Money Making: 5 Habits Of Millionaire Women

OWN-oprahA lot of women become millionaires because they inherited the millions from their parents and other family members or because they married millionaires and were left with large settlements that made them millionaires. There are women though who adopt a set of habits that take them from modest earnings to millionaire status.

Below, Amanda Rice, writing for a blog called “Lady Thrills” shares five habits of millionaire women:

Millionaire women habits #1
Place value on your time
Many women I meet in my everyday life tend to give most of their time to others, for fear of being considered “self-absorbed.” But if you want to achieve success in life, you need to make it clear to yourself and others that your time is valuable.

If you have a plan to open up your own business or hope to land a CEO position with a corporation, you need to devote your time to a plan. You need to spend some time focusing solely on where you want to go and how you plan to get there, complete with a timeline breakdown and expected achievements.

Keep in mind that it’s not going to be easy; you’re going to have to make many sacrifices along the way, and that includes putting relationships, and perhaps family, on hold.

Millionaire women habits #2
Take calculated risks

Life isn’t easy and making a boatload of money might not happen upon your first attempt, either. Risks are a necessary evil of potential moneymakers and, if you want to make money, you’re going to have spend some first.

Ani DiFranco, a famous singer and entertainer, started her own record label, Righteous Babes Records, at 18 years of age and with only $50 (she didn’t have much more than that to her name). Now, she’s a millionaire in her own right and she did it on her own terms (she could’ve signed a lucrative deal with a major record label but wanted to maintain her artistic freedom).

Before she jumped into her venture, however, she assembled a business plan and then took a calculated risk. And if you want to achieve such a level of success, you’ll need to take smart risks, otherwise you’ll never triumph.

Millionaire women habits #3
Don’t earn to spend
Many women I know don’t invest their money in anything… or even save it for that matter. While it’s okay to buy yourself the occasional little black dress , it’s more important to think about your long-term financial future.

Whether you start by putting $100 away every month or “investing” in a new business, you need to stop spending every penny you earn on items that don’t reap a profit.

Millionaire women habits #4
Know your market

No matter what you plan on doing, whether it’s create and sell a new line of high chairs for infants, open up a high-end furniture store or put out a Pilates magazine, you need to study your market and its surroundings ad nauseum.

Spend some time and money on researching your competition, potential locations, recent trends, customer preferences, and everything in between. If you want to be successful, you will have to spend some time living in what it is you want to do.

And don’t just explore your market; explore upcoming trends and try to apply them to your business model. Most millionaires agree that being ahead of the trend is better than being in it.

Millionaire women habits #5
Think big

Many women are afraid to think big because they’re always being told about how risky everything is. But you need to become more optimistic and confident in your abilities and what you can accomplish.

If someone tells you that you can’t do something, use that as ammunition to prove to yourself that you can. If you make a decision to start up a new business, invest in your invention or take the lead position of a company, go at it with full force and turn negative or skeptic energy into a positive practice.

Of course, this is not to imply that you should be ridiculous in your ideas, but exploring a possible countrywide expansion for a business that is presently booming in your city is a grand and phenomenal idea.

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