If you’ve wondered what it takes to be a millionaire, you’re not alone. There’s something about having a net worth of at least $1 million that feels aspirational. Not only can it bring a sense of peace and financial security, but it can also give you the ability to pursue your financial goals.
So, how do millionaires make their money? Unfortunately, there’s usually no shortcut. But the good news is you don’t need to win the lottery, inherit a fortune, or earn an enormous salary to grow your net worth to $1 million or more.
Read on to find out how millionaires make their money — and you can grow your wealth too.
As with most things in life, there’s no one single path to becoming a millionaire. In fact, there are as many ways to become a millionaire as there are millionaires in the world. That said, there are some common habits that have helped countless millionaires earn, grow, and preserve their wealth.
You don’t need to be a CEO to become a millionaire, but having a healthy, reliable income does help. According to the National Study of Millionaires, only 15% of respondents were in senior leadership roles, such as vice president or C-suite roles. The most common careers among millionaires surveyed included teachers, accountants, engineers, managers, and attorneys.
Some millionaires may even have additional sources of income outside of their nine-to-five jobs. For example, some millionaires own side businesses, income-generating real estate, or other assets that produce passive income.
Most people can’t save their way to becoming a millionaire, even when earning the best savings account rates. That’s why investing is such a key strategy in building wealth.
Millionaires commonly invest in a well-diversified portfolio. The National Study of Millionaires found that 80% of surveyed millionaires invested in their company’s 401(k), and 75% invested beyond their workplace plans.
Read more: How to start investing: A 6-step guide
Entrepreneurship is one way to increase your earning potential. In fact, it can essentially remove any limits on how much you can earn.
Median weekly earnings of full-time workers were $1,196 in the second quarter of 2025, according to the Bureau of Labor Statistics. That translates to about a $60,000 annual salary.
Meanwhile, the average salary among entrepreneurs is $102,448, according to career site Indeed. The simple ability to earn more can give business owners a head start in becoming millionaires, especially when a new business grants them an additional stream of income.
Real estate is a popular wealth-building tool, whether you buy a primary residence or own a portfolio of rental properties. Many millionaires invest in real estate by purchasing a home to live in and building equity over the years, earning income from rental properties, or investing in real estate investment trusts (REITs) or real estate funds.
Some millionaires find success on their own, but many take advice from experts, such as financial advisors or accountants. They may seek out advice about tax strategies, retirement planning, and other factors that affect their wealth, leveraging the expertise of professionals to make smart financial choices.
Millionaires prioritize saving and investing for their future. In other words, they pay themselves first. This means they treat their own savings and investment accounts as bills they have to pay before shuffling money anywhere else.
For example, millionaires may set up automatic contributions to their retirement, brokerage, and savings accounts as soon as they get paid. Then, they distribute whatever’s left to cover living expenses and discretionary spending.
Read more: Where do millionaires keep their money?
It’s worth pointing out that the label “millionaire” can apply to someone with $1 million or someone with $100 million, but the financial realities behind those numbers are worlds apart.
Still, the millionaire milestone has long been a cultural benchmark of success, and achieving that threshold can bring you closer to reaching your goals and financial independence.
Here are some ways you can start acting like a millionaire and grow your own wealth.
Start saving and investing early
Compound interest gives you a leg up no matter how much you earn — as long as you start saving and investing early. And the earlier you start, the less you need to save to become a millionaire.
For example, say you start saving $200 every month when you’re 20 years old. Assuming an average 7% return, you’d be a millionaire at age 70. On the other hand, if you start saving at age 40 and save $500 per month, you’d have less than $615,000 at 70. The kicker? You’d have contributed more principal in the second scenario — but you’d end up with less.
The easiest way to pay yourself first is to automate your savings and investments. That way, you’re growing your nest egg every single month without having to think about it.
If you have a workplace retirement plan, make sure automatic deductions come out of your paycheck. For IRAs and savings accounts, you can also set up recurring transfers through your bank or broker’s online platform.
Stories about getting rich from a single stock make the news, but they aren’t the norm. Instead, most people become millionaires from consistently investing in a diversified portfolio. This could include stocks, bonds, ETFs, real estate, and more.
Anything you can do to make your dollars go further — like using a tax-advantaged account — gets you closer to being a millionaire.
Tax-advantaged accounts include any type of account that offers tax savings, deferment, exemption, or other benefits. For example, 401(k) and IRA contributions lower your taxable income, putting more money in your pocket today that you can save for the future.
Depending on where you work, your employer may make contributions to your retirement account on your behalf, matching a certain percentage of your salary. If your company offers a 401(k) match, prioritize earning any matching dollars. It’s essentially free money and is typically not available with other accounts, such as IRAs.
High-interest debt, such as credit cards and personal loans, can eat up your monthly budget and make it harder to save and invest. Focus on paying down high-interest debt by putting extra money toward your balance whenever possible.
If you have healthy credit, you might also consider consolidating high-interest debt into a lower-interest loan. This may help you lower your monthly payment and get out of debt faster.
Spend less and earn more
In order to grow your wealth, you have to spend less than you earn. Start by cutting expenses where possible, eliminating subscriptions, putting a cap on discretionary spending, and negotiating bills.
Next, focus on your income. How can you earn more money? Get a raise, look for a new job, or start a side hustle. The combination of earning more and spending less can help you increase your savings rate, fast-tracking your way to millionaire status.
Read more: How to make money online: 5 legitimate and lucrative options
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