#194 Top Habits of Self-Made Millionaires

Hey everyone, Hope you're having another amazing week. Wherever you're listening to this, whether it's in your car, driving, whether you're in between cases, walking your dog, working out, I want you to take a moment to pat yourself on the back. You've made it to another year. You're doing amazing things. You're working hard to support yourself, your families. You're making a difference in your community at work. And sometimes we don't take enough time to do that. So at the start of this new year, I just want to start it off on the right foot and make sure that we all recognize how, how hard we're working and the impact that we're making. So congratulations. Now this is gonna be a fun podcast. Cause it's a subject matter that I love talking about. I like finding out what other successful people do and try to repeat it and try to learn from it and figure out how to integrate it into my own life. What makes the difference between a dreamer and a doer? Someone with aspirations to someone who actually makes it happen? Today we're gonna look at the daily habits of self made millionaires. The masters of figuring out how to work smarter, not harder. And they don't just ch success, they build it into their everyday routines. So we're going to explore how integrating these millionaire habits into your daily life can set you on the path or help you on your journey to financial freedom. So stay tuned. Welcome to the Passive Income MD Podcast where we talk about creating your ideal life through multiple streams of income. If you enjoy hearing about this stuff, make sure to hit subscribe. Now let's get on with the show. Okay, so in today's episode we're going to dive into incredibly powerful topic. It's one of my favorites, finding someone and modeling them. Finding successful people like self made millionaires and billionaires figuring out what they do on a daily habit. What are their normal practices? What are their catalysts? What are they doing that causes significant change in both their personal and professional lives and then figuring out whether they apply to us and how we can integrate them? Yes, a lot of these have to do with mindset, have to do with productivity, has to do with finding opportunities. And a lot of them you're going to find aren't grounding, breaking things. They're not things that you can't do on a daily basis. Maybe you just don't know to do them, or maybe you don't think they're effective, or maybe you do do a bunch of these. Either way it's going to provide some inspiration and validation. A lot of these habits come straight from the pages of this really great book called Change youe Habit, Change youe Life by Thomas C. Corley. Many of us had to do research to get where we're at. We had to do like meta analysis. And this book is kind of like that. It's written from five years of meticulous research and interviews with 177 self made millionaires. It offers a pretty unique glimpse into some of their routines and their thought processes that really have paved the way for them to achieve really extraordinary success. You also know one of my other favorite books is Atomic Habits. So putting these things together, figuring out what kind of habits can I build into my daily life, especially as I start a new year and I think about my routines, what do I want to integrate this year to give myself the best chance to be where I want to be at the end of this year to achieve success, to get where I want to be, to feel like I've made progress. Now I want to talk about the phrase self made millionaire. What I mean by that and what the book means by that is that, you know, we're all given a unique set of advantages and disadvantages. Some of us were lucky to be born into certain families or in certain situations and others had to fight a little bit harder to get where we're at. Or some have to fight a significant amount. But when this book talks about self made millionaires and we're talking about this, it's about people who have achieved these high levels of wealth without the help of a large inheritance or trust fund. Of course, the term millionaire doesn't have the same ring as it did maybe 20 or 30 years ago. And it's probably now the billionaires of people that we look at that have that extreme amount of wealth. And many of you listening to this are millionaires, whether you know it or not, Whether through your net worth, through your investments, through your work and your work potential, and you got there through hard work. Again, maybe you were given some set of advantages, you were born into a certain family, you had some money, whatever it might be, I don't care if you have enough money. You're probably not getting into med school if you're not putting in the time, dedication to get to, working hard on your grades and doing all the research and putting your application together to get into med school. And I promise you're not getting into residency if you have a big bank account. Well, I don't think so. At most places when you get into residency or fellowship, you got to show it with your scores, with your willingness to work, your recommendations, your passion for that specialty, whatever it might be. And all of you listening to this, you've gotten where you're at because of your hard work, your resilience, and your persistence. So I know you're not immune to hard work and trying new habits, taking on a new identity, trying new things. And so we're gonna dive into these habits right now, and this is gonna go off by, like, a big list. And as we do this, check off in your mind which of these you actually do. You don't have to do all of them. And maybe you do a lot of these, but maybe there's one or two that you hear that you're thinking, maybe I should integrate that into my life. And these are no particular order. Number one, consistent reading. We're no strangers to reading books. We probably did all the time. Many of us, once we finished residency fellowship. The only thing we read are, on occasions, some medical journals or whatever it is to keep up to date. But many of you, the last thing you want to do when you get off work is to spend time reading. And I totally get it. I was there, too. But one of the best ways to pick up a new skill, learn something new, is to learn from the knowledge of others. And what better way to do that in a concise format than in a book? Now, the cool thing is, with technology, we can read a book through either actually reading it in front of us or on a tablet, or we can actually listen to it. My personal goal is I read a book a month. It could be on any topic that I'm interested in at that time. Most of them are based on business marketing biographies. But what was the last great book that you read? Number two, regular exercise. Obviously, when your body's in peak physical shape, your mind is also connected to your body. You're going to do well, you're going to think well, you're going to make great decisions. You're going to have great mental sharpness. We're doctors, but some of us don't take care of our bodies. And I'm a prime example of that. I've done that many times. I go through stretches, holidays, things like that, where I just wreck my body. But regular exercise is a hallmark of a successful person. Number three, they surround themselves with success. I can't say it enough. You are the average of the five people you spend the most time with. I didn't come up with that, but I learned that. And as a doctor, you're probably the average of the five doctors that you spend the most time with. Are they successful? Are they trying new things? Are they innovating? Are they happy? Anyone with kids knows that the people that they spend time with are the people that they become or they rub off on them in terms of influence. I mean, that's why we have communities like the Leveraging Growth Community, our Mastermind Community. We do all of these things to surround people with like minded, successful people. Are you doing that in your life? And if you're not achieving what you want to achieve, maybe this is the simplest thing that you can do to help you on your journey. Number four they practice dream setting. What does that mean? That means that they think about an ideal situation and they actually set that in their mind and their intention. When we all decided we wanted to become a doctor, we had that lofty goal in mind. For some it seemed like an insurmountable dream or very, very difficult dream. But you knew you were going to get there through hard work. If you didn't set that first, you wouldn't get there. Meaning that you wouldn't give up all the weekends, all the hard work. You wouldn't have done it unless you had that goal in mind. If you're not doing that in your life right now, and most of us stop doing that once we become a doctor, we're set, we don't need to think about it. But if you're not thinking right now about what your ideal life is and what you want it to be, then maybe you're missing the step. Now, this next step, people are pretty divided on this. 6. The early risers if you've ever read the book the Miracle Morning, it talks about the habits of the most successful people in the world. They start their morning a certain way. They usually start by rising early in the morning, setting intentions, being grateful, getting exercise, thinking about how to make the most of their day. In that way they're proactive about what their day is going to become, not reactive to all the craziness that's out there. I wasn't always an early riser, but somehow through habit my body just naturally wakes up around 5am Now. Now don't get me wrong, there are some days when I just sit there in bed and next thing you know it's 7:30 or 8. But when I'm performing at my best, I get up and I get stuff done before anybody else is. Aw. Anybody in the family knows that. It just becomes chaotic once everybody is up. That's my special time before Anybody is there so that I can do things that I need to do to set myself up and my family up and my day up and my year, whatever it might be. Next. They have multiple income sources. This is no habit to everybody here listening to this podcast. They diversify their income streams. And as you probably heard the phrase that millionaires typically have seven income streams. How many income streams do you have? I'll tell you that your physician and doctor income stream gives you that unique advantage, which allows you to use that capital, that income, to build all of these other income streams. Are you making the most of it? I hope by listening to this podcast that's helped you in some way. But if you were to count it up right now, how many of those income streams have you built up? All right, next. And I hope I have the numbers correct. And next. I'm just rolling through these. They find and consult mentors. They realize that probably whatever you want to do, somebody else has done it before we did it. They look for mentors to guide them, to help them accelerate to where they want to be. I promise you, every successful person has somebody that they've modeled or they've been mentored by to help them get there at least much faster than they would have on their own. We did this in residency. We learned from our senior residents. We learned from our attendings. Imagine if we had to learn from a book just on our own. But many of us are trying to do that. Find people who are successful and find ways to work with them. Next. Next. The most successful people help others succeed, meaning that they pay it forward. We all know that life is more fun when we get to share in other people's success, not only your own, for many. I used to work in an academic setting. I used to work in an academic setting. Some of the most fulfilling stuff is when I got to teach somebody how to put in an epidural. And they did it successfully and they were proud of themselves through this platform, through pimd, hearing all the stories of people that are. Hearing all the people's. Hearing all the stories of people whose lives have been impacted, how they change the way they think about money, time, career, family. It's brought so much, you know, it's brought so much fulfillment to my life and the life of my team, and that keeps us going with all of this stuff. And it also helps you learn. When you teach somebody, you learn just as well. So are you helping others succeed as well? Now, there are only three more that I want to highlight. This next one is seeking feedback, oftentimes we're probably the smartest people in the room, wherever we're at, like at work or whatever it might be. And it's hard for us sometimes to ask for feedback from others. How could I be better? How could I do this better? Am I doing this right? How nice would it be if we were able to learn from the mistakes of others, that someone else was able to see something that we were doing? Maybe we're veering off in the wrong direction, that they're able to help us get back on the right path. We can do that by seeking feedback from people that we trust. That kind of goes along with the. That goes along with one of those previous points where you can find and seek out a mentor. Next. They have daily thinking time. I know you're thinking, that's crazy. Your day is so packed. You have so many things to think about. You're probably reactive and there's so many. You're putting out fires left and right. When do you have a moment to think for yourself? But self made millionaires, they have this habit of dedicating specific time for reflection and thought. I find the only time I can get this thought, I find the only time that I can make this happen is before anybody else wakes up. So that's why that early morning rising is so important. And personally, I only take about five minutes to think. I think about how I want to plan my day. I want to think about what I need to do next and what my priorities are. Again, it helps me solve problems before they become bigger. And lastly, self made millionaires stay positive and they're resilient. Meaning that even when things are crazy out there, when the market is going up or down, when your business is not going that great, when there are issues with relationships, relationships, when you work or your job or your boss or your institution or whatever it is is coming down hard on you. They know that in the right mindset, they can influence outcomes. They can control the one thing they can control right, their inner state, their mindset. They continue to be resourceful. They don't give up. They continue to break through. That's something I've had to learn the hard way. When things change, that work, and they've changed so many times when working in that same institution, not getting what I wanted as a partner, them changing shifts on me, unfulfilled promises, change in reimbursement. Of course, in the moment, I got frustrated and angered. Being around the right community, being around the right people, having the right mentor and coach helped put me quickly on the right path? What was I going to do next? How was I going to handle the situation? What was under my control? What next step did I need to take? And it helped me make some small and big decisions to help me get where I'm at. And I'm still learning and I'm inspired when I see a list like this. I'm not doing all of these things perfectly, but I'm still working on it. Each habit. All of these things are just stepping stones to helping you live a richer, more fulfilling life, intentional life. And as we talk about here, yes, financial freedom is amazing. It's not just about money, but living what we consider that wealthy lifestyle which is having full control over your time, your resources, your energy. So as we begin this new year, think about your habits. Which of these actually resonated with you, which is one that you can see integrating into your life this week, this month? It's not always about making the biggest leaps. Sometimes it's about making those small, consistent changes that help you get where you want to be. And these changes compound over time that create exponential effects later on. As you know, at pimd, we're trying to build communities to support you, to do more, to give more, to be more. You know, we do that through our summits, like the upcoming Leverage and Growth Summit. We do it through our conferences, pimdcon, the Physician Real Estate and Entrepreneurship Conference. We do it through our mastermind, our PND Mastermind. We do it through personal coaching that I do for people. All of these are just to make sure you have the resources to help you on your journey. These are things that have worked for me and a lot of the people that I've seen that are extremely successful. All of these are things that have impacted my journey and we're trying to make sure it's available for everyone else out there. Hey, we're here to help support you wherever you are on the journey. Don't give up on those big ideas. Let's make it happen. And don't forget to subscribe to our podcast. If you're not already subscribed, just hit the button on whatever platform that you're at so that we can continue to bring you these insights and stories that help you on your journey. Share this episode with anyone that you think might benefit from this, that it might add value to their lives. Thanks for tuning in. And remember, you're doing amazing things. Have an amazing week. Enjoy the show. Let me know by dropping a review in the podcast app you're listening to us at. And if you haven't already, make sure to hit subscribe Join thousands of thousands of physicians who are also on this journey to creating their ideal lives through multiple streams of income. Learn more at our website, passiveincomemd.com thanks again for allowing me to be a part of your journey. See you next time.