Becoming a millionaire isn't about luck. It's about commitment, smart money-making, and a willingness to break the ordinary career rules.
Self-made millionaires are not an exclusive group; they offer tons of free advice for anyone who wants to join them in the nine-digit club.
There's no guaranteed way to become a millionaire. But here are a few pieces of advice to consider from experts who have studied them or done it themselves.
Be aggressive while you're young
Invest early and aggressivelyProstock-Studio / Getty ImagesSam Dogen told CNBC all about how he became a millionaire, working his way up from being a poor student. One of his key tips is investing aggressively while you're young, taking on more risk than you might if you're staring down retirement in the next few years. You can bear those risks if you have enough time in front of you, and they may pay off big time if you do your research.
Diversify your income
Diversify your incomeNatee Meepian / Getty ImagesAuthor Thomas C. Corley conducted a five-year study of self-made millionaires, analyzing what tricks they had in common. According to Insider Business, Corely found that 65 percent of self-made millionaires had three streams of income, pulling down money from stocks, property, and investments in businesses. Some millionaires had even more streams of revenue, with 45 percent claiming four streams, and 29 percent with five or more.
Focus on income
Focus on incomeSARINYAPINNGAM / Getty ImagesGrant Cardone happily explains how he went from broke at 21 to a millionaire by age 30, and one of his key tips is to chase the money. Don't sit back and think that saving will be enough. "The first step is to focus on increasing your income in increments and repeating that," he says. "You can not save your way to millionaire status." He adds that any money you do save should be invested, not stuffed under a mattress.
Leverage debt wisely
Leverage debt wiselyProstock-Studio / Getty ImagesAnother of Cardone's tips is to avoid debt that doesn't help you. He points out that millionaires know how to take on debt in order to increase their cash flow, instead of using that debt to buy things that only depreciate or alter their lifestyle. Debt is a tool, not a magic wand.
Stay focused
Stay focused on your goaljacoblund / Getty ImagesEven if you know income is your goal and saving is just a tool to get there, you still need to be disciplined about your spending and lifestyle. As Dave Ramsey points out, every dollar you save on a cable bill or dinner out, is another dollar you can put toward investing. He even suggests more radical steps to find cash flow like downsizing to a smaller home. Whatever it takes.
Become your own boss
Become your own bossmonkeybusinessimages / Getty ImagesBusiness Insider notes that self-made millionaire Steve Siebold takes a bold stance on employment. The millionaire writes that most people accept a paycheck and never consider going out on their own, while many millionaires are self-employed, making money every which way they can. While you can build a fortune punching the clock, it's probably the slowest way to get there.
Commit
Commit to becoming a millionairefizkes / Getty ImagesBecoming a millionaire is as much about focus and tenacity as it is about investing and income. According to Forbes, writing out a mission statement for yourself -- "I will become a millionaire by doing x, y, and z -- and posting it in a public place where you can review it will help you maintain your drive and focus on your goal.
Discover more money content on Audacy
—Budgeting tips to save money easily in 2021
—Tipping etiquette: How much to tip in every situation
—How to track the status of your third stimulus check
—Do you have student loans? Here's how you could benefit from the new stimulus bill
—Here's how the $3,000 child tax credit works
—Celebs' first gigs: 11 surprising jobs stars had before fame
—The 10 most successful products on 'Shark Tank'
—How would a $15 minimum wage affect the economy?
—The 10 most affordable states, ranked by cost of living
LISTEN NOW on the Audacy App
Sign Up and Follow Audacy
Facebook | Twitter | Instagram
