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TOM@RICHHABITS.NET
In a world of instant gratification and financial uncertainty, Millennials and Gen Z face unique challenges in building wealth and achieving success. Drawing from insights in my books Rich Kids, Rich Habits, Change Your Habits, Change Your Life, and Rich Habits, Poor Habits, as well as my media articles, I’ve outlined key habits that can empower young generations to take control of their financial futures. These habits, rooted in discipline, mindset, and strategic action, are designed to help Millennials and Gen Z thrive in an ever-changing economic landscape.
1. Adopt a Growth-Oriented Mindset
In Rich Habits, I emphasize that wealthy individuals cultivate a mindset focused on continuous self-improvement. For Millennials and Gen Z, this means embracing lifelong learning. In my Forbes article, “10 Habits of the Self-Made Millionaires,” I note that 88% of millionaires dedicate at least 30 minutes daily to reading for self-education—books, industry journals, or online courses. Young people should prioritize learning over entertainment, whether through podcasts, online platforms like Coursera, or books on personal finance. This habit builds knowledge, sharpens skills, and opens doors to opportunities in a competitive job market.
2. Master Money Management Early
Rich Kids stresses the importance of teaching children financial literacy, a lesson Millennials and Gen Z must apply themselves if they weren’t taught early. In Rich Habits, Poor Habits, co-authored with Michael Yardney, we found that 68% of wealthy individuals live below their means, saving at least 20% of their income. Young adults should create a budget, track expenses, and prioritize saving over spending on fleeting trends. My Business Insider article, “5 Habits That Made Me a Millionaire by 35,” highlights automating savings to build an emergency fund and invest in low-cost index funds. Start small—saving $50 a month in your 20s can compound significantly by your 40s.
3. Build Relationships Strategically
Networking is a cornerstone of success. In Rich Habits, I found that 79% of wealthy individuals actively build relationships with optimistic, success-minded people. Millennials and Gen Z, with access to platforms like LinkedIn and X, should leverage these tools to connect with mentors and peers in their industries. My Entrepreneur article, “The Power of Relationships in Building Wealth,” underscores that relationships are a currency—surround yourself with those who inspire growth, not drama. Attend industry events, join online communities, and follow up consistently to nurture professional connections.
4. Eliminate Poor Habits
Change Your Habits, Change Your Life highlights how habits shape destiny. Poor habits, like procrastination or excessive screen time, can derail financial goals. My MarketWatch article, “Why Your Habits Are Holding You Back,” notes that 76% of wealthy individuals avoid time-wasting activities, dedicating no more than an hour daily to recreational screen time. Millennials and Gen Z should audit their daily routines, replacing habits like binge-watching or impulse buying with productive ones, such as side hustles or skill development. Apps like Forest or Habitica can help track and reinforce positive behaviors.
5. Take Calculated Risks
In Rich Kids, I discuss how wealthy parents encourage children to take calculated risks, a habit Millennials and Gen Z must adopt. Whether starting a side business, investing in stocks, or switching careers, bold moves often yield rewards. My Inc. article, “The Risk-Taking Habit of the Wealthy,” reveals that 63% of self-made millionaires attribute their success to stepping outside their comfort zones. For young adults, this could mean launching a passion project on Etsy or learning to code for a tech career. Failure is a teacher—embrace it, learn, and pivot.
6. Focus on Health and Discipline
Wealth and health are intertwined. In Rich Habits, I found that 76% of wealthy individuals exercise at least four times a week, maintaining energy and focus. My CNBC article, “Healthy Body, Wealthy Mind,” stresses that physical health boosts mental clarity, essential for decision-making. Millennials and Gen Z should prioritize sleep, nutrition, and exercise—simple habits like walking 10,000 steps daily or meal-prepping can make a difference. Discipline in health spills over into financial discipline, creating a virtuous cycle of success.
Conclusion
Millennials and Gen Z have unprecedented access to information and tools to build wealth, but success hinges on adopting rich habits early. By cultivating a growth mindset, mastering money management, building strategic relationships, eliminating poor habits, taking calculated risks, and prioritizing health, young adults can pave the way to financial independence. As outlined in my books and media articles, these habits aren’t quick fixes—they require consistency and patience. Start today, and let these practices compound over time to transform your life.
Tom Corley is an accountant, financial planner and author of “Rich Kids: How to Raise Our Children to Be Happy and Successful in Life”, Effort-Less Wealth, Change Your Habits Change Your Life, Rich Habits Poor Habits and “Rich Habits: The Daily Success Habits of Wealthy Individuals.”
