How To Become a Millionaire From Nothing (With No Money)

how to become a millionaire by 30

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So, you want to become a millionaire, huh?

Some of you are wondering how to become a millionaire by 30.

Whereas some just want to know how to become a millionaire at any age.

A million dollars today may not be what it used to be thanks to inflation — a dollar from yesterday is worth more than a dollar today!

So, I have to admit that a million dollars may not be enough for people to retire, especially for those who want more than just a simple lifestyle — it really depends on how you want to live your life.

Still, being able to save $1,000,000 is a heck lot of money, especially for 80% of those who are struggling living paycheck to paycheck according to an article from CNBC.com.

With that said, it may seem like a near-impossible and far-fetched dream to many people today.

It’s no surprise why I thought that too since I was raised in a low-income family who didn’t know a thing about money.

Filled with so many excuses and self-doubts about my life, I never really thought about how to become a millionaire. You’ll see what changed as you read on.

I made a lot of financial mistakes in my past, and I’m here to share some insights with you so you can build wealth and become a millionaire without winning the lottery or relying on an inheritance.

The key to success is having an opened-mind and taking the time to understand how a millionaire (or billionaire) mindset works.

 

FYI: This is a SUPER long post to give you as much information as possible!

 

Table of Contents

How to become a millionaire with no money — millionaire myths debunked

Why would $1,000,000 cross my mind when I was born poor? Plus, I always thought I wasn’t smart or good enough to land a decent-paying job!

Yeah, I used to think that in order to become a millionaire at a young age, you had to be well-educated, privileged, an entrepreneur, have a really high-paying job, or born rich with a ton of connections.

Though that can help A LOT, those excuses shouldn’t stop you from saving your first $1,000,000!

My thoughts changed after realizing that my fiance and I accumulated over half a million dollars while we were still in our 20s — we had NO clue that our net worth was almost $600,000 at that time!

I soon realized hitting that $1,000,000 milestone for millennials (and, now, Generation Z) isn’t impossible — we saved over $750,000 within 7 years and now in our 8th year, our net worth is over $950,000 — close to our first $1,000,000 milestone!

I want to first mention that I acknowledge there are many others who achieved their first $1,000,000 much faster. Some even hit over $2 million given the same amount of time, so we are not here to brag at all. I know there’s nothing to brag about.

I only write this because I want to pass on the lessons I’ve learned and things I would’ve done differently to help my readers who want to learn how to become a millionaire from nothing and build wealth from scratch!

After learning SO much from my past mistakes about money and finance, I wanted to share how you can get a headstart in building wealth — the younger you are, the better because time is one of your greatest assets!

These are all the things I REALLY wish I knew sooner in my early 20s. Or even as young as my mid-teens — this would have been the perfect opportunity to learn how to become a millionaire in high school!

If I still carried this poor mindset that I had from many years ago, I’m pretty darn sure that I would still be living paycheck to paycheck with less than $1,000 in savings!

 

“If you are born poor it’s not your mistake, but if you die poor it’s your mistake.” — Bill Gates

 

how to become a millionaire

 

Can anyone become a millionaire?

Yes, you can become a millionaire as long as you change your mindset from poor to rich. This is probably one of the first and most important steps to conquer before you can take action and see results!

Before I list out actionable steps on how you can become a millionaire by 30 or at any age, I want to mention that this post is NOT for you if you have a gazillion excuses and hold these views that block you from achieving your goals:

– “That’s it? That’s all you have? I’m looking for how to get rich quick! Cryptocurrency and making $1,000,000 per year FAST without doing any work is my thang!”

 

⭐️ If you’re asking unrealistic questions like “How can I become a millionaire in one day?” or “What is the quickest way to be rich without doing anything?” then you should bounce and close this browser now.

 

– “You just got lucky from whatever you did. Those opportunities are now gone!”

– “If you don’t have a higher education like a masters or Ph.D. degree, then good luck with making more money and becoming a millionaire by 30 or 40!”

– “Yeah, easy for you to say because you’re probably one of those people who earn over $120,000 per year at their comfy office jobs! Try surviving on $40,000 per year! Better yet, try working minimum wage at Starbucks and supporting a family with 5 kids!”

 

⭐️ Just FYI: I did NOT make a crazy high salary at my previous day job that I hated.

My fiance’s job salary today hits the six-figures mark after including his bonus (in gross terms). However, we definitely didn’t start off with this. We actually started off with low to average earnings, but we put in a lot of effort to increase our salaries and made extra money outside of work over the years.

I soon realized that there are SO many opportunities outside of academic studies and the traditional 9-5 (or today’s 9-9) job — I seriously wish I knew this sooner!

Overall, I’m NOT book smart. I had bad marks in school. In some cases, I barely passed my courses. This may have set me back from finding a decent-paying job right off the bat because I didn’t have any connections either. I was jobless for almost a year and applied for government aid to waive the interest fee on my student loans.

Although my fiance graduated from a good school with high marks, he still didn’t get the best paying job either — his starting wage was $15/hr at the office while paying off those pesky student loans (we still enjoyed life and were happy during those times).

None of us have a masters or a Ph.D. Our families were poor and didn’t know anything about money. We were terrible with money too at one point in time. 

Despite all of that, we still did our best to increase our income/salary, looked for ways to earn extra money, saved diligently within reason, and learned how to invest our money.

Most importantly, we acknowledged that excuses wouldn’t get us anywhere. We remained positive and had an opened-mind filled with “abundance” and “opportunities”.

 

“99% of the failures come from people who have the habit of making excuses.” — George Washington Carver

 

how to become a millionaire excuses

 

Now that those excuses and negative thoughts are cleared, you are on your way to becoming a millionaire by 30 (or at any age)!

Even if you don’t become a millionaire by 30 (chances are you may be in your late 20s or past your 30s and 40s), it’s never too late to get started with building wealth and obtaining financial independence.

Achieving this milestone by 40, 50 or by your traditional retirement age at 65 will greatly reduce your financial stress compared to most others who are scrambling and crying when they realize it’s too late!

 

Related post: How Much Money Do I Need For Retirement?

 

Mind you, nothing in life is guaranteed, and there are NEVER 100% risk-free returns.

However, when you form good daily habits that help you reach your $1,000,000 milestone (AND you keep persisting regardless of any obstacles), your chances of getting there is higher than sitting on your couch and doing nothing about your situation!

Staying motivated is the hardest part, but if your mind is determined to get what you want, and you actually put in the effort to take action, you will start to see results!

 

Without further ado, here are the steps to become a millionaire by 30, or at any age before retirement.

 

Pin this for later! I warn you that this step-by-step guide on how to become a millionaire is SUPER long!

 

How To Become a Millionaire From Nothing (Step-by-Step Guide)

 

1. Change your poor money mindset to a rich one!

Did I mention earlier that I had a really poor money mindset many years ago? This includes the years up to my early 20s (gosh, even in my mid-20s)!

Ever since I was a kid, my dad, who earns a minimum wage even til this day, constantly complained about our family being poor. He kept yelling about how we were going to remain poor for the rest of our lives because we just weren’t lucky!

Honestly, I didn’t know any better and was stuck with that mentality for over 20 years without noticing it!

I don’t know what hit me, but I soon realized and acknowledged that my low confidence and negative mindset was robbing my future and happiness away!

I stopped giving myself excuses and picked up some personal finance and self-development books for help:

How Rich People Think

Rich Dad Poor Dad

The Millionaire Next Door

The Automatic Millionaire

The Monk Who Sold His Ferarri: A Fable About Fulfilling Your Dreams & Reaching Your Destiny (This has become one of my favorite books today and it’s NOT always about the money, so I HIGHLY recommend reading it!)

 

Word of caution: I really have to admit that changing your mindset and becoming more opened-minded is the HARDEST part!

It’s actually harder than all the other steps I list below! Without acknowledging and overcoming your negative thoughts and ignorance will make all the other steps difficult to achieve.

Again, this has A LOT to do with opening up to different perspectives (that you may typically disagree with).

You REALLY need to see things from different angles and be open about giving things a chance. That includes not being so opinionated and fixed on a certain view all the time.

 

2. Find ways to save money (and increase your savings rate)

The common personal finance advice recommends you to save 10% to 15% of your annual gross income.

This may just be enough for you to retire with $1,000,000 by 60. That’s perfectly okay if you’re not looking to become a millionaire before that.

So, first things first.

If you’re not already saving at least 10% of your income, you may want to look for ways to save money and get the ball rolling.

 

Here is a quick video below to show how giving up “small” purchases (not necessary coffee) can make you rich.

Let’s face it, not everyone is willing to give up coffee or Starbucks to become a millionaire — I know I’m not!

 

Say hello to free coffee! ☕

 

☕ Speaking of Starbucks, have you tried earning free gift cards with Swagbucks? I use this money-saving app to earn free Starbucks and Amazon gift cards every month.

You can earn free gift cards by surfing the web, playing games, watching videos, and answering easy survey questions — all the things you normally do.

You can easily signup for Swagbucks for FREE and get a $5 welcome bonus! 🙂

Be sure to verify your e-mail from Swagbucks to start earning free gift cards to your favorite shops!

 

Anyway, the point of this lesson in the video is to teach us that we waste A LOT of money on little things that add up — you just need to find out what they are by analyzing your past purchases.

 

Watch this quick video to see how your small (and sometimes mindless) purchases can add up to $3,000,000 over time…

 

 

How To Become a Millionaire by 30

Now, if you’re looking for an answer on how to become wealthy in 10 years or how to become a millionaire by 30 or at a young age, the unfortunate truth is that saving 10% to 15% of your income is NOT enough to achieve those goals!

With that said, it’s important to make a strong effort to increase your savings rate if you want to reach your first $1,000,000 faster.

 

Related post: 10 Ways To Become Rich and Build Wealth

 

Increase your savings rate for low to average income earners

Let’s start off with those of you who earn a low to average income at your day job.

It will be hard to save more when you have a ton of responsibilities and bills to pay — I won’t deny that!

Even after prioritizing your essential expenses and following these money saving tips may not be enough because the truth is you’re just not making enough to save a higher percentage of your paycheck!

One of the best solutions, which I personally did over the years, is to increase your income and/or find ways to make extra money. I talk more about this in point 6 below and it’s how I increased my income to over six-figures without being any sort of genius.

 

🌟 NOTE: When I say income, that includes BOTH my day job and any extra income I made on the side!

 

Again, I definitely wasn’t the smart graduate with high marks nor had a ton of connections, so I didn’t land a high-paying job fast.

In fact, I had terrible marks and didn’t know any hotshots — I wish I made the effort to network with others (I admit that I still give myself excuses today from doing it).

Despite not being able to have that in my early 20s, I didn’t use it as an excuse to stop myself from reaching my financial goals by 30.

I admit it’s easier when you’re younger and have fewer responsibilities. But if you have kids and more responsibilities, could you make it a priority and spare an hour or two each day or week? Every little bit of extra money helps!

Again, being able to achieve this comes with the ability to say goodbye to those excuses and a poor mindset!

 

Bye, Felicia!

via GIPHY

 

Increase your savings rates for high-income earners

Fortunately for you, if you’re diligent and mindful about your spending, you can save a high portion of your paycheck!

If there really isn’t any room left to cut your expenses, and you want to maintain your current lifestyle, then you’ll have to look into money-saving hacks and find ways to increase your earnings.

TRUST ME, regardless of your income bracket, making the effort to increase your earnings will give you the option to save a higher percentage of your pay!

Let’s not forget, if you put those savings into long-term investments, you can imagine how fast your equity can grow thanks to the magic of compound interest!

However, I understand how you feel.

Despite earning a high income, I know it may be just as hard for you as it is for lower income earners to sock away your savings (for different reasons).

More often than not, you’re probably asking yourself, “I earn so much but why am I not an automatic millionaire? Where’s all my money at?”

 

via GIPHY

 

Let’s take a look at the next point to find out where your potential $1,000,000 went…

 

3. Avoid lifestyle inflation (to become a millionaire faster)

The problem is you could be living with lifestyle inflation, which becomes unsustainable regardless of how much money you make.

Sure, buy the most expensive house you can!

It’s no wonder why some doctors are lagging behind on the wealth scale according to the millionaire next door!

However, I thought I’d mention that you may even become a victim of lifestyle inflation as a lower income earner!

It doesn’t care who you are, or how much you make — lifestyle inflation can hit anyone without them realizing!

 

What is lifestyle inflation?

how to become a millionaire - stop lifestyle inflation

How does this make it harder for you to become a millionaire?

 

According to Investopedia, lifestyle inflation happens when:

“People tend to increase their spending each time their income increases, because they believe that the additional goods and services they are purchasing will make them happier.

Often those purchases don’t make them happier, and a better option would be to work toward financial independence by saving more.

People can avoid lifestyle inflation by consciously establishing spending and saving amounts. An automated savings plan can be a good way to ensure that savings goals are met and spending is capped.

Avoiding lifestyle inflation can mean achieving financial independence at a younger age, having the financial flexibility to choose a dream job over a higher-paying option, and retiring early.”

 

 

How lifestyle inflation is robbing $1,000,000+ from you

Here is a video I found on YouTube that explains how lifestyle inflation is making you poor, depressed, and stressed…

 

 

As I mentioned, anyone can be a victim of lifestyle inflation and that includes myself.

I was actually oblivious and didn’t realize my spending rate was starting to grow faster than my earning rate! Like… WTF???

Once I got my first job promotion along with a higher bonus, I naturally thought that I could afford to spend more — I didn’t think too much about it.

I was influenced by social media and my peers around me, so I started splurging more on expensive clothes and makeup to meet society’s expectations. At times, I bought the dumbest things that were a TOTAL waste of money!

My fiance and I were spending more on entertainment and eating out every day.

I also envisioned myself with a glamours HGTV home (check out the video below) and inside of me, I just wanted more and more…

 

 

The truth is I felt like sh*t and thought I was missing out because everyone around me appeared as if they were living the high life — yeah, noticed I used the term “appeared”.

I won’t deny that I have a few guilty pleasures, but I wasn’t becoming a happier person regardless of the ridiculous amount of stuff I bought and consumed.

My personal spending started getting a little out of control and I realized my savings were lower than my usual (sometimes it felt non-existent) — this was my first wakeup call!

 

Could this be you too, but you just don’t realize?

 

We buy things we don’t need with money we don’t have to impress people we don’t like.” — Fight Club

 

how to become a millionaire by 30 quote

 

Related posts on how to become mindful with your money:

How To Stop Spending Money on Unnecessary Things (That Actually Don’t Make You Happy)

10 Things I Stopped Buying To Save Over $10,000 Fast (The Numbers in Point #4 May Shock You)!

 

 

How to avoid lifestyle inflation and become a millionaire

First, I have to admit that it’s much easier to spend than it is to save.

Here are some things we did to bring our spending and savings back to balance without letting lifestyle inflation take control.

We first looked for our biggest expenses to see where we could save.

I can tell you for a fact that these are likely your biggest expenses: shelter, utilities, transportation, and food.

Here’s what we did that made sense for us.

Just an FYI, this varies case-by-case depending on certain factors (your income level, your city’s costs of living, your lifestyle, etc.) and what YOU value. Your situation is likely different from ours.

 

Shelter costs:

When we bought our first home, we actually never thought about consuming all of the living space (it was unnecessary in our case).

Instead, we were interested in real estate as a form of investment and passive income idea.

With that said, we purchased a house in a modest neighborhood so we could live in while renting out the separate unit to a family.

This was our way to test the waters to see whether we’d be interested in purchasing more properties down the road to build wealth.

Aside from viewing this as a wealth-building strategy, the extra money from rent helps a ton with our mortgage and utility bills and it felt quite passive.

I want to mention that buying a home may not be the best option for everyone.

In many cases, especially when housing prices are unaffordable, renting may be better (and more cost-effective) for you depending on your situation.

For example, my fiance rented a bedroom with an ensuite further in the suburbs when he was a fresh graduate earning $15/hour. He stayed at the same place for a few years even after he got a promotion and that allowed him to save money.

So, I’m not here to tout that real estate is the way to go because I have to admit it’s not for everyone — you’ve gotta weigh the pros and cons; and whether or not you’re willing to manage it.

 

Transportation costs:

Your daily commute to work can be made cheap or expensive depending on what you choose.

If you reside close to work, you have the option to walk or ride your bike on a nice day — the most economical option.

For us, our jobs were located in the downtown core, so we chose the subway over driving our car. To save money on parking and gas, we only use our car on the weekends.

Speaking of cars…

 

how to become a millionaire car

 

Do you have two cars? Do you need two cars?

Did you choose to buy an expensive car (that you could barely afford) so that you could drive to work?

Are you required to fill them up with premium gas over regular?

Can you TRULY afford this lifestyle without constantly asking yourself “Why am I always broke?” or “Why am I not a millionaire?”

Does this really make you happy, or are you just keeping up with the Joneses?

Nobody but YOU can answer those questions honestly.

BTW, it’s NOT wrong to splurge on a new car or to own two cars if that’s what you really value — we all value things differently.

If it adds value to your life, then it’s money well spent, and no one can dictate how you should spend your money.

Only you know what you can truly afford without getting yourself into debt and financial disaster.

 

Food costs:

This number alone was huge and a total shocker for us!

When we reviewed our past bills, we were spending over $20,000 on food each year.

I know you might be reading this and thinking: “What??? That’s insane. Impossible!” 

We even asked our friends and coworkers to add up their annual food costs (groceries, takeouts, restaurants, drinks, snacks, etc.) and they were shocked at how much they were spending! 😦

So, before you jump to conclusions, here is a breakdown of our personal food costs NOT including snacks, special drinks, or appetizers!

I didn’t want to include those numbers in the table because it would probably scare you away. But if you do include those in your breakdown, don’t be surprised that you end up with a higher number like this one here — a person who spent an upward of $1,500 per month on food alone!

Breakfast & TeaLunchDinnerTotal
Monday$5.00$10.00$12.00$27.00
Tuesday$5.00$10.00$12.00$27.00
Wednesday$5.00$10.00$12.00$27.00
Thursday$5.00$10.00$12.00$27.00
Friday$5.00$10.00$12.00$27.00
Saturday$5.00$12.00$35.00$52.00
Sunday$5.00$12.00$30.00$47.00
Weekly Total$35.00$74.00$125.00$234.00
Yearly Food Cost Per Person$12,168.00
Yearly Food Cost Per Couple$24,336.00

It’s insane because we thought we were just “living a normal life.” That’s actually quite common when you live in an expensive city and eat out a lot. It’s tough given the high food and takeout costs today!

After realizing how much money we were wasting, we started packing our lunches and making meals at home.

To avoid lifestyle inflation, we balance between eating in and going out. To be honest, we enjoy this lifestyle much more because we start to appreciate the foods we eat when we go out to special restaurants!

And to give you a general idea, when we do go out to a dine-in restaurant, our bill for a couple can easily cost over $80 after tips and taxes! This isn’t even considered as a “special” or “fancy” meal!

I highly recommend you to review your personal food costs to see how much you’re spending as well! You might be shocked yourself but the numbers don’t lie!!!

According to this CNBC article, the author writes: “It’s easy to start from a $10 salad one day and end up with a $30,000 credit card tab a year later. In fact, it’s becoming common.”

 

This is exactly how I felt throwing money away at restaurants and takeouts… 🙁

 

😮 Are you spending too much money on food?

I recommend this lovely $5 Meal Plan. 🌮🥙🍕

This is a weekly meal plan service that aims to make your life easy by saving you both the time and money. For only $5 a month, you will receive a delicious meal plan that costs $2 per meal!

They even offer a FREE 14-day trial here absolutely risk-free! If you decide that this isn’t for you, simply cancel it with no questions asked.

As a couple, we were able to save over FIVE FIGURES per year just by simply cooking delicious meals at home and planning them more often!

 

 

4. Prioritize your spending (so you can save $1,000,000 faster)

Continuing from my last point about lifestyle inflation and how to avoid it, it’s NOT to say that you should deprive yourself and scrimp on your guilty pleasures.

If you enjoy your daily coffee or latte at Starbucks and this splurge makes you happy, then, by all means, go for it!

Again, I get that NOT everyone is willing to cut their coffee or latte expenses to become a millionaire!

 

🌟 HINT: Spending $700 to $1,300 per year on coffee isn’t going to set you back if you’re willing to look for ways to increase your earnings.

 

On the other hand, there are many people who actually love home-made coffee and prefer making their own with this awesome coffee maker — we all have different priorities and preferences!

 

👉 Check out also: How To Get Free Starbucks All Year Round: Hacks You Need To Try Today

 

Another good example is you may enjoy luxury goods like a nice high-end handbag, or a pair of $500 boots. Perhaps you like spending more money an enjoyable and memorable vacation with your family.

My point is that it all comes down to prioritizing your needs first, such as basic necessities, and then looking at a few splurges that truly make you happy. After all, we all deserve to live and enjoy ourselves.

As long as you are on track with your financial goals, while being cautious about lifestyle inflation, I don’t see a harm in splurging on the things that make life more fun.

 

5. Create a savings system (or a budget) that works

I’ve always mentioned on my blog that my fiance and I were inspired by Gail Vaz-Oxlade’s money makeover shows ever since we graduated from University.

That’s how we learned about her clever budget strategy!

Her budget strategy is very simple and effective, but the hardest part is staying motivated.

 

💡 PRO TIP: To make things easier, I like to set aside a budget for my “guilt-free” spending. You can call it your “F*** IT” fund. 🙂

Thanks to one of my favorite personal finance books, this method allows me to save money before spending all of it. It’s easier when you save first and spend what’s leftover.

 

“Do not save what is left after spending; instead spend what is left after saving.” – Warren Buffet 🌟

 

how to become a millionaire by saving money

 

Having that said, we were inspired to create our own budget binder so that we could following her savings strategy.

Again, we NEVER thought about how to become a millionaire by 30, but her approach helped us save over $950,000 within 8 years.

Mind you, this is case-by-case because everyone has different income levels and expenses — let’s not forget we all have different lifestyles too.

But overall, Gail aims to teach younger people how to develop a healthy relationship with their money.

 

Grab your free budget printable!

To help YOU master YOUR savings, we created our version of her fail-proof budget binder HERE just for you!

In this budget kit, we included a monthly budget tool that keeps track of all your income sources plus expenses.

We also made these pretty weekly printables that will keep your budget and savings on track.

These free printables were made to give you instant results to boost your confidence in your financial journey.

For this to work, you need to form a good long-term habit with your money!

It’s okay to get sidetracked once in a while — the key to seeing results is consistency and actually following through with your financial goals!

how to become a millionaire - budget binder

 

6. Increase your earnings

A lot of my savings to date comes from increasing my income so that I can save (and ultimately invest) more without sacrificing the lifestyle I enjoy.

Sure, I may have made some sacrifices at the beginning to earn more to save more, but it’s well worth it!

Also, knowing the fact that my family was always broke and living paycheck to paycheck gave me a push to improve our financial situation!

 

Build passive income to become a millionaire faster

I’m a fan of a few passive income streams because it allows money to work for you while you sleep.

You can also take a look at these incredible passive income ideas that may help you earn money while working a full-time job!

The younger you start, the better — I mentioned that time is one of your greatest assets, so learn this while you’re young!

 

Increase your salary (through traditional methods)

You may recall from the beginning of this post, I said that I never thought I’d be worthy enough for a decent-paying job. I just didn’t think I had the skills or educational background to earn more.

Many people who are unemployed or earn lower salaries have these self-limiting thoughts — you need to realize that this is very toxic to your mindset, which is what’s robbing away your potential to earn more money!

Once I got rid of that poor mindset, I was able to increase my earnings — that includes switching to a higher paying job, negotiating higher salary/bonuses, and working over-time on special projects.

I love Ramit’s guide to getting a raise and boosting your salary.

 

Make extra money (with these non-traditional methods)

Like most people, I used to be stuck in the mentality that saving money from a 9-5 job was the only way to achieve financial independence.

The idea of “making more money outside my 9-5” intimidated me because again I didn’t think I was capable of doing it, but I eventually let go of that fear and limited mindset.

For several years, I tried many side hustles on top of my day job and that made it easier to boost my savings rate!

 

These money-making ideas include:

– Renting out the separate unit of our home

Refurbishing and redesigning furniture to sell for fun

– Making home decor pieces and crafts to sell

– Flipping clothes online

– Selling my clutter from home online

 

This was awesome because I was able to earn an extra $3,000+ a month doing the most random and fun stuff!

 

Start a blog for extra money

how to become a millionaire - make extra money by starting a blog

And not too long after, I discovered something called “blogging” and decided to give it a try, which is what you’re reading right now.

I say this many times, but I really didn’t know that blogs (especially a small one like mine) could make money.

I was SO naive and clueless! I didn’t even know how to start a blog (nor what to do).

I came across stories about bloggers who became millionaires (it’s as if they learned how to become a millionaire overnight) — but no, they actually put in a lot of work and effort!

Although I knew that would never be me, I took the plunge and started one anyway because it’s really cheap to start one.

I just thought it would be nice to start a blog to earn some extra money, so I didn’t have high expectations when I first started. I was just focused on learning and taking things one step at a time.

While working a full-time job, I created this blog and was really shocked that I made $5,000 per month within my first year starting from scratch (in EXTRA money on top of my full-time job).

After that, I couldn’t believe that I was able to make over $10,000 in my highest earning month — I promise you that I had no experience whatsoever!

 

YOU CAN START A BLOG AND MAKE MONEY TOO! 💵

Now, I’m not saying that to make you think that starting a blog is easy and that you’re going to see results overnight!

This may not be for everyone and I admit it’s NOT easy, but I really believe that you can earn a good income if you are excited to learn and put in consistent effort — this applies to anything you do in life!

With that said, starting this blog gave our net worth an additional push by a good five-figures — you can check out my blogging journey and blog income reports here to see whether this side hustle may spark your interest.

 

👉 You can create your own blog by following my easy step-by-step blogging tutorial. You can start your blog for as low as $2.95 per month plus get a FREE domain name when you sign up through my tutorial.

 

7. Take advantage of free money

I have a page where I list out the resources I use to get free money!

At the beginning of that page, I mention the small but quick wins you can take advantage of today — they are fun ways to get free money and gift cards that can go towards your monthly saving and or extra spending.

Near the end of that post, I put emphasis on the bigger wins that allow you to save more so you can work towards your goal of becoming a millionaire sooner.

The ultimate goal is to save more so you can invest more and see that number compound exponentially over time!

 

8. Invest your money and watch your savings grow on autopilot

Growing up, I learned that my parents had close to nothing in their savings account because they did not invest.

They just kept bitchin’ saying to each other about how poor we were and that they had no money to invest.

Not to mention, the thought of investing seemed complicated and for the elite only, so they never even bothered with it.

Watching them handle their finances as a child throughout my 20s was a real-life lesson for me.

If this janitor was able to secretly become a self-made millionaire, then what makes us so different?

 

Let’s look closely to how you can become a millionaire by investing both your earnings and savings!

 

How to become a millionaire by investing

how to become a millionaire by investing

Now, you’re probably asking, “How much do I need to invest to be a millionaire?” or “How can I invest to be a millionaire?”

There’s no one-size-fits-all to those questions because it will depend on a lot of factors such as your:

– earnings and savings rate (of course the higher, the better).

– return on your investments (this will ultimately depend on your risk tolerance).

– time (the younger you start, the better).

– a bit of luck (yes, we all need some luck. But remember that luck doesn’t come if you don’t take action.)

 

Notice that YOU are in control of 3 out of the 4 factors I mentioned above.

 

Increase both your earnings and savings to become a millionaire faster:

For one, how much you earn and save will depend on how much effort you’re willing to put in — are you the person who takes action or the person who complains while hoping something magical will happen? You’re in control and that’s ultimately up to you!

 

You have more time to become a millionaire when you start early

Secondly, you have the choice to start early. The earlier you start, the more time and opportunities you have to earn, save, and invest.

If you’re young or still in your 20s, you still have a shot at becoming a millionaire by 30 or 40. 

If you’re past your 20s and 30s (or even 40s or 50s), don’t fret! They always say the best time to start was yesterday, but the second best time to start is today! So, it’s never too late to start your wealth-building journey to become a millionaire.

 

“The best time to plant a tree was 20 years ago. The second best time is today.” — An inspiring Chinese proverb

 

how to become a millionaire by investing my money

 

Rate of return vs. risk

How fast your investments grow is out of your control (and that is based on a bit of luck), however, you do have control over how much risk you’re willing to take.

I must say that as you become older, you probably don’t want to take on too much risk.

Higher returns do tend to come with higher risks, but like I always say, nothing in life is ever 100% guaranteed! It’s always better to educate yourself and do your due diligence before taking any risks.

 

How can I invest to be a millionaire?

Now that you understand those four factors, I can’t emphasize enough how important it is to save and earn more so you can invest and compound those savings!

Today, my savings are growing because of the magic of compound interest — TRUST ME, this weapon is going to be your long-term bestie!

It totally shocks me but when I look at my accounts, most of my net worth is a result of compound returns from investing.

You won’t get rich quick investing in an index fund, but if you’re patient, the growth can become substantial in the long-run.

Most of my savings are invested in low-cost ETFs that most personal finance experts recommend.

 

Check out also: When Should I Start Investing?

 

Higher-risk investments

I don’t consider myself 100% conservative, but at the same time, I’m not an excessive risk taker. I like to keep a good balance.

Although I’m a fan of the buy-and-hold approach with index funds, I won’t deny the fact that a portion of our savings grew faster because of a few higher-risk stocks and investments.

I like to have a dedicated “fun account” where I allow myself to purchase higher risk investments or high growth stocks that most people would deem as risky.

On top of that, buying into real estate properties helped too.

Call it lucky, but again, luck doesn’t come if you don’t take the chance.

This “riskier” approach has personally worked out well for us, but by no means am I saying you should follow it.

But really, the younger you are, the more risks you could afford because time is on your side.

Everyone has a different level of risk tolerance. Invest in what you’re comfortable with and don’t put all your eggs in one basket.

 

How to become a millionaire from nothing (by investing)

Now, let’s take a look at the math behind investing to become a self-made millionaire.

I’m going to give you a realistic example where becoming a self-made millionaire can work for most people like you.

 

Let’s assume the following millionaire scenario:

You were effing around after graduation and didn’t give two sh*ts about saving or investing because you know… life is all about YOLO!

Anyway, you don’t know what hit you in the head but when you turned 28, you realized that you need to start saving. Or, maybe you were curious to know how to become a millionaire with no money and without winning the lottery.

 

This example assumes the following inputs (but you can always download my free millionaire calculator here to tweak these inputs based on your situation):

– Your current age: 28

– Initial investment: $0 (you are debt-free and have no assets)

– Yearly savings: $18,000

– Expected return on your investments: 7%

 

Based on the inputs, the spreadsheet results tell me that you’ll become a millionaire by 50 — you’ll have $1,029,180 (see chart below).

If you scroll down, you’ll see that you could potentially hit your second million dollars in another 9 years before you hit 60! And that’s assuming you can stop saving starting at age 55!

Do you see the magic power of compound interest? That can really work in your favor if you’re willing to put in the effort to save diligently and find ways to increase your income.

 

 Age  Investment  Annual Savings  Expected Return  Returns in Dollars  Investment Balance 
28$0$18,0007.00%$1,260$19,260
29$19,260$18,0007.00%$2,608$39,868
30$39,868$18,0007.00%$4,051$61,919
31$61,919$18,0007.00%$5,594$85,513
32$85,513$18,0007.00%$7,246$110,759
33$110,759$18,0007.00%$9,013$137,772
34$137,772$18,0007.00%$10,904$166,676
35$166,676$18,0007.00%$12,927$197,604
36$197,604$18,0007.00%$15,092$230,696
37$230,696$18,0007.00%$17,409$266,105
38$266,105$18,0007.00%$19,887$303,992
39$303,992$18,0007.00%$22,539$344,532
40$344,532$18,0007.00%$25,377$387,909
41$387,909$18,0007.00%$28,414$434,322
42$434,322$18,0007.00%$31,663$483,985
43$483,985$18,0007.00%$35,139$537,124
44$537,124$18,0007.00%$38,859$593,983
45$593,983$18,0007.00%$42,839$654,821
46$654,821$18,0007.00%$47,097$719,919
47$719,919$18,0007.00%$51,654$789,573
48$789,573$18,0007.00%$56,530$864,103
49$864,103$18,0007.00%$61,747$943,851
50$943,851$18,0007.00%$67,330$1,029,180
51$1,029,180$18,0007.00%$73,303$1,120,483
52$1,120,483$18,0007.00%$79,694$1,218,176
53$1,218,176$18,0007.00%$86,532$1,322,709
54$1,322,709$18,0007.00%$93,850$1,434,558
55$1,434,558$07.00%$100,419$1,534,978
56$1,534,978$07.00%$107,448$1,642,426
57$1,642,426$07.00%$114,970$1,757,396
58$1,757,396$07.00%$123,018$1,880,413
59$1,880,413$07.00%$131,629$2,012,042

 

“Compound interest is the 8th wonder of the world. He who understands it earns it. He who doesn’t pays it.” — Albert Einstein

 

how to become a millionaire investing quote

 

Why become a millionaire?

Before you discover how you can become a millionaire at any age, you might want to first ask yourself why you want to become a millionaire?

Why do you want to become a millionaire by 20, 30, 40, etc.?

It’s important to know your ultimate why because that “why” should be a dream that motivates you.

Your reason may be different from mine, but just knowing your why will make it easier to set realistic goals that are achievable within a certain time.

Like I said earlier, I actually never thought about becoming a millionaire by a certain age — sometimes I think this is a good thing because enjoying your life’s moment and progress makes things less stressful.

Honestly, my partner and I were just living and trying to enjoy life while socking away some savings into our investment accounts. I admit we got a bit lucky at times, but luck won’t come by if you don’t put the effort to get what you want.

 

Why I want to become a millionaire in my 30s

I realized that it’s not about hitting that 1,000,000 number.

I actually don’t put too much emphasis on this because I don’t think there will ever be an “end goal” for me — I just try my best to improve my skills and enjoy life.

As mentioned, our families lived paycheck to paycheck their entire lives, so building wealth wasn’t a priority. We were working at our day jobs and just wanted to save for the rainy day because we know what it’s like to be poor with no financial security.

We thought the extra savings may come in handy in case our family needed help, or when an unexpected event hits, such as a sudden job loss.

Not too long after, I was becoming depressed with anxiety attacks.

I realized that I hated all of my jobs because they served no purpose in life. I bounced from one job to another and still, it was the same sh*t EVERY. SINGLE. EFFING. DAY!

There were too many office politics and gossip, people just cared too about their image, no one wanted to help each other, and most of them were just all about themselves. I tried my best to cultivate the “one team, one dream”, but no one gave two sh*ts.

Overall, it didn’t matter how much I got paid because I just wasn’t happy.

Both my mental and physical health were more important than this job, so I eventually realized that this environment just wasn’t the right fit for me.

During this time, that’s when I found out (kind of by accident) that we actually had some money to give us some options. Remember how I said we didn’t realize that we accumulated over half a million in equity? That was thanks to increasing our earnings and investments that performed fairly well.

This was the time when we became even more mindful (but not obsessed) about building wealth because we wanted to be able to have more options down the road such as quitting our jobs so we could help and spend more time with our families.

I DON’T ever want to regret this because so many people near death have reported that they regret working too hard and not spending enough time with their family and friends!

Little did we know a few years later, our net worth grew to over $900,000!

I finally took the leap and quit my job so that I could focus on my blog (I’m not sure how far I can go but it’s keeping me busy).

I’ve been blogging for a little over a year and it’s what keeps me excited and happy despite my volatile blog income!

On top of that, we are hoping that one day we’ll have enough so that we can serve others within our community — you’ve got to realize that it’s not possible to help others without being able to help yourself first!

In the end, I just want to have the option to live a more stress-free life and enjoy the moments because you’ll just never know when your life will end.

 

TLDR: Summary on how to become a millionaire in your 30s (or at any age)

Phew! We made it to the end!

Let’s do a quick recap on how you increase your chances of becoming a millionaire by 30 or any age.

First of all, we know that $1,000,000 isn’t what it used to be, but it’s still considered a lot of money to the 80% of Americans who are struggling living paycheck to paycheck.

I mentioned that you don’t have to be well-educated, privileged, or be born rich to achieve millionaire status.

To avoid financial distress and reach your financial goals sooner, you’ll want to follow these tips.

1. Change your poor mindset to a millionaire (or even billionaire) mindset — how you think and perceive things will prompt you to act upon your views. Plus, it’s okay to shoot for the moon. Even if you miss, you’ll land among the stars. 🙂

2. Increase your savings rate by earning more and saving more — increasing your income can definitely give you more opportunities to become a millionaire faster. It may allow you to save more without having to scrimp and sacrifice the lifestyle you want.

3. Avoid lifestyle inflation — While you may want to enjoy life, it’s also important to be cautious of lifestyle inflation. Ask yourself whether you’re truly happy, or are you just trying to keep up with social media and your peers? It’s crazy to say this, but we hear this quote quite often: We buy things we don’t need with money we don’t have to impress people we don’t like.” So, it’s important to start living for yourself and not others.

4. Prioritize your spending — Again, avoiding lifestyle inflation doesn’t mean to scrimp on your guilty pleasures. Make sure your basic needs are met first before moving onto wants that make your life more enjoyable. As long as you don’t let lifestyle inflation take control, it’s absolutely okay to splurge on things that actually make you happy. Just make sure you can truly afford it.

5. Create a budget that works — You don’t have to follow this so closely, but it allows you to see exactly what you’re buying and how much you’re spending. This may help you prioritize your spending better.

6. Invest to become a millionaire faster — This could be stocks, real estate, your business, etc. The younger you are, the more time you have. Not the mention, the more risks you can afford too! So, start as soon as you can! But of course, even if you’re past your 20s, 30s, or even 40s, it’s never too late. The best time was yesterday, but the second best time is today!

7. Increase your income — Whether it’s through your job salary or finding creative ways to make extra money (maybe even both), increasing your earnings can go a long way!

8. Take advantage of free money — This may be a fun way to increase your savings. It may also be a clever way to look for resources and hacks that can make a huge difference to your savings.

 

 

It’s also important to know your “why”.

Why do you want to become a millionaire? By knowing your ultimate “why”, you’re more likely to stay motivated and achieve your financial goals.

Also, don’t forget to enjoy your million-dollar journey — it’s not always about achieving your “end goal”. Instead, view it as a learning opportunity and enjoy each moment. That means to not dwell on your past mistakes (you should view them as lessons learned instead) and to not worry too much about the future.

It’s important to plan for the future, but don’t get too caught up to the point that you forget to live the moment.

The key to living a good life is to maintain a good balance while enjoying your present — you’ll just never know when your life will come to an end. By then, what would a millionaire status be worth to you?

 

👉 Get FREE money so you can save more! 💵 💵 💵

Are you new to my blog?

If you follow me, you’ll know that I’m all about saving money and making money.

Below are some of my favorite sites and resources that may help you! The best part is that they’re all FREE to use!

 

Survey Junkie: I personally use this free resource to earn an extra $20-$50 a month by doing simple surveys online. This can help you reduce your spending and save money when you redeem cash or FREE gift cards (your choice). They are rated 8.7/10 which is one of the highest on TrustPilot reviews.

🌟 You can sign up for Survey Junkie for FREE here and start earning extra money immediately!

 

Check out also: How I Get Free Gift Cards Online (Amazon, Starbucks, Walmart, and more)

 

Swagbucks: You can earn cash and FREE gift cards just by surfing the web (like how you search for things on Google), watching videos, playing games, and completing easy surveys. My fiance and I have redeemed many $50 to $100 Starbucks (and Amazon) gift cards which helped us save money!

🌟 Get your FREE $5 bonus here from Swagbucks when you sign up today! 💵

⭐️ Important: Don’t forget to verify the email from Swagbucks in your inbox so that you can redeem your bonus!

 

Check out also: How I Use Swagbucks To Earn FREE Gift Cards

 

American Consumer Opinion (ACOP): This company has over 6 million members who get paid to answer surveys online. I use this free resource as a fun way to earn a little extra cash. Each survey is easy and takes less than 10 minutes to complete.

They ask really simple questions in the form of multiple choice such as “Which soda brand do you drink”? Or “Which of the following fast food chains are your top choices to go to for a burger”? 

👉 Sign up for ACOP for FREE and start earning extra money today! Signing up only requires your e-mail, so it’s super fast and easy! 💵 💵 💵

 

MyPoints: You can earn FREE gift cards to your favorite stores or FREE cash just by watching videos, taking surveys, shopping online, reading e-mails and more. MyPoints has paid out their members $236,000,000!

🌟 Sign up for MyPoints here for FREE and get a $5 bonus immediately when you take 5 surveys! 💵

⭐️ Important: Don’t forget to verify the email from MyPoints in your inbox so that you can redeem your bonus!

 

Related postThe Top Survey Sites To Join For FREE Today (Earn up to $50 per survey)!

 

Drop: My fiancé and I use this FREE Drop app to rack up cash rewards on our everyday purchases. I love how this app allows us to combine their offers with other cash back rewards and store promos. That’s how we get the most cash back! 😉

🌟 For a limited time, get your FREE $5 bonus immediately after linking your first card and using my special referral code, FINSAVVY. No purchase necessary! 😊

My referral code is applicable to both the U.S. and Canada!

 

Related post: To learn more, read my honest review and tutorial on how Drop works. If you like the idea of passive savings, then I’m sure you’re going to enjoy this app as much as I do!

 

Ebates: You get FREE cash just for shopping at over 2,000 of your favorite stores. This includes Walmart, Macy’s, Apple, Kohl’s, Target, eBay, and so many more! I use Ebates to save over a few hundred dollars per year just for shopping for the things I normally buy.

🌟 Sign up here and get your FREE $10 bonus after making your first $25 purchase through Ebates. 🛍💵

If you live in Canada, use this link to sign up and get your FREE $5 bonus

 

Related post: To learn more, read my full review and tutorial on how to use Ebates here. You will LOVE Ebates! ❤

 

Don’t forget to pin and share this post and follow me on Pinterest! 🙂

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17 Comments

    1. Hi Jonathan!

      Haha, yes it’s definitely as long post on ways to build wealth.

      I thought if I’m going to write about how to become a millionaire, it should be long and informative since it’s hard to talk about in a few paragraphs.

      But thank goodness there’s a TLDR summary! 😁

      Thank you for dropping by! 😊

    2. I already tried a lot of money making methods in the past months but meeting FINANCEWEBSERVICE @ GMAIL COM has been a blessing to my life. They helped me clear my creditcard debts, boost my credit score and even did some money transfer hacks for me without any problem. This is the only one that actually really worked for me and they also help with other finance jobs

  1. Ling,…. Its just a amazing longggg search,… Great experimented,…Nice post.. Happy to read.. millionaire ling… Keep uploading waiting for nxt post…

  2. Whoa!

    Such a long but really informative post and I enjoyed reading every bit of it. Thanks ao much for putting this together as my husband and I just paid off all our debt and we are looking to start saving and maybe look into investing.

    You are doing so amazing and I wish I can be where you are! I cannot tell you how hyped i’m feeling about this, my husband and I can’t wait to build and secure our financial future!!!!!!

    Thanks so much for writing about your experience and teaching us. I really want to read more from your blog so please share!

    Jen

    1. Hi Jen,

      That’s great that you and your husband paid off your debts — it’s a huge accomplishment so congrats!

      YES, I always encourage to get started with investing as soon as possible — the earlier the better.

      Thank you for dropping by. I wish you and your husband the best. I’m glad that you’re looking forward to reading my blog posts. 🙂

  3. This was a very inspiring article! Great achievement, panda! I’m working on my goals to to save my first million in net worth! Seems the case that real estate is everyone’s preference today and some got lucky but it has been becoming insanely expensive for all of us.

    1. Thank you, James!

      I’m happy to hear you find this post inspiring! Go out there and get your first million!

      Yes, many people got lucky with real estate and became instant millionaires but we can say that for a lot of things. Everyone will always say so and so got lucky from this and that.

      Many years ago, I caught myself saying people got lucky by doing this or that… I realized that saying other people got lucky wasn’t going to get me anywhere, so I had to go out there and try my best to chase my luck. If I don’t, luck would be a 0% chance. It will definitely NEVER come if I don’t take any action or try.

      Thank you for dropping by! Best wishes to you on saving your first $1,000,000! You got this! 🙂

  4. Hi Ling. That’s a great comprehensive article! I’m beginning to think that spending with intention is good, but earning more is where it’s at. The maximum limit to saving is your after-tax income – and that’s only if you spend nothing at all. Not feasible. But earning potential is limitless! And diversifying income is important – job, side hustle, real estate, stock/index investments…

    1. Hi Kari!

      It’s nice to hear from you! I hope you’re doing well!

      Yes, earning more definitely helps by a lot! I used to get intimidated by going out there to make more money, but I eventually let go of that fear and just did it! Being able to save that extra money and invest is one of the best feelings because, over time, that money really starts working for you! 😀

      Thank you for dropping by!

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