What Does It Take to Become a Millionaire? (Hint: It’s Not a Higher Salary)

become a millionaire

If you haven’t been keeping up with the personal finance space lately, you may have missed all of the new “FIRE” and “retire a millionaire” posts. These articles are all about becoming financially independent, saving up enough money to retire early, and a lot have to do with having a million dollars. But what does it really take to become a millionaire? Well surprisingly, to become a millionaire, you really don’t need to make a lot of money.

What Does It Take to Become a Millionaire?

This post was written by our long-time staff writer, Kimberly Studdard.

So what’s the secret then? How are all these people becoming millionaires if they don’t have a 6-figure salary? Just like most common sense “secrets”, there’s no one thing that you can do to make yourself an automatic millionaire. Instead, it’s all about the little stuff. All combined, it makes quite a few . . . → Read More: What Does It Take to Become a Millionaire? (Hint: It’s Not a Higher Salary)

How to Become a Millionaire (in less than 100 words)

become a millionaire

I firmly believe that almost everyone can become a millionaire these days. It’s not complicated and doesn’t take thousands of words to teach someone how they can do it. In fact, it can all be explained in less than 100 words…seriously.

How to Become a Millionaire (in less than 100 words)

1) Take education seriously – Learn all you can while you can, no matter what

2) Spend far less than you make – Put your extra money into savings, investments, and some into fun (of course)

3) Invest only in what you understand – By investing, you’re already in the minority – don’t worry so much about gaining huge returns

4) Re-invest your returns – This the key to becoming a millionaire – keep putting your wins into future winners

5) Give – Take an interest in the less fortunate and you’ll quickly find satisfaction in your own life

. . . → Read More: How to Become a Millionaire (in less than 100 words)