Even with the last decade of economic downturns and uncertainty, a new millennial millionaire is minted every month. According to Coldwell Banker, out of 72 million Millennials in America, roughly 700,000 are already millionaires.

Beyond quiet-quitting, student loans, and their love of Starbux $SBUX, millennial millionaires share similar qualities to the old guard. Thus, understanding these traits can help you modify and adapt them, in order to reach new financial heights. While I know some will go to the corner and yell, “Impossible” in four languages, it’s actually doable. Especially if you feel like your back is against the wall financially, adopting these habits will be essential to thrive in the next two decades. Following the wealth equation on how to better manage your money, you can also master their habits.

The best part is that the millionaire strategy proves that there are still million-and-one ways to retire with over +$100,000 in passive income. However, getting there requires a different mindset.

When you put it that way.

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To be a Millennial Millionaire, You have to be Adaptable but Most Importantly Resilient

While the old adage on how to become a millionaire can still hold true, i.e. save 10 percent of your income, live below your means, and pay off your debts. To become a millennial millionaire, you have to level up to today’s standards.

According to the Boston Herald, the average millennial has nearly $30,000 in debt. This debt consists of primarily student loans of $25,000 and $5,000 in credit card debt at an average interest rate of 25 percent.

This is a huge financial setback at the start of your adult life. While some doubled down on spending, others sought a better work-purpose balance.

Foundational Qualities to Build Wealth

Your mindset is the first part of the problem. Followed by your own willingness to accept accountability. Self-accountability is defined as an obligation or willingness to accept responsibility or to account for one’s actions. Either in the workplace, at home, or in teams, millennial millionaires are accountable for their quality of effort and output.

Even if a project, idea, or adventure end in failure, they see more value in the journey. This form of self-discipline builds trust and reliability which brings them more work and opportunity. While others are busy quiet-quitting, they are finding out how to excel and make themselves more marketable for the next opportunity.

These qualities are essential building blocks toward building wealth, according to Sarah Stanley Fallaw, co-author of “The Next Millionaire Next Door: Enduring Strategies for Building Wealth” and the director of research for the Affluent Market Institute.

In order to get here, you have to do a full diagnostic on who you are and what you bring to any table. This will require deep introspection and honesty. It will make you emotional and even reticent to admit to your flaw and weakness.

However, it’s extremely important. After that, you have to do something. Winners don’t just win once or twice, they make winning habitual.

The +1% Effort of a millennial millionaire’s good habits!

Once you’ve built self-awareness, you should then take consistent action. Build a plan, break it down with a timeline, and work on it every day. The book Atomic Habits does a great show laying out the power of incremental changes and how you can build success into your routine.

For example, most millionaires and high performers are fit. Why? Because they ask more from themselves mentally, spiritually, and physically. As such, they don’t just want abs, they want to be healthy. They are committed to the lifestyle of being healthy and wealthy. That’s not something that just happens overnight.

That type of change happens over many nights. All of it is linked. You can’t merely want wealth without the effort it takes to earn it.

Why You Should Measure Your Progress Towards Goals

Once you’ve done the review, drafted your goals, and structured your habits; you have to start measuring up. According to James Clear, the author of Atomic Habits, measuring your progress toward a goal has three benefits:

It can make the behavior more obvious,
create an additive effect, and
add immediate gratification.

A millennial millionaire understands the cost of success and is always willing to pay it. Those who hesitate to, fail. It’s as simple as that. You have to want this more than everything. While others are losing their cool, winners are steady and hitting their fifth lap. Hopefully, that contextualizes a few of the things that successful everyday millennial millionaires are doing. Especially, since we can’t all be social media influencers.

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