How to Become a Millionaire: The 16 Dos and Don’ts

It’s no longer “Who Wants to Be a Millionaire” but how to become a millionaire. You don’t have to be a contestant on a game show, win the lottery, or receive a windfall from a relative.

Four Money Mindsets Used by Millionaires

Most people look for concrete paths to becoming a millionaire. But the essential ingredient to becoming a millionaire is intangible. It’s time. The majority of millionaires utilize the compounding nature of time, where growth builds on itself over time.

1. Use Time to Your Advantage

Four Money Mindsets Used by Millionaires

A good financial plan means that to reach millionaire status isn’t an if; it’s a when. They know where they are going to get there because their personal finance is all planned out.

2. Create Financial Goals

Four Money Mindsets Used by Millionaires

Increased earnings can be invested and grow into future millionaire wealth. A simple rule of thumb is that a dollar invested today will grow into $10 in 30 years.

3. Millionaires Increase Earnings

Four Money Mindsets Used by Millionaires

But if you spend all your money, then you aren’t a millionaire anymore. The truth is that most millionaires find ways to decrease their spending. They don’t buy dumb crap.

4. Millionaires Also Decrease Their Spending

Five Ways to Invest Like a Millionaire

The stock market is one of the most common methods for people to become millionaires. One investing strategy is simple to describe. Invest a regular percentage of every paycheck into a low-cost index fund. Rinse and repeat for ~35 years.

1. Millionaires Do Simple Stock Investing

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