#194 Top Habits of Self-Made Millionaires, ft. Dr. Peter Kim

Millionaires and Their Habits

Peter starts by introducing the episode about the daily habits of self-made millionaires and the importance of integrating these habits into one’s life for financial freedom. 

He emphasizes the significance of learning from successful individuals, highlighting the book “Change Your Habits, Change Your Life” by Thomas C. Corley, which offers insights from research and interviews with 177 self-made millionaires. Peter also mentions the book “Atomic Habits” and the importance of integrating new habits into daily routines for personal and professional growth.

“As I start a new year, I think about my routines. What do I want to integrate this year to give myself the best chance to get to where I want to be at the end of the year? To achieve success and to feel like I’ve made progress.” — Peter Kim, MD.

Definition of the “Self-Made Millionaire” 

Dr. Peter continues by giving clarity to the concept of a “self-made millionaire”, what he means when he uses that terminology, and how the book defines it.

He mentions that these are individuals who achieve high levels of wealth through hard work and persistence, regardless of their initial advantages or disadvantages. Peter also relates it to the importance of dedication and resilience in reaching financial success, encouraging listeners to adopt new habits and embrace change.

“You’ve gotten where you’re at because of your hard work, your resilience, and your persistence. So I know you’re not immune to hard work, trying new habits, taking on a new identity, and doing new new things.”  — Peter Kim, MD.

Habits of Self-Made Millionaires: Part 1

Peter begins, in no particular order, his list of successful habits proven by self-made millionaires. He encourages listeners to check off habits they already practice and to consider integrating those they haven’t yet.

1. Consistent Reading

Peter’s first habit is the importance of consistent reading as a way to learn new skills and gain knowledge from others. 

He emphasizes the benefits of reading books and highlights the flexibility of modern technology, which allows reading in various formats, such as physical books, tablets, or audiobooks.

Dr. Kim encourages listeners to integrate consistent reading into their lives and shares a personal goal of reading a book each month.

2. Regular Exercise 

The second habit is regular exercise. Peter mentions that it is essential to maintain physical and mental well-being, as it leads to improved thinking, decision-making, and mental sharpness.

Peter also highlights the importance of doctors, or anyone, taking care of their bodies, and he positions regular exercise as a hallmark of a successful person.

3. Surrounding Yourself With Success  

Third, Peter shares that surrounding oneself with successful and like-minded individuals is a critical factor for personal growth and success. He emphasizes the impact of the people one spends time with, suggesting that they influence one’s happiness, innovation, and overall success.

Dr. Kim encourages listeners to consider the company they keep and the potential influence it has on their achievements.

4. Practice Dream Setting 

Fourth, Dr. Peter Kim talks about the practice of dream setting, where individuals envision their ideal situation and set intentions in their minds. He compares this process to the determination and hard work required to become a doctor, highlighting the importance of having a clear goal in mind.

Peter urges listeners to continue this practice in their lives, even after achieving certain milestones, as a way to strive for their ideal life.

5. Being an Early Riser

Fifth, Dr. Peter emphasizes the importance of being an early riser and starting the morning with productive habits, such as setting intentions, practicing gratitude, exercising, and planning for the day ahead. 

He highlights the proactive approach of successful individuals who use the early morning hours to accomplish tasks and set themselves up for a successful day.

Peter shares personal experiences of waking up early and utilizing that time for personal and family-related activities before the day gets busy.

“That’s why we have communities like the Leverage and Growth community, our mastermind community, we do all of these things just to surround people with like-minded successful people” — Peter Kim, MD.

Habits of Self-Made Millionaires: Part 2

Dr. Kim continues with his list but with more emphasis on external factors that can aid one’s journey toward overall success.

6. Multiple Income Sources

Peter discusses the importance of diversifying income streams and highlights the advantage that a physician’s income provides for building multiple sources of income.

He prompts listeners to consider how many income streams they have and encourages them to make the most of their earning potential.

7. Find and Consult Mentors

Dr. Kim emphasizes the importance of finding and consulting mentors to accelerate one’s success. 

He highlights the idea that successful individuals have likely been guided or mentored by someone else and encourages the audience to seek out mentors to learn from their experience and knowledge, ultimately helping them achieve their goals more efficiently.

Peter shares personal experiences from residency and emphasizes the value of learning from successful individuals.

8. Helping Others Succeed

Peter Kim highlights the concept of successful individuals helping others succeed and the fulfillment that comes from sharing knowledge and experiences. 

He expresses the joy of contributing to someone else’s success, as well as the reciprocal learning that occurs when teaching others. Peter also reflects on his experiences in an academic setting and the impact of helping others.

Additionally, he prompts listeners to consider their own role in assisting others to succeed.

9. Seeking Feedback

Dr. Kim talks about the importance of seeking feedback, acknowledging that it can be challenging for knowledgeable individuals to ask for feedback.

He emphasizes the value of learning from the mistakes of others and the benefit of receiving guidance from trusted mentors to stay on the right path.

10. Daily Thinking Time

Peter continues by sharing how dedicating specific time for reflection and thought, makes the image of successful individuals like Self-Made Millionaires into a reality.

He emphasizes the value of early morning rising and setting aside time to plan the day, prioritize tasks, and solve problems before they escalate.

11. Stay Positive and Resilient

Last on his list, Dr. Kim shares how Self-made Millionaires maintain a positive and resilient mindset, understanding that they can influence outcomes by controlling their mindset and being resourceful. 

Peter emphasizes the importance of not giving up and breaking through challenges, drawing from personal experiences of frustration and the impact of being part of the right community with the guidance of a mentor and coach. This support is fundamental when making decisions and taking steps forward.

“Hearing all the stories of people whose lives have been impacted, how they change the way they think about money, time, career, family, has brought so much fulfillment to my life and the life of my team.” — Peter Kim, MD.

Making Small But Consistent Changes

Peter concludes by narrowing on the importance of developing habits that lead to a richer, more fulfilling, and intentional life, not just focused on financial freedom but also on having control over time, resources, and energy. 

He encourages integrating small, consistent changes into daily life, highlighting the compounding effect over time. Additionally, Peter mentions the availability of resources such as Leverage and Growth Summit, PIMDCON, and personal coaching through PIMD Masterminds, which support individuals on their journey toward success and fulfillment.

“It’s not always about making the biggest leaps, sometimes it’s about making those small, consistent changes that help you get where you want to be.”  —  Peter Kim, MD.