Becoming a Millionaire is Pretty Easy, If You Follow These Steps

People are becoming millionaires every day. Are you?

In 2021, Fidelity reported that the number of 401(k) accounts with balances of one million dollars or more increased 60% over the prior year.

Okay, well, maybe those folks have huge salaries?

A separate survey in 2019 by WealthEngine found that 68% of millionaires had an annual income of less than $200,000. And those individuals accumulated their wealth through long-term savings, investments, and intentional decision-making.

Which means you can too!

Step 1: Know you can do it

Some people never start down the road to building wealth because they’ve subconsciously established a ceiling on their own prosperity. This results from negative thoughts and a limiting belief system. You can’t build serious wealth until you believe you are worthy of it. Be willing to do the deep inner work to right your relationship with money.

Step 2: Get a job

I bet you already have one — check! But if it’s not paying your worth (oh, and you define that), it might be time for an upgrade. Never settle for living a small life because of a paycheck. You are blessed to be alive at a time when there are infinite possibilities to make more money.

Step 3: Generate positive cash flows

Now, this is where most folks get tripped up. In fact, it’s the only step that requires your diligent attention and sometimes creativity. If you’re stuck at this step and spending all of your money (or more), there are a ton of budget tools on the web to help. But they won’t cure your cash flow worries until you get to the root cause of your mindless spending and overuse of debt. More inner work may be required at this stage.

Step 4: Save and invest for decades

Take those cash flows and invest them. This step requires some maintenance from time-to-time, but the key is to stay focused on the long term. Yes, the market will dip, maybe do an occasional nosedive. But history tells us it will come back up if you just wait patiently. In fact, market downturns offer a rare opportunity to build even greater wealth so long as you continue investing.

Step 5: Keep it up

Consistency makes the money queen. Here’s the good news: if you’ve gotten to step 5, then all you need to do is keep going. Maintain your mindful spending practices, abundance mindset, and diligent saving and you will become a millionaire.