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How to Become a Millionaire
So you want to be a millionaire, huh? Awesome!But is it realistic? Don’t youneeda high-
paying job or a winning lottery ticket?
Well, we’ve got good news for you. You can become a millionaire—andit has nothing to
do with your family’s money—or lack of it—or where you got your degree. It has
everything todowith you.

8 Tips for Becoming a Millionaire
For The National Study of Millionaires, the largest survey of millionairesever done, we
talkedto more than 10,000 millionaires fromall across the country tolearnmore about
who they are and what they did to reachmillionaire status.
It turns out that most millionaires share similar habits andprinciples. Andthat means you
can start building those same habits and following those same principles starting .
today so you can become a millionaire yourself someday!Here’s the list of million-dollar
habits:
.
1
.
Stay Away From Debt
There’s this ideafloating around our culture that you have to take big risks tobecome
wealthy. People think you have to take out business loans and open up lines of credit to
get ahead, and they justify it by calling it “leverage”—whichis just afancy word for
borrowing money and getting intodebt.
But here’s the thing:Debt is quicksandto your financial dreams. Every time you buy
something on credit or take out a loan, you dig a deeper hole for yourself toclimb out of.
That money (plus interest) you’re sending tolenders is money youcouldbe putting
toward your future!
Folks who went on to become millionaires figuredthis out along time ago. They didn’t
want their most valuable wealth-building tool (theirincome) tiedup instupidpayments
every month.

Here are the cold, hard facts:9 out of 10 millionaires have never takenout a business
loan, and 73% of millionaires have never carriedacredit cardbalance in their entire
life.1 They’ll be the first totell youthat one of the main ways to reachthe million-dollar
mark is to avoid debt like the plague.
The bottomline is this:If you want to become a millionaire, avoiddebt at all costs. Andif
you already have some, get rid of it and pay it off (Baby Step2) as soon as possible. The
only “good debt”is no debt!
2
.
Invest Earlyand Consistently
The earlier youstart investing, the more likely youare to become a millionaire. It’s that
simple (thanks, compound interest)!
If you start putting away $300 amonth beginning at age 25, assuming an 11% rate of
return, youcould be a millionaire by age 57. If you kept on investing andretire 10 years
later, you’dbe sitting pretty ona$3.2 millionnest egg. Andthat’s just $300 amonth!
So, start investing the minute you’re debt-free (it’sokay if you’ve still got a
mortgage) and have a fully fundedemergency fundin place. No exceptions!
Maybe you’re in your 40s or 50s and you’re thinking, Well . . . that’s great for those young
folks, but there’s noway I can get there. We want you tohear us loud and clear:No
matter how old or young you are, it is never toolate or tooearly to get started. Start
where you are!
3
.
Make Savings a Priority

If you’ve already startedinvesting (Baby Step4), way to go! Whenit comes to saving for
retirement, the goal is tosave 15% of your income into tax-advantagedretirement
accounts like a 401(k) and RothIRA. Not 5%. Not 10%. Fifteenpercent!
Why? Because if you want to become a millionaire, how much money you invest is just as
important as the actual act of investing. We found that it took Baby Steps Millionaires,
who invested15% of their income towardretirement, about 20 years or less toreach
millionaire status fromthe beginning of their journey!Here’s how things wouldshake
out:
The median householdincome inAmericais around $68,000.2 Solet’s say youinvested
15% of that income towardretirement, that works out to $10,200ayear or around $850 a
month. Investedover 30 years, assuming an11% rate of return, that money could turn
into$2.3 million. Andthat’s pretending youdon’t get an employer matchand never got a
single raise over your entire career (whichis highly unlikely)!
Our researchfoundthat 70% of millionaires savedmore than10% of their income
throughout their working years.3 They saved, and they saved a lot! How were they able
to save so much? That’s where the next twoprinciples come intoplay.
4
.
Increase Your Income to Reach Your Goal Faster

You don’t need a huge salary to become a millionaire. After all, one-third of all millionaires never made a
six-figure salary in a single working year!4 But if you want to reach millionaire status a little bit faster,
then the best way to do that is to boost your income. The more money you make, the more you can
invest!
How do you do that? You can ask for a raise (gulp) or find a new job that pays more. You can start
that side hustle you’ve always dreamed about or sell some stuff that’s been collecting dust in your
basement. You can go back to school (without taking on student loans!) or get training to increase your
skills and earning potential.
One of the defining characteristics of millionaires is that they take personal responsibility for their lives.
In other words, they own it. Virtually all millionaires (97%) believe they control their own destiny.5 They
don’t just sit around and hope that things will magically change—they go out and do something about it.
So what are you waiting for? If you know you need to raise yourincome, go out there and dosomething
about it!
5
.
Cut Unnecessary Expenses
As you work towardbecoming a millionaire, make sure you’re spending your money on
purpose—andwitha purpose.

More than 9 out of 10 millionaires say they live onless thanthey make and stick tothe
budgets they create eachmonth. And get this:We found that 93% of millionaires still use
coupons whenthey shop!6
So despite what you might have seenonsome televisionshow or heardon cable news,
the average millionaire lives amodest life. They don’t waste their money on junk and
things they can’t afford. Instead, they findways to cut spending so they can save more for
the future. Small sacrifices canleadto big results over time!
So, take some time to go over your expenses andcompare budgets from previous
months. Where are you leaking money? Whichbudget categories seemtocreepupover
time? Here are a few places to look:
Insurance – Can you bundle car and homeowners insurance? Canyou get better rates
witha higher deductible? Shoparoundand find out. Sit down with an independent
agent who can show you where you can save.
Cable/Satellite –Ever heardof streaming serviceslike HuluandNetflix (andabout 50
others)? Of course youhave. Give thema shot—youcan probably get the shows you
want without cable.
Gifts – Don’t give in to social pressure tobuy over-the-topgiftsfor family or close friends.
If you do, you’re putting pressure onthemto returnthe favor!
Restaurants –Here’s anexperiment worthtrying:For one month, eat every meal at home
and skip that coffee you get every day on the way to work. You’ll be shockedat how
much money you can save in30 days!

Subscriptions –Gym memberships, streaming music services, magazine subscriptions . . .
honestly, how many of those do you really use? Try cutting a few of those monthly
subscriptions fromyour budget.
Just remember, whatever sacrifices youmake now—big or small—will goa long way to
helpyou reach your dreams of becoming a millionaire. Andyou know what? Once you’re
a millionaire (yep, you’re going to be!), you might just stick withthe money-saving habits
you started.
6
.
Keep Your Millionaire Goal Front and Center
The steps tobecoming a millionaire are the opposite of how most people act, which
means you’ll see friends andfamily going places, doing things, and buying stuff. Andif
you spendtoo much time focusing on what they’re doing, you couldbe in big trouble with
your own money.
Almost half (49%) of millennials say they’re influencedby social mediatospendtheir
money.7 That means they’re letting someone else’shighlight reel ontheir social media
feeddecide how they spend their own money. No thanks!Don’t get suckedinto
comparisonculture. Fight toothand nail against it. Let’s just be real here:It’s time tostop
buying stuff we can’t afford toimpress people we don’t evenreally like!
Millionairesdidn’t get where they are by playing the comparisongame. Nope. Only 7% of
themfeel any pressure tokeepupwith their friends andfamilies whenit comes to
spending.8 Instead, they stay focusedontheir own goals and don’t worry about what
other people are thinking or doing.

Insteadof obsessing over what you don’t have, focus on stuff that really matters —family
and friends, your church, your career goals, the legacy you’ll leave your children. Those
will bring you much greater joy thana brand-new car or a destinationvacationever
could.
7
.
Work With an Investment Professional
Here’s aquestionfor you: If you neededtohave heart surgery, wouldyoutry tooperate
on yourself? Of course not. That would be dumb! You’d look for the best heart surgeon
you could find.
And whenit comes tosomething as important as your retirementfuture, wouldn’t you
want to work with someone who knows what they’re doing? Working withan investment
professional is one of the smartest things youcando for your money.
In fact, 68% of millionaires saidthey workedwithafinancial advisor to helpthem reach
their net worth.9 Yousee? Building wealthisn’t asolosport—andit’s wise toseek
guidance from folks who know what they’re doing!
If you don’t have a pro yet, check out our SmartVestor program. It’s easy touse, and it’ll
helpyou find investment pros inyour area for free!
8
.
Put Your Plan on Repeat

To become a millionaire, youneedtolet time and compound interest work their
magic. It’s a beautiful thing. Andif you want to hit your big financial goals, you have to
stay focusedon the tiny details over the long haul.
What are we talking about? Staying out of debt. Investing continually. Avoiding the “I
deserve”trap. Year after year after year. Wash, rinse, repeat. Andguess what? You’ll
keepdoing those things evenafter youhit that million-dollar mark, because that’s what
money-smart people do. You keepon going!
And if you're looking to learnmore, Dave's newest book, Baby Steps Millionaires, doesn’t
just tell youwhat to do. It alsotells youwhy to do it, how todo it, and when todo
it. Grab a copy today to learnhow tobust through the barriers preventing youfrom
becoming a millionaire.
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