So, you want to become a millionaire? That’s an exciting goal! But let’s be real — can it happen in today’s unpredictable economy? Do you need a six-figure salary or a lucky lottery ticket to make it happen?
Here’s the good news: you can achieve millionaire status, even with rising inflation and a stock market that feels as shaky as an old state-fair roller coaster.
Building wealth isn’t about inheriting a fortune or having a prestigious degree. It all comes down to you — your financial habits, choices, and mindset. If you’re ready to learn how to become a millionaire and take control of your money, let’s dive into some of the most effective strategies to reach that milestone.
8 tips to becoming a millionaire
The National Study of Millionaires surveyed over 10,000 millionaires to reveal the habits and principles behind their financial success. The findings show that most millionaires share similar, achievable strategies that anyone can adopt to build wealth. If you’re wondering how to be a millionaire, here are the key takeaways to start your journey.
1. Avoid debt at all costs
Many believe taking big risks, like business loans or credit lines, is the secret to wealth, calling it “leverage” — a fancy term for borrowing money. But here’s the truth: debt is financial quicksand. Every loan or credit card charge pulls you further down, while the money lost on interest could be building your future instead.
So, how can I become a millionaire? The answer is simpler than you think: avoid debt. Millionaires know this. They understand their income is their greatest wealth-building tool — not money tied up in endless payments. The numbers don’t lie: 9 out of 10 millionaires have never taken a business loan, and 73% have never carried a credit card balance. Their success proves one key principle: avoiding debt is one of the most reliable paths to wealth.
2. Start investing early and consistently
The earlier you invest, the more you benefit from compound interest. For example, investing $300 a month starting at age 25 with an 11% annual return could make you a millionaire by 57. Keep going until 67, and you could have $3.2 million—all from $300 a month.
Want to know how to become a millionaire in 5 years? While it takes discipline and higher risk tolerance, focusing on aggressive investments, increasing your income, and saving a substantial amount can put you on the fast track to success.
The best time to invest is once you’ve paid off debt (except a mortgage) and have an emergency fund ready. No exceptions.
If you’re in your 40s or 50s and worried it’s too late, think again. It’s never too late — or too early — to invest. Start now, and let time work for you.
3. Prioritize saving
If you’re already investing, great! But if you’re wondering how to become a millionaire with no money, the key is to start small and aim for consistent growth. The goal isn’t just to save 5% or 10% of your income — it’s to aim for 15%.
Why? Because building wealth isn’t just about investing; it’s about how much you invest. Research shows people who consistently saved 15% of their income in tax-advantaged retirement accounts like a 401(k) or Roth IRA reached millionaire status in 20 years or less.
For example, if the median U.S. household income is $68,000, investing 15% — or $10,200 annually — could grow to $2.3 million over 30 years with an 11% annual return. And that’s without including employer matches or raises!
In fact, 70% of millionaires saved more than 10% of their income throughout their careers. They made saving a priority — and stuck to it. So, if you’re looking for practical steps on how to become a millionaire with no money, start by saving and investing consistently, no matter how small you begin.
4. Boost your income to reach goals faster
You don’t need a huge salary to become a millionaire. In fact, one-third of millionaires have never earned six figures in a year. But increasing your income can fast-track your journey to wealth. The more you earn, the more you can invest. If you’re wondering how to make a million from nothing, the key is to start small and take consistent action.
How? Ask for a raise, switch to a higher-paying job, start a side hustle, or sell unused items. You could also pursue new skills or education to boost earning potential — just avoid taking on student debt.
Millionaires take responsibility for their futures. Nearly all (97%) believe they control their own destiny. They don’t wait — they take action. So, what’s stopping you? If boosting your income is the next step, start today!
5. Trim unnecessary expenses
If you want to know how to become a multi millionaire, managing your money with purpose is key. Wealth-building isn’t about flashy spending — it’s about discipline. Most millionaires live below their means and follow a monthly budget. Fun fact: 93% of millionaires still use coupons!
Forget the stereotypes — the average millionaire leads a modest lifestyle. They avoid wasting money on frivolous purchases and focus on cutting unnecessary expenses to save for the future. These small changes can add up to big financial growth over time.
Start by reviewing your expenses and identifying areas where you’re overspending. Here are some common places to cut costs:
- Insurance: Bundling car and home insurance or raising deductibles could lower premiums. Compare rates to find savings.
- Cable/Satellite: Switch to streaming platforms like Netflix or Hulu to save money.
- Gifts: Skip extravagant gifts — thoughtful doesn’t mean expensive.
- Dining Out: Eat at home for a month and skip the daily coffee run. You’ll be surprised by how much you save.
- Subscriptions: Cancel unused memberships and services to reclaim your money.
Every small change you make — whether skipping takeout or renegotiating insurance — gets you closer to your financial goals. These simple adjustments are among the many ways to become a millionaire. And once you hit that status, these habits will stick with you.
6. Keep your millionaire goal in focus
Becoming a millionaire often means going against the crowd. While others might splurge on vacations, luxury items, or trends, staying focused on your goals is crucial. If you’re wondering how to become millionaire, the key is to resist the influence of social media and avoid spending to impress others.
Nearly half of millennials admit social media influences their spending. Don’t let someone’s highlight reel dictate how you use your money. Millionaires don’t get rich by keeping up with the Joneses. Only 7% feel pressured to match their friends’ spending. Instead, they stay laser-focused on their goals, ignoring the noise.
Shift your focus from wanting more to appreciating what truly matters — relationships, career goals, and the legacy you want to leave. These bring lasting joy, not a luxury vacation or a new car. Knowing how to become millionaire starts with changing your mindset and valuing what truly counts.
7. Seek expert guidance
If you needed surgery, you’d find the best surgeon, right? So why handle your financial future without expert help?
Working with a financial advisor is one of the smartest moves you can make. In fact, 68% of millionaires credit advisors for helping them build wealth. After all, what makes someone a millionaire isn’t just luck — it’s expert guidance, smart strategies, wise investments, and staying disciplined on the path to financial success. Creating a fortune isn’t a solo effort!
8. Commit to the process
Building wealth isn’t about quick fixes — it’s about discipline, patience, and consistency. The secret is letting time and compound growth work their magic.
Stick to the basics: avoid debt, invest regularly, and skip the “I deserve this” mindset. Keep repeating these habits, and success will follow. Even when you hit your million-dollar milestone, these principles will keep guiding you.
What makes you a millionaire isn’t luck — it’s building strong habits and staying committed. Keep working, stay focused, and let the process lead you to your goals.