Yahoo Finance What Resolutions Do Millionaires Make? New Year’s Habits of the Ultra-Rich
Millionaires. They’re just like us? GOBankingRates wanted to find out what kinds of resolutions highly successful people make in order to inspire how we all might step into 2024 with an eye towards living more fulfilling lives.
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More than two dozen self-described millionaires shared their plans. On the surface, the common themes that emerge sound very much like typical aspirations: self improvement, learning, prioritizing physical and mental well-being, and achieving better work-life balance.
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Millionaire Resolutions
Sameera Sullivan, a professional matchmaker who caters to high net worth clients, said, “Successful individuals often prioritize resolutions that align with both personal and professional growth.”
“Resolutions commonly observed among the ultra-rich involve a commitment to prioritizing work-life balance,” Sullivan said. “Balancing career achievements with meaningful personal connections is essential for holistic success. Setting boundaries and allocating quality time for relationships fosters a sense of fulfillment.”
Even many of the financial goals of millionaires are aligned with core strategies that anyone of any net worth should adopt. Cameron Heinz, the 18-year-old CEO and founder of Mobility Nest, told GOBankingRates he’s aiming to save more for retirement, improve his credit score, create a personal budget and pay off his outstanding credit card debt.
But El Mehdi, CEO of ChargePay, pointed out that coming from a place of privilege affords significant differences that “go beyond just adding zeros to their bank accounts.”
“I can tell you that New Year’s resolutions for the ultra-rich often look a bit different than those for the average person,” he said. “Sure, financial security is a given, but true wealth opens doors to a wider range of aspirations.”
According to Mehdi, these include legacy planning, like creating educational opportunities, supporting scientific research or cultural heritage, or pursuing philanthropic ventures. “Millionaires have the privilege of looking beyond just their financial well-being. Many are using their wealth to tackle global challenges like climate change, poverty and inequality.”
See: 5 Ways to Earn at Least 5% APY on Your Money (Without Using the Stock Market)
Focus on Progress
Regardless of a person’s wealth, Mehdi advises people to resolve to “embrace imperfect progress.”
“The pursuit of wealth can be a never-ending treadmill, and it’s important to remember that progress, not perfection, is the key to happiness. Millionaires are increasingly focused on celebrating their achievements, big and small, and learning from their setbacks. It’s about letting go of the pressure to be perfect and embracing the journey of continuous growth,” Mehdi said.
“Remember, wealth is just a tool. How you choose to use it defines your true worth,” he said. “So, this New Year, whether you’re a millionaire or not, I encourage you to set resolutions that go beyond the bottom line and focus on making a positive impact on yourself, your community and the world.”
Read on for more millionaire resolutions for 2024.
Get My Hands Dirty
Miguel Baptista, investment banking associate and manager at Rtivities
“As a millionaire, I’ve been doing some thinking about New Year’s resolutions, and guess what? It’s not all about the money. This year, I’m redefining my ROI. Time, not money, is what I’m investing in now.
“I’m planning to unplug from the ‘always-on’ culture and really focus on quality moments with my loved ones. Did you know that people who prioritize time over money report 20% higher happiness levels?
“Philanthropy is another big focus for me. But it’s not just about writing checks. I’m getting my hands dirty with volunteer work, sharing my skills to make a tangible difference. Studies show that hands-on involvement in philanthropy increases personal satisfaction by 30%.
“Remember, being wealthy isn’t just about the balance in your bank account. It’s about living a life filled with purpose, passion and a commitment to making a difference. And here’s a bonus tip: Don’t just make resolutions; make them actionable. Setting SMART [Specific, Measurable, Achievable, Relevant, Time-bound] goals and tracking your progress is crucial. Adjust your course as needed, and let’s aim for a richer, more fulfilling new year in every sense of the word.”
Overcome Fears
Daniel Harding, founder and owner of Sonorous Group LTD
“My New Year’s resolution this year is to get over my fear of public speaking. I believe it will help me get to the next level, and it’s a personal goal. Nothing more, nothing less.”
Spend the 2nd Derivative
Bryan Clayton, CEO of GreenPal
“One resolution that has been pivotal for me is what I call ‘spending the 2nd derivative of your income.’ This concept, albeit a bit technical, essentially means that before I make any major purchase, I first invest in an asset that generates the required income to cover that expense.
“For instance, if I want to buy a new car with a monthly cost of $2,000, I would first invest in a rental property that brings in an additional $2,000 per month.
“This approach ensures that I’m not just spending my primary income but rather using the income generated from my investments to fund my lifestyle. This strategy is a core principle I’ve learned from interacting with fellow millionaires — never spend your primary income on liabilities.
“Instead, use it to acquire assets that generate additional income streams. This approach not only provides financial security but also fosters a sustainable and growing wealth portfolio.”
Socialize More
Amy Bos, co-founder and COO of Mediumchat Group
“I’ve invested so much time and effort into my business and building my wealth, I’ve neglected my personal life. I have a tiny circle of friends and no family to speak of. 2024 is the year that I will prioritize networking and in-person socializing.
“So, my New Year’s resolution is to put myself out there and attend a social gathering each month. My goal is to expand my friendship circle and maybe even find love!”
No Resolutions
Mike Sprouse, owner and founder of The Sprouse Group, LLC
“I actually don’t make New Year’s resolutions, because I don’t believe in them. My mindset is one where every day, I start fresh, regardless of whether the calendar says Jan. 1.”
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This article originally appeared on GOBankingRates.com: What Resolutions Do Millionaires Make? New Year’s Habits of the Ultra-Rich
