In a population of just over seven-and-a-half billion, only zero-point-nine percent qualify as members of the exclusive millionaire’s club. Perhaps the title is outdated and a new goal should be set, since inflation has pushed the purchasing power of a million dollars in 1900 to thirty million, today. Possibly billionaire is even the latest goal to aim for. The world did sing along, after all, as Bruno Mars so eloquently put it in his 2010 hit, “I wanna be a billionaire so freakin’ bad.” Although what does it take to achieve the sought-after status?

Sticking to achieving millionaire standing, for now, I’ve finalised a list of three habits that are followed meticulously by society’s financially elite.

Stop Budgeting

This may come as a surprise for some readers. Surely, you’re thinking, in order to give yourself the best chance at accumulating a million pounds, you must save every single penny and waste nothing. It all depends on whether you’re someone who spends more than you earn or someone who earns more than you spend. If you fall into the bracket of the former, budgeting is a good idea. However, for those in the category of the latter, there is a better way of doing things.

The first step is to automate your savings, ensuring that you don’t fall victim to, what’s known as Parkinson’s Law. This is where a lack of a plan means that if your income rises, your expenses will rise to that same level within three to six months. To do this, you can set up a separate basic savings, money market or checking account. It is important that this account is, indeed, kept separate so that your funds don’t fuse together.

Once you have completed this step, find an accountability partner, a person who can coach you in terms of keeping a financial commitment. Go through your purchases with them two to four times a month and ask yourself, “Was there anything here I didn’t need or want to buy?” After reflection, wait until at least 24 hours have passed before making a sizeable purchase. I advise this in order to avoid acting on impulse, which you will later regret.

Don’t Bank on Accumulation

Whatever you do, don’t buy into the philosophy that you need money to make money. That goes for dependence on financial institutions, too, and hoping they’ll take care of you. In other words, sticking your money into a high-risk account and waiting for compound interest to set-in after 30 years.

Millionaire’s don’t trust the banks, they think like the banks. They invest in assets that will produce cashflow for them rather than investing for accumulation. By pouring money back into your business or hiring someone to free up your time, you’re investing in an asset that is going to flow cash out to you whether you come into work or not.

Reduce and Transfer Your Risk

The first step here is to create at least six months of savings.

The second is to store the money somewhere with a better interest rate and tax advantages than a savings account, and one that isn’t subjected to what the stock market does. Simultaneously, you want to have access to your money whenever you need it. A Cashflow Banking Account fits these requirements like a glove.

The third is to get an estate plan, a basic will and trust so that you can protect your money, even from the grave. Write your wishes down now, while you’re alive, as otherwise it will be subjected to a huge tax liability.

Fourthly, as an individual, you have unlimited liability. If you don’t have a corporate structure, you have a 400% higher chance of getting audited. Essentially, save on taxes and lessen your risks with the right corporate structure.

Lastly, transfer the risk onto an insurance company. This will give you peace of mind in knowing that your money will be protected should something unthinkable happen.