Most people aren’t millionaires, so if you want to become one, you have to do what most people don’t. Few people know this better than Kunal Desai, the founder and CEO of Bulls on Wall Street. He decided to leave the corporate world behind in order to trade full time. He now teaches thousands of students how to trade and build their own wealth.
However, building wealth is about more than just having a good trading strategy. What’s more important is developing solid habits.
Here are five things Kunal teaches all of his students about becoming a millionaire:
1. Establish morning rituals
The first two hours of the day are the most important, and set the tone for the rest of the day. Your morning rituals should define when you get up, what you eat, how you exercise and more. As a trader, I also have a specific list of rituals that help me tune out the noise and focus on the information that’s most important.
Find a time to go to sleep where you wake up naturally each day without an alarm. No phone or computer time either. This is when you can really focus and get your heavy-duty work done. This is the time I think about “big picture” projects and get my creative work done since my energy levels are at their highest. Make sure to write your thoughts down.
“Your first ritual that you do during the day is the highest leveraged ritual, by far, because it has the effect of setting your mind, and setting the context, for the rest of your day.” – Eben Pagan
2. Constantly practice your craft
Mastery requires ten thousand hours of experience. The market is constantly in motion, and you must learn and adapt. There is no replacing screen time. In trading you have to be able to see all the angles and compute numerous variables in a split second. You must condition your brain through deliberate practice to see all the angles in real time! No matter what business you are in, you always need to be practicing and striving to become the best in the world at what you do. Olympic athletes train for hours every single day to become the best at their sport. How many hours per day do you spend practicing your craft?
Many studies suggest that it takes 10,000 hours of practice to become a master at anything. The faster you reach your 10,000 hours, the faster you will become you can become one of the most successful people in what you do. Spend as many hours as possible each day learning new ways to improve your craft and practice it over and over.
3. Stay fit
The relationship between physical health and mental acuity is strong. Eating healthy and exercising regularly will improve your mood, energy level, and decision-making. Many studies show that vigorous exercise can help treat depression as much as taking medication. Most of the successful businessmen I have met over the years and also the best traders are all fit. There are so many things in life you can’t control, but you can control your fitness. Start there and your brain will start to feel some amazing effects from it.
4. Find mentors
Self-study is important, but it will only take you so far. A good mentor will not only share his knowledge and experience, but also provide critical feedback from a place of objectivity. With social media it’s so easy to find people with knowledge in any field and just message them! I make a point to call one person a week who I think is successful and has a skill or talent I can learn from. Most elite performers have an elite coach; you should never stop learning if you want to improve.
5. Build your perfect day
To get to a million dollars there are dozens of processes and small steps that you take to get there. That’s why your focus needs to be on the process! For me I have my students build out their “perfect day”. What are the steps and tasks you can do each day to “win” the day. And I know if I can cross off all 10 tasks on my perfect day, I have won that day. And if I can do that each day I will hit my long term goals. Always focus on what you can control. Your attitude and your output. Build out what your perfect day is.
“The future belongs to those who prepare for it today.” – Malcolm X
Which traits do you have to become a millionaire? Please leave your thoughts in the comment section below!
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