Rich People Habits: 4 Relationships Millionaires Have

We tend to become like the people closest to us – for better or worse.⁠

Chris Hogan, an author who studied the lifestyles and habits of 10,000 US millionaires, has found this to be extremely true.⁠

He discovered that all millionaires have four key relationships that propel them toward professional, personal, and – yes – financial success.

https://youtu.be/0REz0oclRks

Ready to learn more about rich people habits? Here are four relationships rich people have:

1. Coach

A coach is someone who stays on the sidelines and tells you to get back up when you fall down. They help you achieve a specific outcome.

A sports coach puts you through drills so you can excel in your sport. A life coach may encourage you to set up boundaries so you can enjoy better life/work balance. A financial coach teaches you the strategies you need to live with financial freedom.

Financial coaches can help you relate to money in a healthier way, develop better habits, and achieve positive growth. They can give you the education and encouragement you need to reduce financial stress and confusion. They can also give you the accountability and support you need to achieve your financial goals.

A financial coach can help you:

• Understand your spending habits.
• Create a budget.
• Outline a financial plan.
• Understand the emotional components of dealing with money.
• Learn how to establish an emergency fund.
• Manage debt.

A coach is invaluable to achieving your goals; that’s why we incorporate financial coaching into our program, the Million Dollar Year.

If you want to hire a financial coach, be sure to research your options, reach out to at least three possibilities, and get clear on what you want them to help you accomplish.

Keep in mind that financial coaching isn’t a federally regulated career; you don’t need a license like a therapist or a certification like a financial advisor, so it’s up to you to make sure that your financial coach knows their stuff and can effectively help you in achieving your goals. Here are a few questions you can ask to potential money coaches to vet them:

• What is your money story? How did you achieve your goals and current success?
• What is your coaching experience?
• What are your success stories? What results have you gotten for other clients?
• What are your qualifications? Do you have any certifications?

2. Mentor

While a coach is more performance-driven – it’s about hitting the quantifiable financial milestones you want – a mentor focuses more on personal development; it isn’t just about hitting the right milestones, it’s about becoming the type of person who has wealth.

A mentor is someone who has accomplished what you want to. They’re on the same path as you, just a few miles further down.

To find a mentor, figure out your financial goals. Do you want to live debt-free? Start earning money from investments?

Find someone who’s accomplished that, and ask if you can grab a coffee with them every few weeks. Save up some questions so you can have a deep, meaningful conversation with them.

There are a few different types of questions you can ask:

1. You can ask them questions about their story, like how they bounced back from failure or achieved their current success.
2. Ask them about situations, like how they overcame certain obstacles.
3. Ask for constructive criticism – what areas they think you can improve in and-+ what your strengths and weaknesses are.
4. Ask about how to develop skills.

That’s actually how Dow Janes got started – some of Britt’s friends wanted to start investing like she did, so they asked her to teach them to invest. Soon, that turned into weekly meetings, which is where Britt got the idea to start a personal finance education company to help more women+ learn how to take control of their financial future.

3. Cheerleader

A cheerleader is someone who believes in you and encourages you no matter what.

The best cheerleader is someone who has already accomplished what you’re trying to, because they understand the challenges you’re up against and remind you that you can make it if you keep going.

If you have a significant other, they can be a great cheerleader for you. After all, that’s a big part of doing life with someone.

Or you can find a friend to be your designated cheerleader. Call them up when you’re struggling or go celebrate with you when you reach a financial milestone.

4. Friend

These are the people who are here for you regardless of where you are in life or what your goals are. They’re the ones you go on vacation with and invite over for card games. They make your current life sweeter and remind you of everything you have to be grateful for right now.

A friend who has a similar goal to you is a great person to share your experiences with. Everything is more fun with a friend!

Do you have these relationships in your life?

Achieving your goals is much, much easier when you have the right support group in place. Whatever your financial goals are, these four relationships – coach, mentor, cheerleader, and friend – will make all the difference.

So, who do you have in these roles?

And if you’re looking for a coach or a mentor, you may be interested in the Million Dollar Year. In that program, you get a coach to answer your questions and keep you accountable and weekly group calls with me and Britt, where we answer your questions. Community with other MDY members is also included in the program.

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