Money Mindset: Powerful Habits To Have In Your Early 20’s!

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Have you ever wondered how millionaires make more money than the average person?

From Elon Musk to Mark Zuckerberg and Warren Buffett, how are these individuals spending their time everyday to make money from their sources of income?

Here's the answer: Habits

In fact, these top business leaders and entrepreneurs dedicate a majority of their time developing successful millionaire habits.

You are never too young or too old to start constructing a personalized path for success and accomplishing your goals.

I can guarantee you that you will not become rich and successful by simply daydreaming. 

Denzel Washington once said, “Dreams without goals are just dreams, and they ultimately fuel disappointment.”

Becoming a millionaire starts with powerful habits implemented into your life schedule

1. Learn Self-Management

We cannot manipulate time to change any outcomes or experiences.

Public figures like Michael Jordan, Kim Kardashian, and Kobe Bryant have 365 days a year and 24 hours in a day just like we do.

So, why aren’t we making money like them?

Here’s the difference:

Time is precious. Time is money. They know how important it is to utilize their time wisely in order to work towards their goals every day.

So, how can we start adopting their successful habits?

  1. Discover where all your time goes. Start by writing down a list of the daily activities you do and how much time you spend during each activity. Or simply use this Time Management table. Scroll to the time management section.


  2. Go to your phone’s settings and check your screen time. You can see how much time you spend on your phone and what apps you spend the most time on. From there, you can work on reducing the amount of time you spend on your phone every day in order to be more productive elsewhere.


  3. Eliminate unproductive behaviors that DO NOT align with your goals. Remember, your time is precious and you need to learn how to say NO to people or events that do not align with your personal goals.  

Easy, right?

Improving your self-management skills will dramatically improve the quality of your life and you will become more mindful of your decisions. 

By implementing self-management skills into your habits, you can develop more productive behaviors that contribute to reaching your goals sooner.

2. Create Vision Boards

A vision board is a visual representation of how you visualize and want your life to be.

By collecting images of your future goals and aspirations, you can begin manifesting those desires into reality.

The importance of having a vision board is simply to help you clarify and prioritize what it is that you desire.

Many professional athletes and celebrities have created visions boards to become the successful people they are now. 

Remember that saying everyone says, “fake it til you make it”? 

Well, a recent study can prove that it actually works!

The study revealed that your brain is not able to exploit the difference between a real or fake event that happened in your life. 

In other words, by adding images of future desires into your vision board (e.g. money, boats, houses) you can trick your brain into thinking you are already in possession of those assets.

In doing this, you are attracting those things to actually become part of your life because the more you see them, the more you think about them, and the higher your drive for acquiring them will be. 

This is how you begin to manifest your dreams into reality.

3. Become a Long-Term Thinker

If you desire to attract money into your life, you have to start changing your mindset to become a long-term thinker instead of a short-term thinker. 

The wealthiest people understand that in order to have a bright and successful future, they need to make intelligent decisions for their long-term goals

Here’s how to differentiate long-term vs. short-term thinkers:

Long-term thinkers: “How can I double the amount of my income yearly?”

Short-term thinkers: “How am I going to pay for rent and my car payments this month?” 

Millionaires would rather invest their money for long-term purposes over the instant gratification of buying luxuries (e.g. cars, clothes, homes).

Research explains why we are prone to making short-term decisions instead of thinking long-term.

Back in the 1960’s, a psychologist by the name of Walter Mischel and a couple of his colleagues were investigating delayed gratification.

Purpose of the study: The experimenters wanted to investigate the difference between those who prefer an immediate reward (instant gratification) and those who prefer a larger reward (delayed gratification).

They performed the same experiment on a couple of children, separately, with one marshmallow and gave them two options:

  1. The child could ring the bell and summon the research assistant to return so they could eat the marshmallow as soon as they wanted to.
  2. If the child waited 15 minutes until the research assistant returned, they would receive an extra marshmallow to eat.

The results were astounding! 

A few years after the experiment, the same children were visited again when they were teenagers.

Experimenters found that the children who waited to receive the second marshmallow and delayed their gratification had higher SAT scores, better social skills, superior planning skills, and a higher ability to manage stress.

Those with a greater ability to plan appeared to be more successful because they were able to delay their gratification. 

Start learning how to say NO to activities or things that reward instant gratification and be willing to sacrifice your time to work on accomplishing your long-term goals.

Millionaires would rather sacrifice years of instant gratification for many years of financial freedom by planning for their future.

4. Associate Yourself with Wealthy People

You are the average of the five people you spend the most time with.” – Jim Rohn

As humans, we tend to subconsciously mimic habits, thoughts and behaviors from those we associate ourselves with the most.  

Over the years, there have been numerous research articles indicating that our environment affects us more than we might think.

Our surroundings can impact our thinking, self-esteem, and even change how we feel. 

By surrounding yourself with people of influence and millionaires, you begin to adopt their thoughts and behaviors into your arsenal of habits. 

There is a good reason why the rich only associate themselves with other wealthy and positive individuals – to adopt and build their mindset and habits.

If you surround yourself with affluent, successful people, you are bound to adopt a few of their successful characteristics as your own.

5. Network with Others

You’ll find that the most successful people will look for opportunities to network and increase their circle of business. 

But anyone can go out and network – the real question is: how do you network effectively? 

Dale Carnegie, author of How To Win Friends and Influence People said,

You can make more friends in two months by becoming interested in other people than you can in two years by trying to get other people interested in you.” 

People love talking about themselves; but they love it more when others are interested in them.

Spend time searching for upcoming events nearby that you can attend. Start introducing yourself and connecting with people. 

Learn how to network and establish connections with people the right way by using some of the following talking points to help guide your conversations:

  • What do you do for work?
  • What’s your story?
  • Let them do most of the talking while you listen
  • Ask for career advice and tips

Here are some things you can do to expand your network:

1. Join Social Networking Platforms

  • Linkedin
  • Pinterest
  • Facebook
  • Eventbrite

2. Find Opportunities for Physical Networking

  • Publish an article, blog, or book
  • Attend public speaking events (at public universities, Ted Talks, etc.)
  • Ask friends to introduce you to colleagues or other friends
  • Attend professional conferences, social gatherings, mixers, community events, etc.

6. Invest in Yourself by Learning More

1. Read More Books

The wealthiest and most successful people are the ones who dedicate their time reading books and enhancing their level of knowledge daily. 

In an interview, Elon Musk once said, “ I was raised by books. Books, and then my parents.” 

Bill Gates shared that he reads one book every week, and Mark Zuckerberg mentioned he is reading a book every 2 weeks to become more successful.

But don’t just read random romance or science fiction books; spend more of your time on the books that wealthy people are reading to further develop your personal growth and help you achieve your goals.

Successful people tend to read books pertaining to success, personal growth, and business mindsets.

Check out my full review of the best books to read to make more money:

2. Study Wealthy People

Another way to invest in yourself is by studying and analyzing what wealthy people of influence are doing. 

By simply studying their schedules and type of mentality, you can learn a lot about why they are successful. I would recommend doing thorough research on their background and their upbringing.

Here are some questions you can research to determine how they became successful:

What is their background story?

Are they reading a lot? 

What books are they reading?

Do they have a strict schedule they follow everyday?

How did they become wealthy?

Did they have a mentor before their career took off? 

What are some characteristics that give them a winning mentality? 

7. Understand the Locus of Control

In the world of Psychology, there is a concept that catches the attention of many psychologists and researchers; locus of control. 

Locus of Control is an individual’s belief in how their experiences or outside factors contribute to their success or failures. 

There are two sides to the Locus of Control: internal beliefs and external beliefs. 

If someone is an internal believer, they believe they have control over what happens to them whether it is positive or negative. 

On the other hand, external believers are the ones who believe they have no control over what happens to them, regardless of it being positive or negative, and they typically place the blame on external factors (e.g. bad luck, fate, their environment).

Locus Of Control Examples

Those with internal locus of control tend to be happier, more successful, rich, confident and are willing to work harder towards their goals. 

Wealthy individuals believe their thoughts and actions influence how much income they will make, so they tend to remain positive and driven.

If you seek to make money, you need to start believing that your thoughts and actions will determine your desired outcomes in life. 

8. Reprogram Your Mindset

According to Dr. Bruce Lipton, a developmental biologist, humans have already been subconsciously programmed during early childhood to believe in certain ideas and goals.

For instance, if your childhood experiences consisted of living in big houses, riding in nice cars, and traveling a lot, you have already been subconsciously programming your mind and attracting those assets into your adult life.

However, if your parents or elders always said things like: “life is hard” or “not everyone can be rich”, then you have been programmed to believe in those ideologies.

That’s why rich people stay rich and poor people stay poor”, says Dr. Lipton.

Interestingly enough, researchers like Dr. Carol Dweck truly believe changing your mindset is critical in changing how you want your life to become.

Dr. Carol Dweck is a famous psychologist known for studying human motivation and why some people succeed while others fail. 

According to Dr. Dweck, there are two different mindsets people tend to have: “a fixed mindset about intelligence (the belief that your traits, or characteristics are inherited) versus a growth mindset intelligence (the belief that intelligence can be developed through personal effort).” 

Dr. Dweck’s research shows that having a growth mindset can contribute to greater achievement, resiliency, and increase your work ethic.

On the other hand, those with a fixed mindset are less likely to ever change their efforts, intelligence, talents and, as a result, live a life controlled by others. 

Check out these famous quotes from Dr. Carol Dweck’s book, Mindset: The New Psychology of Success

“Think about your hero. Do you think of this person as someone with extraordinary abilities who achieved with little effort? Now go find out the truth. Find out the tremendous effort that went into their accomplishment – and admire them more.”

“For twenty years, my research has shown that the view you adopt for yourself profoundly affects the way you lead your life.”

“Test scores and measures of achievement tell you where a student is, but they don’t tell you where a student could end up.”

“Character, heart, the mind of a champion. It’s what makes great athletes, and it’s what comes from the growth mindset with its focus on self-development, self-motivation, and responsibility.”

Both Dr. Lipton and Dr. Dweck’s research reveals that you can rewire your mindset into a winning mentality. Stop blaming external factors for your current circumstances.  

If you begin to train your subconscious mind to think positively and understand that you are the captain of your own ship, you can sail anywhere your heart desires.

9. Work on Your Goals Every Day

Every day, there seems to be distractions that take us away from working on our goals. 

I would recommend finding a quiet place that is designated for working on your goal. 

Wealthy individuals spend a lot of time working towards their goals and have a serious desire to make their goals come to fruition. 

They have an intense concentration on making them happen and can easily avoid other distractions that do not align with their goals. 

When you work on your goals avoid multitasking! Multitasking is a myth and it really does not produce any productive outcomes.

Remember the saying, “divide and conquer”?

It’s true! 

Make sure to focus on one thing at a time when you are working on your goals and not work on multiple parts to reach that goal.

Sometimes, writing down the exact reasons why you have goals can help you maintain a longer focus on working towards your goals.

When there are times I feel like giving up, I remind myself why I started in the first place and why I need to keep going.

Consistency and resiliency are the best two things you can have!

10. Make Multiple Streams of Income

Most people only have one source of income and that is their job. 

Sure, you could be getting paid a salary of about $70,000 a year, but in reality, after taxes, monthly rent, monthly car payments, utility bills, and buying food, the remaining amount is not reflective of your salary. 


Okay, so then how do you create multiple streams of income?

There are many ways you can start generating different sources of income, but you have to find one that you are interested in. 

In this blog post, I show you 32 different ways on how you can start a side-hustle and earn money from multiple streams of income.

or go here 36 Ways To Make If You Are Broke (Full Guide 2019)

11. Set High Goals for Yourself

Setting high goals for yourself is a critical factor that will contribute to your financial outcome. 

Grant Cardone, for example, has established $800 million dollars worth of real estate (and probably even more by the time you are done reading this). 

This guy is the real deal; he went from making $3,000 a month to building an empire worth millions of dollars through real estate and other companies of his own.

In his book, The 10x Rule, he states:

“The following is the basic series of mistakes people make when setting out to achieve goals:

  1. Mistargeting: by setting objectives that are too low and don’t allow for enough correct motivation
  2. Severely underestimating: what it will take in terms of actions, resources, money, and energy to accomplish the target
  3. Spending too much time competing and not enough time dominating their sector
  4. Underestimating the amount of adversity they will need to overcome in order to actually attain their desired goal.”

“The focus of the 10x rule: You must set targets that are 10 times what you think it will take to accomplish those targets.

In other words, if there is something you desire (like making $1000 for example), you need to think 10x bigger (multiply that amount by 10 = $10,000)!

Now think about what you are doing to achieve that goal, and put in 10x the work to get there.

12. Don’t Fear Failure, Take Risks

If you’re not failing every now and again, it’s a sign you’re not doing anything very innovative.” – Woody Allen

Did you know that Thomas Edison had over 9,000 failed attempts before he was finally able to create the lightbulb? 

Or take Stephen King who had his first book rejected about 30 times before he finally got a deal with a publisher. 

Even Michael Jordan was cut from the high school basketball tryouts every year before he became arguably the greatest NBA player of all time.

My point here is that even the wealthiest people encountered times of struggle but managed to persist through it all.

It is impossible to live without failing at something, unless you live so cautiously that you might as well not have lived at all – in which case, you fail by default.”  -J.K Rowling

Often we let our fear of failure control our thoughts and actions and keeps us from achieving great success. 

We worry about what others might think or say and sometimes we set low expectations for ourselves; this truly limits our potential for greatness.

Remember, every success story comes with experiences of failures. Take risks, fail faster, and learn from those experiences.


I hope you enjoyed reading this article, and that you implement some, if not all, of these habits into your own life. Just remember, these strategies aren’t going to instantly make you a millionaire.

Nonetheless, if you do your research right, you can learn valuable tips and strategies to create habits that can help you start making more money.

After reading this blog, what habits will you start implementing? What are some habits that have made you more successful? Who is someone you look up to and why? Let me know in the comments section below!

Yours Truly,


Yo! Yo! We are Marcos & Mayra

We help college students and millennials with ways to save & make money, eliminate debt, scholarship advice, resume & interview tips, and to achieve financial freedom to help you
 live the life you want.

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Psychological Science,14(3), 481-496. Retrieved from

Dweck, C. S. (2006). Mindset: The new psychology of success. New York, NY, US: Random 


Klontz, B. T., Sullivan, P., Seay, M. C., & Canale, A. (2015). The Wealthy: A Financial 

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