If you’d like to emulate the habits and traits of millionaires, there are three main items to which I’d like to call your attention: 1) millionaire women are frugal, 2) millionaire women are self-driven, and 3) millionaire women have lots of contacts.

Be Frugal

Researcher Thomas J. Stanley points out in his book “Millionaire Women Next Door: The Many Journeys of Successful American Businesswomen” (Google Books) that one of the most common traits of the self-made women millionaires he interviewed is that they are frugal. They do not spend lavish amounts on cars, watches, houses, vacations, shoes, or club memberships.

Stanley would even hazard the theory that if you are spending on status symbols, you are not a millionaire. Conversely, if you are a millionaire, you may calculate, to the penny, how much you have spent on items like automobile expenses, your residence/s, or annual household expenditures.

A financial program like Quicken or Quickbooks is an excellent tool to calculate expenses, but some people keep hand-written accounts and others use spreadsheet software.

How much have you spent on food, your utilities, your gas bill, or banking in the past year? Start identifying where your money is going and you’ll find yourself behaving more and more like a millionaire.

Be Self-Motivated

Thomas’s research demonstrates that most women millionaires were self-motivated and spent time every day on managing their money, their business, or their investments. The majority of these women were self-made business owners, so if you are motivated enough to start your own business or side business, now is a great time to begin laying the groundwork for your company. If you’re already in business, consider your goals for 2008 and beyond, including your growth plan and different income streams.

Every fifteen minutes you spend watching TV is fifteen minutes you may use to do self-improvement exercises like exercising or looking after your personal affairs.

Every fifteen minutes you spend “vegging out” is fifteen minutes you may use reading a personal growth book or magazine: a commute is a great place to do this, if you’re a commuter.

Every fifteen minutes you spend on the World Wide Web of cool links is fifteen minutes you may use to visit a money matters site like Investopedia, Fortune, Motley Fool, or CNN Money.

Every fifteen minutes of watching someone else’s prepared content is fifteen minutes you may use planning or creating your own book, movie, show, or music.

Millionaire women use their time to benefit themselves, their families, and their business. We may all learn from their example.

Increase your Contact List

One thing that I’ve found, in my own experience, is that millionaires know many, many people. They network, they have large contact databases, they’re very well-connected, and they call upon a number of other support people for assistance, leads, and mutual benefit.

The most well-connected people get more done, more efficiently, because they have someone upon whom to call. With an excellent lawyer, a reliable accountant or tax preparer, a good insurance point person, and a friendly dentist, you’re pretty much set: do you have a name to fill in the blank for each of the above? If so, good work! Now fatten up your contact list by networking, asking for connections, doing informational interviewing, and providing services, tips, recommendations, or answers for others.

Keith Ferrazzi, master networker explains, “Your network is your net worth.” As Ferrazzi says in his book, Never Eat Alone www.nevereatalone.com, “what distinguishes highly successful people from everyone else is the way they use the power of relationships—so that everyone wins.”

An excellent way to begin expanding your “close network” is by hosting or joining a standing breakfast with other professionals in your community. This may be a formal group like BNI www.bni.comNAWBO) or a simple networking group with some committed individuals and some interesting visitors each week. As you get to know more people in your close network, you’ll expand your “external” network of people who know you through your friends and associates.

With more and more loosely affiliated groups of people that you know, you have access to a broader network of people in all kinds of professions who may be your next business associate, partner, or referral.

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When you think about ways you may help other people, you’ll find that other people will think about ways to help you. Ask for contacts, increase your contact list, and you’ll see your numbers rise.

When you follow the traits of women millionaires, you’ll provide value to others and you’ll increase your own net worth. A good start is by being frugal, motivating yourself, and increasing your network of contacts. Here’s to your success!

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