10 Great Millionaire Habits for Writers

What does it take to be a successful writer? It takes the same skills and mindsets of the millionaires of the world. As I experiment on myself, testing out new ways to approach my work as a writer, I am finding that many of the habits of millionaires can be applied to writers, and with great success. Investments, for example, have become a daily part of my life. I never watched the stock market before last year when I began to buy stocks. I am better for the changed I've made and I am always looking for more areas to improve.

1. Make Financial Goals

When you decide that you want to make a living by writing, your first step should be to set earning goals. The first earning goal you set should be the absolute minimum you need to earn to survive and pay the bills. The second tier of the goal should be the amount of money you will need to earn each month to live comfortably. The third tier is the amount you would really love to be earning each month. After you write down the numbers, post them on the wall or at your work desk where you can see them each day.

By August Müller (1836–1885) (Auktionshaus Bergmann) [Public domain], via Wikimedia Commons
By August Müller (1836–1885) (Auktionshaus Bergmann) [Public domain], via Wikimedia Commons | Source

2. Invest

We rarely read about writers making investments, but it is a necessity if we want to financially succeed as a writer. We need to prepare for tough times, health issues, and retirement. Making investments that pay monthly dividends is a great way to increase one’s monthly earnings and it gives us the opportunity to build our investments with the money we get back.

3. Control Spending

All we need to be a writer is a basic computer, working internet, and a brain. Everything else is just icing on the cake. We don’t need writer’s kits, a high end computer, or any special software. If we feel that we need motivation, we go to YouTube and watch free videos. If we need help with our writing skills, we visit the numerous free websites that provide this information. If, at the end of the day, we find that we have accomplished zero writing, we need to reconsider our choice to become a writer. It is not for everyone and if we can’t get by on the basics, nothing is going to force us to crack open our brains and make us write like geniuses.

Marinus van Reymerswaele [Public domain], via Wikimedia Commons
Marinus van Reymerswaele [Public domain], via Wikimedia Commons | Source

4. Schedule Fun Time

Just as we should be scheduling in our writing time, we should also be scheduling in our free time. Plan fun activities during the week to get you out and away from your computer. It is not only relaxing, but we all generate more ideas when we learn how to play and free our minds from plots, deadlines, and SEO strategies.

5. Read

Whoever heard of a writer who doesn’t read? Multi-millionaires, such as Bill Gates, find time to read every day and so should we. Set aside 30 minutes to an hour each day to read. What should we be reading? A study conducted on what people read and their income showed that wealthy people read self help and nonfiction books. As writers, we need to expand that reading list to include books in our favorite genres just to keep tabs of the latest writing trends and styles.

6. Take a Risk

The best writers don’t just sit back and write about comfortable subjects all day long. The best take risks and write about controversial topics, little known topics, and raw, unhindered emotions. It is the same with many self made millionaires who risked what little money they had to start an empire that could have, just as easily, failed.

7. Health is a Priority

Gone are the dreamy ideas of writers being opium smoking, gutter sleeping alcoholics. Successful writers are anything but reckless with their health. As it is with the super wealthy, health takes top priority for writers who take their craft seriously. This means no bags of fat laden, sugar coated junk food on the work desk. Alcohol is taken in moderation, if at all. Healthy food and snacks are prepared ahead of time, and writers are getting out and exercising. To be the best writer, we need to treat our bodies like the temples they are. The better our bodies function, the more our writings increase.

Adolf Hölzel [Public domain], via Wikimedia Commons
Adolf Hölzel [Public domain], via Wikimedia Commons | Source

8. Accept Failure

Millionaires have one persistent trait: they never give up. Failures are a part of the learning process. If you receive a rejection notice for a book or an article, don’t take it personally. Instead, look at why the piece was rejected, improve your skills, make adjustments, and keep on sending your best works out until you find an buyer for them.

9. Know That You Are In Control

You are in control of your destiny. You make the best decisions for your career. You think ahead, look towards the end results, and set yourself into action. Life requires active participation if you are going to succeed and achieve your goals. Take control.

By Albert Anker (1831-1910) (ArtDaily.org) [Public domain], via Wikimedia Commons
By Albert Anker (1831-1910) (ArtDaily.org) [Public domain], via Wikimedia Commons | Source

10. End Procrastination

The biggest thing holding writers back is procrastination. We get sidetracked. We would rather go clean out the shed than spend another hour typing out content for a blog. So, we put it off and we fall behind. Soon, we are ready to give up on the idea of writing because we have made ourselves out to be failures. The only way to turn it all around is to take action, even if we don’t feel like it.

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Larry Rankin profile image

Larry Rankin 15 months ago from Oklahoma

Always find your lists interesting.

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