If you were born in the 20th century, you might remember a game show that could add six zeros to your bank account — set, of course, to cheesy synthesizer music in front of a live studio audience. Do you want to be a millionaire?

Jump to the Millionaire Quiz

Today, a million dollars may not stretch as far as it did in the late 90s, but it’s still a lot of money. Especially if you’re trying to build that nest egg from scratch.

Don’t worry though — it’s entirely possible to build wealth over time and get into the club (without having to appear on the Game Show Network.) 

Here’s how to become a millionaire in 9 easy steps:

  1. Adopt a millionaire mindset
  2. Start wherever you are
  3. Create a monthly budget
  4. Pay down high-interest debt
  5. Save an emergency fund
  6. Build your income streams
  7. Grow your retirement account
  8. Work with a financial planner
  9. Expand your investment portfolio

Reaching millionaire status doesn’t feel so tough when you take it one step at a time.

Step 1: Adopt a millionaire mindset

What does a millionaire look like? If you go by Hollywood, the millionaire lifestyle looks like fast cars and colorful shopping bags — or someone dressed like Mr. Peanut, complete with a monocle, waving from a private helicopter with the Richie Rich logo on the side.

But that’s not what most millionaires look like.

Here’s the thing — a millionaire is anyone with a net worth of at least $1,000,000. That’s it. A millionaire can be a school teacher, a firefighter, a social worker … yes, really. 

With a little work, “millionaire” can apply to just about anybody.

Real-life millionaires aren’t usually big spenders. In fact, they’re the opposite. They’re simply people who wanted to retire with confidence (sometimes even early), able to cover their expenses without stress and maintain a comfortable, sustainable lifestyle.

That’s the millionaire mindset.

So, how do you get there? While there are many ways to become a millionaire, this post lays out one of the most common paths to 7-figure wealth. 

Do you have what it takes to be a millionaire?

Take our quiz for fun, then scroll down to learn how to become a real-life millionaire.

How to make your first million

Not stressing about personal finances sounds pretty nice, right? If you’re ready to get the ball rolling to your first million, here’s the rest of the game plan:

Step 2: Start wherever you are

If you didn’t answer to Daddy Warbucks as a child, don’t worry — you’re in good company. Most of us aren’t born into wealth, but there are plenty of self-made millionaires out there. It just takes focus and determination.

Start by taking a comprehensive look at your personal finances, including your current net worth, which is your total worth minus your total debt. To plan your best path, you’ll need to know where you stand financially and how much money you have to work with. 

Don’t worry about what that picture shows. It’s entirely possible to get from crushing debt to millions. 

Taking stock of where you are today simply lays the groundwork for your financial planning.

Step 3: Create a monthly budget 

To build wealth, you need to know where your money is going. 

  • Start with your monthly income — what you’re bringing home after taxes and deductions
  • Then, compare that to your expenses, including:
    • Static expenses that don’t change (housing, car loan, etc.) 
    • Variable expenses that do change (groceries, gas, etc.)

Take a look at your bank statements to see what you’re spending (and where), and create budget categories to keep you on track. 

Step 4: Pay down high-interest debt

It’s tough to make progress toward your financial goals while you’re shelling out hard-earned money on high interest rates. Like kryptonite for Superman, high-interest debt can bring your financial plan to its knees.

If you’re struggling to get ahead because of your debt, formulate a plan to get out of that hole. There are plenty of strategies for paying off credit cards, student loans, and more — find one that works for you.

Step 5: Save an emergency fund

An emergency fund can protect your personal finances from, well, emergencies. Whether your dog needs surgery or your car needs new brakes and rotors, being prepared with emergency savings can keep the rest of your plan on track — without going back to being in debt. 

So, what amount of money should you aim for?

Ideally, your emergency savings would be able to cover all your living expenses for at least six months. That’s in a worst-case scenario. Don’t expect to have that in your savings account today — most people don’t.

If you’re starting from scratch, try a goal of $500 or $1,000. Contribute what you can each month until you get there, and then keep going. 

Eventually, you’ll want to save enough to cover three months, then six months, and then, if you really love that feeling of security, up to a year of expenses. 

Step 6: Build your income streams

If you’re having trouble saving what you need to, adding to your income can make things easier. That could look like:

  • Finding a side gig for some extra cash
  • Turning a hobby or passion into a business
  • Going for a raise or promotion at work
  • Talking to recruiters about new opportunities

In other words, if you want to be a millionaire, a little hustle goes a long way. 

Whether you want to open your own startup, pick up some freelance work, or turn your home into a rental property to earn passive income, you can generate more money. 

Need ideas for your side gig? Check out our list of 23 ways to make quick money.

Step 7: Grow your retirement account

Retirement accounts are tax-advantaged investment accounts that benefit account holders who plan to save their money in those accounts until retirement.

There are quite a few different types of retirement savings accounts — start by seeing what your employer offers. Here are a few key points to remember:

  • For traditional IRA/401(k) accounts — the tax advantages are structured to help you today, while you’re still working
  • For Roth IRA/401(k) accounts — the tax advantages are structured to help you later, when you retire
  • If you withdraw from these accounts before age 59 1/2, you’ll pay penalties on the withdrawals
  • If your employer offers a retirement match, be sure to contribute — it’s essentially free money!

Step 8: Work with a financial planner

A financial planner (also known as a financial advisor) is a great resource to give you financial advice specific to your needs. If your goal is to make a lot of money, but you’re not sure what savings goals you should be hitting or where to invest, a good financial advisor can help. 

Financial independence takes a lot of planning — professionals can help immensely.

Step 9: Expand your investment portfolio

Once you’re maximizing things like 401(k) matching programs and annual retirement-account contributions, you’ll need to decide what to do with any extra money you have to invest. That’s a great problem to have!

A financial planner can help you understand things like:

  • Historical investing trends
  • Brokerage accounts
  • Index funds & the stock market
  • Building equity in real estate
  • And much more

Depending on the strength of your portfolio, you might even look into micro-investments that give back to your community while offering the potential for significant growth. Again, a financial planner can help you weigh your options.

The millionaire long game

Remember, the millionaire “sensations” you see on social media who made it big overnight are few and far between. The good news is that you don’t have to “make it big” to make big money — you just have to accumulate your nest egg one day at a time.

For plenty of America’s millionaires, getting there took years of hard work, strategic saving, and savvy investing — in a series of long-term decisions that were well thought out and intentional.

So, if you want to be a millionaire, don’t give up. When your plans take a hit (and they will sometimes), keep calm, find a way to adapt, and stay focused.  As time progresses, you can watch your savings grow, move toward financial freedom, and join the millionaire club once and for all.