What separates millionaires from ordinary individuals struggling to achieve financial freedom? It isn't just luck, a high-paying job, or a prestigious degree. It's their mindset about money and their consistent financial habits. These habits aren't exclusive to millionaires; anyone can use them to build wealth over time.

Consistent saving and investing is crucial, especially in today's volatile stock market. Concerns about inflation, trade wars, and recessions can make investors hesitant. But here's the secret: millionaires don't wait for the "perfect" moment to invest. They understand that long-term investing beats trying to time the market. When the market dips, they see opportunities, not panic. They automate their investments and view downturns as chances to buy at a discount.

In contrast, many people let fear drive their financial decisions, selling during downturns and hoarding cash instead of investing. This approach prevents them from building wealth. Many millionaires aim to invest at least 20% of their income, increasing the percentage as their earnings grow. Over time, compound interest works in their favor.

Relying on a single income source, like your day job, is risky. In the age of automation, globalization, and artificial intelligence, there's no such thing as "job security". The more income streams you have, the more financially secure you become. Millionaires often have multiple income sources: dividends from stocks, rental income from real estate, profits from side businesses, stock gains, interest from bonds or high-yield savings, freelance work, or consulting.

Multiple income streams act like a financial safety net. If you lose your job, your rental properties or stock portfolio can help maintain a steady cash flow. If your business suffers, your investments provide a cushion. Diversification isn't just for stock portfolios; it's for your entire financial life.

Diversifying income streams is a key to success for millionaires. Illustration: CNBC

Millionaires think about opportunity costs: what they must give up to make a financial decision. This mindset shift is significant because it helps them prioritize wealth-building activities over short-term gratification. With opportunity costs in mind, every dollar spent is more carefully considered.

For example, instead of impulsively buying a new luxury car, a millionaire might ask: "If I invest 2 billion VND, how much could it multiply in 10 years?" If they invest that amount in the stock market with an 8% annual compounded return, they could have over 4.3 billion VND after a decade. Instead of spending 30 million VND on a vacation, they might consider if that money could be better used to acquire an asset that generates income for retirement.

This doesn't mean millionaires never spend on nice things. They spend strategically, only after ensuring their core wealth-building goals are met. Before making a large purchase, ask yourself: Does this increase in value over time? Does it improve my ability to earn more money? What am I sacrificing by spending this money today?

While the three habits above are practical, another equally important habit is self-belief. Millionaires don't see money as something reserved for a select few; they see it as something they can create and control. The difference between someone who accumulates wealth and someone who doesn't lies in their mindset. Do you believe you have what it takes to become a millionaire? Or do you think wealth is out of reach? Compared to the millions of millionaires worldwide, do you constantly ask yourself, "Why not me?"

Self-made millionaires often have an unrelenting drive. If they lose on an investment, they learn from their mistakes. They aren't afraid to ask for a raise, start a business, or invest aggressively. They take action, accept risks, and know how to position themselves for success.

Tieu Gu (according to CNBC, compiled)