While IQ has long been considered the primary predictor of success, research has revealed that emotional intelligence (EQ) may be far more valuable when building wealth. A study of 733 multi-millionaires found they ranked emotional intelligence above traditional intelligence as a success factor.
Unlike IQ, which remains relatively stable throughout life, emotional intelligence can be developed and strengthened with practice. Self-made millionaires consistently demonstrate specific EQ habits that contribute to their financial achievements. The good news is that these habits aren’t exclusive to the wealthy—they can be cultivated by anyone aspiring to improve their economic situation and overall success.
By understanding and implementing these ten emotional intelligence practices, you can develop the same psychological advantages that help millionaires thrive.
Here are the ten emotional intelligence habits of millionaires:
1. Self-Awareness
Self-made millionaires possess exceptional self-awareness, regularly reflecting on their emotions, strengths, and limitations. This introspection helps them understand what drives their decisions and identify emotional triggers that might lead to poor choices. Studies show that financially successful individuals assess their emotional state before making significant financial decisions, allowing them to separate temporary feelings from long-term goals.
This emotional clarity provides a foundation for authentic leadership and calculated risk-taking. Self-awareness also enables millionaires to recognize when they need to seek advice or delegate tasks outside their expertise, preventing costly mistakes driven by ego or overconfidence. Developing this habit requires regular reflection on one’s emotional responses to financial situations and honest assessment of how one’s feelings might influence one’s decisions.
2. Self-Regulation
The ability to control impulses and manage emotions, particularly under pressure, distinguishes millionaires from those who struggle financially. Research indicates that millionaires reported experiencing business failures but persisted due to their emotional stability. Their ability to learn from mistakes and develop a mindset that sees setbacks as opportunities was a common strength in self-made millionaires.
This self-regulation allows them to make decisions based on long-term objectives rather than immediate emotional gratification. Financially successful individuals demonstrate remarkable patience during market fluctuations, resisting the urge to react impulsively to losses.
They’ve mastered delaying gratification—sacrificing immediate pleasures for future rewards—a trait consistently linked to financial success. By developing emotional control, these individuals maintain clear thinking during negotiations and crises, giving them a significant advantage. Daily practices like mindfulness meditation, deep breathing exercises, and creating decision-making frameworks help strengthen this vital emotional muscle.
3. Empathy
Though often undervalued in business discussions, empathy is a powerful tool for millionaires. Understanding others’ perspectives and emotional needs creates numerous advantages in business relationships. Empathy enables millionaires to identify unmet market needs, understand customer pain points, and build loyal teams.
Research shows that emotionally intelligent entrepreneurs excel at negotiation because they can accurately read and respond to others’ emotional signals. Interestingly, studies note that women entrepreneurs often score higher in empathy measures, potentially giving them an edge in relationship-based business scenarios.
This skill allows millionaires to build genuine connections with employees, customers, and investors—relationships that become invaluable during challenging times. Practicing active listening without immediately formulating responses and asking thoughtful questions about others’ experiences helps develop this crucial emotional intelligence component.
4. Social Skills
Exceptional communication abilities and relationship-building talents enable millionaires to navigate complex social dynamics effectively. These individuals understand how to convey their vision, inspire others to action, and build networks that create opportunities. Research shows that 73% of millionaires actively mentor others or at least want to, strengthening their connections and reputation.
This generous approach to relationship-building creates reciprocity that often leads to new business opportunities. Successful entrepreneurs recognize that their social capital—the collective value of their professional relationships—can be as valuable as financial capital.
They excel at reading social cues and adapting their communication style to different audiences, whether presenting to investors or motivating employees. They build lasting and beneficial relationships by focusing on creating value for others rather than immediate personal gain in every interaction.
5. Resilience
Financial success rarely follows a straight line, making emotional resilience essential for building wealth. Studies indicate that 63% of millionaires take calculated risks and view setbacks as valuable feedback rather than permanent failures. This resilience enables them to maintain perspective during challenging situations, separating temporary obstacles from their long-term vision.
When faced with rejection or failure, emotionally intelligent entrepreneurs quickly refocus on solutions rather than dwelling on problems. They’ve developed the ability to process negative emotions efficiently without becoming overwhelmed.
This emotional recovery speed gives them a significant advantage, allowing them to identify new opportunities while others remain paralyzed by disappointment. Developing resilience requires intentionally reframing setbacks as learning experiences and maintaining a growth mindset that views challenges as opportunities to develop new skills.
6. Assertiveness
Millionaires maintain a delicate balance between understanding others’ needs and confidently expressing their boundaries and requirements. This assertiveness allows them to navigate conflicts tactfully without resorting to passive or aggressive communication styles. In negotiations, they clearly articulate their position while remaining open to compromise when appropriate.
This ability to advocate for themselves respectfully creates an environment of mutual respect and fair exchange. Financially successful individuals understand that assertiveness isn’t about dominating conversations but ensuring their perspective is considered.
They can say “no” to opportunities that don’t align with their goals without damaging relationships. This skill prevents the common pitfalls of overcommitment and resentment that sabotage business relationships. Clear, direct communication about your needs and boundaries in low-stakes situations helps develop this crucial emotional intelligence habit.
7. Curiosity About Others
High-EQ millionaires demonstrate a genuine interest in the people around them, driven by empathy and strategic thinking. This curiosity leads them to ask thoughtful questions and truly listen to the answers, creating deeper connections and revealing insights others might miss. By understanding the motivations and challenges of customers, employees, and competitors, they gain valuable market intelligence that informs their decisions.
This habit extends beyond business contexts—millionaires often read biographies and study successful individuals from diverse fields, extracting principles they can apply to their ventures. Their curiosity creates a continuous learning loop that keeps them adaptable to changing markets.
The information gathered through authentic interest in others often reveals opportunities and potential problems before they become apparent to less attentive competitors.
8. Positive Outlook
A hallmark of self-made millionaires is their optimistic perspective, with studies noting that most describe themselves as believing “anything is possible.” This positive outlook is a practical business tool rather than naive wishful thinking. It enables them to envision possibilities others dismiss and persist through difficulties discouraging less optimistic individuals.
This mindset creates a self-fulfilling prophecy: believing in positive outcomes increases the likelihood of taking actions that make those outcomes. Millionaires with high emotional intelligence balance optimism with realistic assessment, maintaining hope while acknowledging challenges.
This positive framing allows them to see opportunities within problems and conserve energy during extended periods of uncertainty. Rather than thinking, “This won’t work,” they ask, “How might this work?”—a subtle but powerful shift that generates creative solutions instead of premature surrender.
9. Stress Tolerance
Functioning effectively under pressure gives millionaires a significant edge in high-stakes situations. Research by author Tom Corley indicates that 76% of financially successful individuals exercise at least 30 minutes daily, recognizing the connection between physical activity and emotional regulation. This stress tolerance enables clear thinking when others become clouded by anxiety, leading to better decisions during critical moments.
High-EQ millionaires develop personalized stress management techniques that prevent burnout while maintaining productivity. They recognize stress signals early and implement strategies before becoming overwhelmed.
Studies suggest men often score higher in stress tolerance measures, though this appears responsive to targeted development efforts. By maintaining emotional equilibrium during challenging times, millionaires can capitalize on opportunities that stress-reactive individuals miss. Creating structured routines, prioritizing sleep, and developing specific stress-reduction practices help build this essential emotional capacity.
10. Continuous Self-Improvement
Millionaires demonstrate an insatiable appetite for growth, with 88% reading at least 30 minutes daily to enhance their emotional and professional capabilities. This commitment to self-improvement creates a compound effect similar to financial investments—small daily deposits of learning yield substantial long-term returns.
Rather than seeing themselves as finished products, emotionally intelligent millionaires view themselves as works in progress, constantly seeking feedback and development opportunities.
This growth mindset extends to their emotional intelligence, which they intentionally strengthen through practice and education. They continuously enhance their decision-making abilities by dedicating time to understanding emotional patterns, improving communication skills, and developing greater self-awareness. This commitment to growth enables them to adapt to changing circumstances while maintaining their core values and long-term vision.
Conclusion
Emotional intelligence habits of self-made millionaires provide a roadmap for improving their financial outcomes and overall success. While technical knowledge and traditional intelligence matter, the ability to understand and manage emotions—both your own and others’—creates advantages in every business interaction.
These ten habits demonstrate that emotional intelligence is not merely a soft skill but a fundamental component of wealth creation. By developing self-awareness, practicing self-regulation, cultivating empathy, strengthening social skills, building resilience, communicating assertively, nurturing curiosity, maintaining a positive outlook, improving stress tolerance, and committing to continuous growth, you can develop the emotional foundations that support financial success.
Remember that emotional intelligence, unlike IQ, can be developed at any age, meaning these powerful habits are accessible to anyone willing to practice them consistently.