I’m going to share with you the seven habits of millionaires that most people learn way too late. These helped me stop wasting life as a broke 24-year-old and become a cash millionaire at age 27. If you start today, they’ll literally compound into millions. So let’s dive into the seven habits of millionaires, starting with habit number one.
1. Talk to Strangers
Everyone is one conversation away from achieving their dreams. You’ve probably heard this before: “Your network is your net worth,” but it’s not just about knowing people. A lot of folks make it a game of “I know this person, I have this contact, I have this email,” but you don’t know them. Honestly, they don’t want to help you. And that’s the big thing—it’s not who you know, it’s will they support you when you reach out to them? The only way you can even start a relationship is by learning to talk to strangers.
Learning how to go from cold, “I’ve never met you,” to warm, “This person wants to help me,” is key. To do this right, you need to learn how to introduce yourself. It’s the number one skill I teach all young men that I coach. The format is this: You say, “Hi, my name is [Name]. I help [who you help] [achieve desired outcome] with [your unique process].”
For me, when I was building SAS Academy, I would say, “Hi, my name is Dmtell. I help software CEOs get growth in their business with our perfect exit strategy.” Then the person can lean in and ask you, “How does that work?” You can practice this every day. When you go into a retail store, ask the person, “How late do you guys stay open?” It sounds trivial, but learning to ask a complete stranger a question helps you build this muscle and overcome the fear of talking to strangers.
When I decided I wanted to go on other people’s podcasts, I sat down and sent personalized messages to over 500 podcasts. My goal wasn’t to be on the “right” podcast; it was to get reps. It was about learning to talk to strangers, to answer questions like, “What do you do? How did you get started?” You have to be ready for your Oprah moment. The more hands you shake, the more money you make. If you’re not talking to strangers, then you’re not learning anything new.
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2. Manage Your Energy Flows
Most people confuse work with getting things done. I used to work 100 hours a week. I was burnt out, stressed out, and overworked, and I couldn’t figure out how to get out of it. Now, I work less than 40 hours a week but am way more productive. The reason why is because I focus on energy management, not time management.
One of my favorite quotes by Benjamin Franklin is, “If you fail to plan, you plan to fail.” To make sure I get the most out of every day, I block everything in my calendar. Personal, professional, workouts, date nights—I need to see if I have the capacity for more. If I don’t put it in my calendar, I’m playing a game in my head, and my brain wasn’t designed to retain a lot of information. It was designed to solve problems, so I take everything I want to get done and put it into my calendar.
The other thing that took me a long time to learn is putting the most important task first. Millionaires wake up and attack the money making projects first thing in the morning because if they get those things done right, everything else takes care of itself. It’s the leading domino. Most people make the mistake of saying freedom is doing what I want, with who I want, anytime I want. The truth is, if you don’t write things down in your schedule and know what you’re saying no to, then a yes is a no to your dreams.
Reviewing your calendar the night before is essential. Even if it’s well planned out a week ahead, I ask myself, “Does this feel good? Does it flow right? Am I focusing on the right projects?” If not, I make adjustments.
3. Feed Your Mind
One of the greatest gifts my dad ever gave me was when I got out of rehab at 17 years old. He decided to give me an unlimited budget for computer books. He told me, “As long as you finish it, I’ll pay for the next one.” My dad didn’t have unlimited means, but he understood the power of self-education. Since then, I’ve read over 1,800 books.
What’s crazy is that a book can give you 20 years of knowledge in a few hours for just 20 bucks. Every new goal I set for myself, I ask, “What are the three to five books that the best in the world recommend around this topic?” Whether it’s fitness, relationships, or business, I dive deep. Not only do I read them, but I study them and apply the knowledge immediately.
Reading first thing in the morning primes your mind. It prepares you to find opportunities all around you. When I read at least 10 pages every day, I look for something that I can use to serve the world. That energy, that hunt, is what makes the book work for me.
4. Be Obnoxiously Curious
The other day, my kids started asking, “Why?” and I said, “Stop asking me why!” Then the other one started asking why, and both of them kept going—”Why? Why?” It occurred to me that I didn’t want to stop them from being curious. Asking why is a powerful way to challenge any situation.
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If you don’t learn to ask questions—even if it makes others uncomfortable—you’ll never understand the reasoning behind something and be able to apply that knowledge elsewhere. Albert Einstein famously said, “I’m not talented, I’m just curious.”
Years ago, I was hanging out with my mentor at a dinner party. I said to him, “It’s interesting watching you because you just sat back and listened to everybody’s answers, yet I knew you already knew most of what you were hearing. Why did you do that?” He said, “I already know what I know. Learning from other people is how I progress my life forward.” That really hit me.
Being curious about your customers and your team helps you develop a different mental model to solve problems more effectively. It’s just as important to ask yourself why you react a certain way—what frustrates you, what makes you angry. The world will show you where you’re not free, and a life unexamined is a life that wasn’t lived.
5. Ask for Feedback
When my brother started his home building company, he almost went bankrupt. The reason why is because he built a product that nobody wanted to buy. How did he end up doing that? He didn’t ask for feedback. He knew his target customer was first-time home buyers—specifically women—but he never asked them about his designs, locations, or finishes. As a result, he built houses that lacked curb appeal.
Before he ran out of money, we changed the entire strategy. We identified five women who were his ideal customers and went to all the open houses of his competitors. We collected feedback about what these women loved and then fed that to the designer. This shift helped him go from almost bankrupt to building and selling 16 homes in his first year.
That’s the power of feedback. Money runs out; feedback multiplies. Feedback helps you refine your ideas, but be sure you get it from the right people. Ask your target customers, not just anyone.
6. Measure Everything
A year ago, I decided I wanted to have visible abs. Why? I noticed there were 22 million millionaires in the US, but only 3 million people had visible abs. I thought it would be a fun project. It wasn’t just about getting abs—it was about measuring everything.
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I had to measure my macros, workouts, and weight. I tracked these things daily, sometimes twice a day. By measuring, I was able to drop 33 pounds in 90 days and keep it off for over a year. In my business, I measure everything too. I get a daily cash email to see how money moves in and out of my companies. Measurement is the heartbeat of my business.
7. Default to Action
I have people talk to me all the time about starting their next thing. They always put it off, waiting for the perfect moment. The truth is, it’s not about making the “right” decision—it’s about making any decision, and then making it right.
In 2012, my company Flowtown was bought by DemandForce. After a few months, I had an idea for a new project, Clarity. Leaving DemandForce was financially risky, but I decided to go for it. After 3 months, I raised 1.6 million in funding, and DemandForce was acquired by Intuit for 600 million. My earnout was triggered, and I got paid out.
This reinforced the belief that the world rewards those who take courageous decisions. Courage isn’t about making a decision when you have no fear—it’s about making a decision despite fear. If I hadn’t taken that step, I wouldn’t have achieved that level of growth. The key to success is being impatient with action and patient with results. Money likes speed. Take the next step, build momentum, and trust that the results will follow.
