments with the people I love. Did you know that people who prioritize time over money report 20% higher happiness?” Is it?
“Philanthropy is another big focus for me. But it's more than just writing a check. I'm active in volunteering and sharing my skills to make a tangible difference. Research shows that actually participating in philanthropy can increase personal satisfaction by 30%.
“Remember that being wealthy is about more than just the balance in your bank account. It's about living a life full of purpose, passion, and determination to make a difference. Bonus Tips: That's right. Don't just make resolutions. Make them actionable. Smart Settings [Specific, Measurable, Achievable, Relevant, Time-bound] It's important to set goals and track your progress. Make course corrections as necessary and aim for a richer and more fulfilling new year. ”
overcome fear
“My New Year's resolution this year is to overcome my fear of public speaking. I believe it will help me reach the next level and that is my personal goal as well. Nothing more, nothing less.”
Use a second derivative
“One of the most important resolutions for me is what I call 'using the second derivative of income.' This concept is a bit technical, but essentially it is This means first investing in assets that will generate the income needed to cover your expenses.
“For example, if you want to buy a new car that costs $2,000 a month, you would first invest in a rental property that will give you an additional $2,000 a month in income.
“This approach allows me to use income from investments to fund my lifestyle, rather than just using my main income.'' This strategy is something I learned from interacting with fellow millionaires. That's the core principle: never spend your main income on debt.
“Instead, use it to acquire assets that generate additional sources of income. This approach not only provides financial security, but also fosters a sustainable and growing asset portfolio.”
Let's interact more
“I've invested a lot of time and effort into building my business and wealth, but I've neglected my personal life. I have a small group of friends and no family to talk to. In 2024, networking This is the year to prioritize direct interaction with people.
“So, my New Year's resolution is to push myself and attend monthly social gatherings. My goal is to expand my circle of friendships and maybe even find love!”
There is no solution
“I don't actually make New Year's resolutions because I don't believe in New Year's resolutions. My philosophy is that every day starts fresh, whether the calendar says January 1st or not.”
GOBankingRates Details
This article was originally published on GOBankingRates.com: What Resolutions Do Millionaires Make? New Year's Habits of the Ultra-Wealthy
