Three Habits for Becoming a Millionaire

The United States has long been known as a land of opportunity. It’s a place where someone can put down roots, work hard, and build a future for himself and his family. And despite how current situations might make you feel, that’s still true. The United States is home to more millionaires than anywhere else on Earth. In fact, with nearly 40% of all the world’s millionaires calling the U.S. home, we’ve got more of them than almost the rest of the world combined…


That’s nearly 24.5 million millionaires, or almost 10% of the U.S. population. And every day, according to the statistics, another 1,700 people join their ranks. That’s eye-popping growth. To put it in perspective, consider that in the year 2000, there were fewer than 15 million millionaires in the entire world! Fast-forward 24 years and there are almost double that number in the United States alone. This truly is a land of opportunity.

But not everyone seems to be blessed with the same opportunities. At least, not everyone seems to make it to millionaire status. But there’s really no reason anyone can’t make it there. Sure, not everyone is going to be Elon Musk or Jeff Bezos. But absolutely everyone can become a millionaire just by following a few simple steps that all start with adopting three core habits:

   – Spend less than you make.
   – Save as much as you spend.
   – Focus on the future.

So, today, I’d like to take some time to talk about the habits that can help anyone become a millionaire. Then you can be one of those 1,700 new American millionaires I keep reading about…

Who Wants to Be a Millionaire?

Let’s be honest, a million bucks just doesn’t buy what it used to. When I was a kid, a million dollars was unfathomable wealth. It was far more than enough to live a comfortable retirement. And it was a status that few people attained. But thanks to the effects of inflation constantly eroding the power of the dollar, a million dollars isn’t what it used to be. In fact, it takes almost $4 million today to buy what a million paid for back then:



Now the standard target for retirement is $2 million. But fortunately, these three habits are just as good at getting you to $2 million as they are at getting you to $1 million. And even better than that, once you make your first million, the second comes a whole lot quicker. So, with that being said, let’s talk about those habits. Because the real question we should be asking here is: Who doesn’t want to be a millionaire? Am I right?

Three Habits for Becoming a Millionaire: Spend Less Than You Make

This first habit is probably the most important one because if you don’t adopt it, you won’t be able to even consider adopting the others. You see, if you really want to become a millionaire, you’ve got to have extra money around at the end of the month. You’ve got to spend less than you make so that you can use that extra money to build a cushion of wealth. But despite this being the most important aspect of wealth building, it’s probably the hardest for most people.

It’s hard to see money in your account and see that fancy vacation package on Instagram or Facebook and not at least think about how you “deserve” that treat. And it’s also hard to see how little purchases like Uber Eats can have a big impact on your overall budget when you’re making them. But taking that trip now means you won’t be able to take it twice later. And ordering a taxi for your burrito mean you can’t have your own chauffeur later. So setting a budget and sticking to it is the most important thing you can do to get on that path to millionaire status.

It’s not going to be the most exciting task you’ve ever undertaken. Trust me on that one. But it’s going to be exciting watching that money start to pile up once you get yourself on the right track. And the way to do that is to sit down and make two lists. The first should be a list of your monthly household income sources. The second is your monthly household expenses. We’re talking utilities, food, transportation, housing, etc. But you also want to add in a little buffer for things like entertainment because life can’t be ALL work and NO play.



Once you’ve done that, you can see how much you have to spend and how many expenses you need to cover. And from there, you can start to determine if there are any expenses you can reduce. And that leads me to our next millionaire-making habit…

Three Habits for Becoming a Millionaire: Save as Much as You Spend

Now you see why step one is so important. You’ve got to have something left over after covering your expenses to save. And if you’re really motivated to become a millionaire quickly, then you need to save as much as you spend. And you do that by figuring out which of those monthly household expenses you can eliminate or reduce.


Maybe you’ve got a two-bedroom apartment but only need one bedroom. Maybe you’ve got the right sized rental but the wrong housing complex. Do you really need that pool or those tennis courts? Are you really getting that much value out of the basement bowling alley? These are things that are fun now but don’t really add any value to your future. And if you do without the fancy apartment today, you could retire in a fancy mansion tomorrow.

Clothing is another area where it’s relatively easy to cut back. Make those shoes last another season. Keep that coat for a few more years. Fashion is cyclical anyway. Bell-bottoms became flare-leg pants and those became bootcuts. And designer clothing only benefits the designer. It’s not that much better than what’s on the discount rack at Walmart or Target. And it’s the same with accessories. The big difference is that if you wear Target today, you could wear Tiffany tomorrow.

And when I say that you need to save, I don’t really mean save in the traditional sense. I mean invest. Because if you want to become a millionaire, you have to invest that extra money you’ve created by setting a budget and reducing your expenses to only the necessary ones. Investing is the real difference between people who just get by and people who reach millionaire status.

Three Habits for Becoming a Millionaire: Focus on the Future

Finally, when you’re saving that money by putting it into investments, you need to focus on the future. You can’t have a short-term timeline. Because if you do, you’re going to make bad decisions because you’re going to let your emotions take the wheel. It’s natural. But when we focus on the short term, we’re not really investing. We’re trading. And if there’s one thing that my time on Wall Street and my time advising retail investors has taught me, it’s that timing the market is a futile effort and that it’s the time you spend invested in the market that really makes the difference between the princes and the paupers.

But this should be the easiest step in the process and the easiest habit to adopt. First, you’ve already started a pattern with your two new habits, so a third should be a cake walk. And second, in order to really embrace this habit, all you have to do is nothing. Just keep doing what you started doing when you adopted habits one and two and you’ll be a millionaire in no time at all.


Stick to your budget and invest what you’ve got left over. And then leave it there. Don’t take it out. Don’t try to time the market by selling it and then buying it all back again. Add to it whenever you have some more extra thanks to that budget and those cost-cutting measures you already took. If you invest in big companies or even index funds that just track the market, you can follow these steps and become a millionaire within a decade and without much extra work.

The Bottom Line on Becoming a Millionaire

The bottom line here is that everyone can and should become a millionaire. Money doesn’t buy happiness, but I’ve experienced having it and not having it and I prefer the former. I’m sure you will too. And the bottom line is also that it’s not as hard as it seems to become a millionaire. As long as you spend less than you make and save as much as you can, you can become a millionaire, too.

I can’t count the number of stories I’ve heard people tell about “the millionaire next door.” It’s that person who lives right down the street, drives an old car or truck, lives an unassuming life, and isn’t flashy at all. But they’re worth tens of millions of dollars. All because they never bought a bigger house, didn’t need a new car every few years, and didn’t try to “keep up with the Joneses” their whole lives.

They’re the janitor who leaves an $18 million estate to the school where he spent his career. They’re the grandmother who passes her multimillion-dollar investment account on to her children, who had no idea she was so wealthy. They’re all around you. They might be down the street right now. And they could be you if you follow the steps I’ve laid out for you today.

But don’t stop there. Keep coming back to Wealth Daily to reinforce your newfound habits. And to maximize their value by learning about investment trends before they become mainstream topics.

We’re here to help guide you as you become one of those 1,700 new American millionaires minted every single day. Because this isn’t just a land of opportunity. It’s the Land of Opportunity.