Becoming a self-made millionaire is often shrouded in mystery and admiration. While there’s no secret formula for wealth, a closer look at the lives of those who have achieved this status reveals common things that set them apart from the average person. Here are 15 things most self-made millionaires do that regular people don’t.

1. They’re Frugal

Frugality isn’t just about cutting coupons; it’s a lifestyle choice that separates self-made millionaires. They understand that accumulating wealth isn’t about how much you earn but how much you keep. By prioritizing saving over spending, they ensure their financial stability and freedom. This approach allows them to make decisions based on their future financial goals rather than immediate desires. Ultimately, frugality is about valuing financial independence more than material possessions.

2. They Keep Their Housing Costs Low

Contrary to the popular belief that a big house signifies success, millionaires often choose modest living spaces. They typically select homes that don’t stretch their finances, enabling them to invest the surplus in more lucrative opportunities. This decision reflects a strategic approach to wealth building, where every dollar saved on housing can contribute to future financial gains. The median home value for millionaires shows they prefer comfort and functionality over extravagance. This choice underscores their commitment to long-term wealth accumulation rather than short-term appearances.

3. They Save a Lot of Their Income

The saving habits of self-made millionaires reveal a disciplined approach to financial management. By saving a significant portion of their income, they create a buffer allowing investment in wealth-growing opportunities. This practice is not just about setting aside money; it’s about making the foundation for financial independence and security. The ability to save aggressively distinguishes millionaires from those who live paycheck to paycheck. It’s a testament to their focus on future prosperity over present consumption.

4. They Don’t Budget

Interestingly, many millionaires operate without a strict budget. Their high income and disciplined spending habits naturally lead to substantial savings, making detailed budgeting less critical. Instead of micromanaging every expense, they focus on maintaining a broad strategy of spending less than they earn. This doesn’t mean they’re reckless with money; on the contrary, it reflects a high level of financial self-control. The absence of a budget signifies their confidence in managing finances effectively without needing to track every penny.

5. They Take on a Side Hustle

Income diversification is a crucial strategy among self-made millionaires, often achieved through side hustles. These additional ventures increase their earnings and allow them to explore their passions and interests. Creating multiple income streams mitigates financial risks and accelerates wealth accumulation. Side hustles provide a practical avenue for financial experimentation and growth. This entrepreneurial spirit is common among millionaires, showcasing their willingness to invest time and energy into potential additional income sources.

6. They Invest in Real Estate

Real estate is a favored investment among millionaires because of its potential to generate passive income and appreciate over time. This tangible asset offers stability and diversification in their investment portfolio. The tax advantages and leverage real estate provides are particularly attractive, enhancing its appeal as a wealth-building tool. By strategically investing in property, millionaires capitalize on the opportunity for both immediate cash flow and long-term capital gains. Their involvement in real estate underscores a comprehensive approach to accumulating wealth.

7. They Invest in Low-cost Index Funds

Many self-made millionaires opt for low-cost index funds as a cornerstone of their investment strategy. These funds offer broad market exposure, reducing the risk of picking individual stocks. The low expense ratios of index funds mean more of their money is working for them, maximizing potential returns. This preference for index funds illustrates their appreciation for simple, effective investment solutions. It reflects their understanding that keeping investment costs low is crucial for long-term financial success.

8. They Spend More Time Studying and Planning for Investments

Millionaires dedicate significant time to studying and planning their investments. This commitment to research ensures they make informed decisions that align with their financial goals. Spending hours analyzing markets and investment opportunities allows them to stay ahead in the wealth accumulation game. This proactive approach is fundamental to their success, highlighting the importance of continuous learning. Their investment strategies are not based on whims but on careful and deliberate planning.

9. They Put More Energy Toward Personal-growth Activities

Commitment to personal growth is a hallmark of self-made millionaires. They invest time in reading, exercising, and other activities that enhance their knowledge and well-being. This dedication to self-improvement is not just about personal satisfaction; it’s about maintaining the mental and physical stamina required to sustain success. By prioritizing these activities, millionaires ensure they have the resilience and intellect to navigate wealth-building complexities. Their focus on personal development underscores the belief that a well-rounded life contributes to financial success.

10. They Sleep Less and Work More

Self-made millionaires often trade extra hours of sleep for productivity. They understand that time is a limited resource and strive to maximize its use. Rising early is a common practice, allowing them to tackle important tasks without interruption. This commitment to maximizing their workday underscores a relentless pursuit of their goals. While they may sacrifice sleep, it’s a calculated decision to advance their ambitions.

11. They Think More

Dedicated thinking time is a non-negotiable part of a millionaire’s daily routine. This solitude is used for strategizing, setting goals, and solving problems. By carving out time specifically for thought, they ensure that their actions are guided by careful consideration. This practice allows them to focus on their objectives and anticipate future challenges. The discipline to think deeply regularly is a key factor in their ability to achieve and maintain wealth.

12. They Don’t Follow the Crowd

Millionaires often reach their status by going against the grain. They recognize that following conventional wisdom doesn’t lead to exceptional success. They set themselves apart from the majority by daring to be different and taking calculated risks. This independence of thought allows them to explore unique opportunities and innovate. Their success is a testament to the power of individualism in achieving extraordinary results.

13. They Ask for Feedback

Feedback is invaluable to self-made millionaires. They seek it out, understanding that it provides insights for improvement and growth. Whether positive or negative, feedback helps refine their strategies and decision-making. This openness to criticism reflects a mature approach to personal and professional development. By valuing external perspectives, millionaires continue to evolve and adapt in their journey toward success.

14. They’re Resilient, and They Persevere

The path to wealth is fraught with obstacles, but millionaires distinguish themselves through resilience and perseverance. They view failures as learning opportunities, not setbacks. This tenacity drives them to push through challenges, constantly striving for their goals. Their ability to bounce back from adversity is critical to their success. It’s this relentless pursuit of their objectives that underpins their financial achievements.

15. They Prioritize Four Relationships

Millionaires understand that they cannot achieve success alone. They prioritize relationships with mentors, coaches, cheerleaders, and friends. These connections provide guidance, motivation, accountability, and support. Having a mentor, in particular, can accelerate their journey to wealth by offering wisdom and experience. This strategic approach to relationships emphasizes the importance of a strong support network in achieving and sustaining wealth.

In the nuanced dance of personal finance, the steps taken by the middle class often diverge significantly from those of the wealthy. It’s about how much money one has and how one spends it. While the middle class might stretch their budgets to accommodate certain expenses, the rich may bypass these costs altogether, finding them unnecessary or even trivial. Let’s explore the 10 expenditures where this disparity is most evident, revealing a fascinating perspective on priorities and financial management.

1. Brand Name Clothing

The middle class often views brand-name clothing as a ticket to social acceptance, investing in expensive labels to craft an image of success and belonging. This pursuit of designer threads can strain budgets, yet the rich, who already have social stature secured, frequently opt for quality over conspicuous branding. They understand that true value lies not in the logo but in craftsmanship and longevity, embracing the understated elegance that doesn’t scream for attention.

2. Latest Tech Gadgets

Every year, a new wave of smartphones, tablets, and other gadgets floods the market, with the middle class rushing to stay on the cutting edge. This constant upgrading cycle, driven by a desire to keep up with trends, contrasts sharply with the wealthy’s approach. Rich individuals often use their devices for longer, not feeling pressured to upgrade for the sake of status, recognizing that last year’s model functions just as well for their needs.

3. Luxury Cars on Lease

Driving a luxury car is a common aspiration, leading many in the middle class to lease high-end vehicles they can’t afford to buy. This gives them the illusion of a lavish lifestyle, albeit with the burden of continuous payments and interest. In contrast, the wealthy are more likely to purchase their cars outright, viewing them as long-term investments rather than fleeting symbols of affluence.

4. High-End Gym Memberships

Fitness is essential, but for the middle class, it often comes with the added pressure of belonging to the trendiest gym. These memberships can be costly, with little advantage over more affordable alternatives. Meanwhile, the rich may invest in building personal home gyms or choosing functional fitness options that don’t require expensive monthly fees, prioritizing convenience and privacy over social prestige.

5. Eating Out Frequently

Dining out is a treat, but for many middle-class families, it becomes a significant part of their lifestyle and budget. This habit can quickly inflate expenses, in contrast to the wealthy, who might prefer hosting private dinners. They see value in personal chefs or high-quality home-cooked meals that offer a better financial return on investment and health benefits.

6. Impulse Shopping at Malls

The thrill of finding a deal or the instant gratification of impulse shopping can be hard to resist for the middle class. Malls and retail stores are designed to capitalize on this urge, but the rich tend to purchase more deliberately. They’re likely to seek out specific items from trusted sources, avoiding the unnecessary spending that often comes from mall excursions.

7. Extended Warranties and Insurance on Electronics

Middle-class consumers frequently opt for extended warranties and additional insurance on electronics, driven by a fear of costly repairs. However, the wealthy might skip these extras, calculating that the cost of potential repairs doesn’t justify the upfront expense of warranties, which often don’t cover common issues or deductibles.

8. Premium Cable Packages

With many channels at their fingertips, the middle class often subscribes to premium cable packages, lured by the promise of endless entertainment. Conversely, the wealthy might opt for selective streaming services, curating their content more efficiently. This saves money and aligns with a more intentional approach to consumption.

9. Expensive Childcare and Extracurriculars

For middle-class families, enrolling children in the best possible childcare and a wide array of extracurricular activities is seen as an investment in their future. However, these choices can come with a steep price tag. Wealthy families, while equally invested in their children’s futures, often have the flexibility to choose more personalized and potentially cost-effective options, such as private tutors or lessons, that directly align with their children’s interests and talents.

10. Frequent Home Renovations

The desire to keep a home modern and stylish can lead to frequent, costly renovations for many in the middle class. In contrast, the wealthy may undertake substantial renovations less often, focusing on timeless designs that require minimal updates. This long-term approach saves money and adds lasting value to their properties.

Turning your suburban garden into a source of extra income is not just a great way to make use of your green thumb; it’s a smart way to add to your household finances. The beauty of gardening is that it offers a diverse range of opportunities to generate income, from selling produce to offering gardening-related services. Whether you have a sprawling backyard or a modest plot, there’s potential to turn your passion for gardening into a profitable venture. The following are 15 creative suburban garden ideas for extra income.

1. Microgreens

These tiny yet mighty plants are a culinary favorite, packed with flavor and nutrients. The beauty of microgreens is their rapid growth cycle, allowing for quick turnover and steady income. They’re perfect for urban and suburban gardeners with limited space, and selling to local restaurants or directly to health-conscious consumers can be quite profitable.

2. Specialty Herbs

Beyond the usual basil and parsley, there lies a niche market for exotic and specialty herbs. These can include varieties like lemon balm, lovage, and rare types of mint. Restaurants and culinary enthusiasts are always on the lookout for fresh, unique flavors, making this a potentially lucrative avenue.

3. Edible Flowers

Edible flowers such as nasturtiums, violas, and lavender can add a pop of color and flavor to dishes. Chefs and bakers seek after them for their aesthetic appeal and unique tastes. Packaging them for sale at farmer’s markets or directly to restaurants can yield a good return.

4. Heirloom Vegetables

The appeal of heirloom vegetables lies in their unique colors, shapes, and flavors. They often fetch a higher price than standard varieties. Marketing them to gourmet restaurants or selling seeds and starter plants to fellow gardening enthusiasts can be a fruitful endeavor.

5. Mushroom Cultivation

Mushrooms are versatile and can be grown indoors or in shaded garden areas, offering year-round income potential. Oyster, shiitake, and morel mushrooms are in high demand, especially among restaurants and organic markets.

6. Aquaponics Systems

Aquaponics, a symbiotic system of fish and plants, is a fascinating venture for those interested in sustainable and efficient farming methods. It’s a conversation starter and can attract a diverse clientele, including restaurants interested in sustainability, as well as individuals wanting to buy fresh, organically grown produce.

7. Medicinal Plants

With the surge in interest in natural health remedies, cultivating medicinal plants like echinacea, chamomile, or lavender can be quite profitable. These can be sold to herbalists, at health food stores, or online directly to consumers.

8. Organic Baby Vegetables

Baby vegetables are not only adorable but also packed with flavor. They’re a hit in upscale dining and among health-conscious consumers. Organically grown baby carrots, beets, and greens can command premium prices.

9. Seedling Starter Kits

For those who love to share their gardening passion, creating seedling starter kits is a beautiful way to spread the joy of gardening. These kits can include popular vegetables, herbs, or flowers and are perfect for beginners. Selling these online or at local gardening events can attract a broad audience.

10. Beekeeping for Honey Production

Beekeeping offers the sweet reward of honey, along with beeswax for candles and cosmetics. It also plays a crucial role in garden pollination. Local, raw honey is in high demand for its health benefits and unique tastes, reflecting the local flora.

11. Native Plant Nursery

Specializing in native plants can help support local ecosystems while catering to a growing demand for drought-resistant and wildlife-friendly landscaping options. These plants require less maintenance and water, appealing to eco-conscious gardeners and landscapers.

12. Container Gardening Solutions

Designing custom container gardens for clients with limited space can be a highly personalized service. From patios to balconies, providing a touch of green where ground space is limited is a valued service, including maintenance and seasonal updates.

13. Vertical Farming Installations

Vertical farming is a space-saving solution that can significantly increase yield. Offering installations and maintenance for vertical gardens can attract clients interested in modern, efficient gardening methods, including restaurants wanting to grow their own fresh produce on-site.

14. Backyard Nursery

Starting a backyard nursery focusing on specific types of plants, be it exotic flowers, succulents, or fruit trees, can cater to a niche market. It’s a great way to scale up from hobby gardening to a more structured business, selling young plants at gardening fairs, online, or to local garden centers.

15. Composting Services

Composting turns garden and kitchen waste into gold, literally enriching the soil. Starting a composting service can appeal to environmentally conscious consumers and gardeners alike. Selling high-quality compost, offering pickup services for organic waste, and conducting workshops can open multiple streams of income.