How to Become a Millionaire in 10 Years or Less (2024)

I spent 7 years in Wealth Management and advised 453 Millionaires.

During this time, I studied the strategies these millionaires used to become wealthy.

And in this guide, I’m going to reveal those exact strategies so you can use them to become a millionaire.

Let’s dive in.

Before we dive into these strategies, I have a question for you:

Do you believe that becoming a millionaire is unattainable?

If you said yes, then think again.

Because there are over 1,700 new millionaires created every single day!

Source: Bloomberg

In today’s world of entrepreneurship, almost anyone who is willing to put in the:

• Time
• Effort
• Patience
• Dedication

Will likely see results – over the long term.

And here’s another crazy statistic:

80% of millionaires are self-made.

Source: RamseySolutions.com

In other words, they started from $0 and built their wealth from the ground up.

Through hard work, grit, and determination.

The secret is this: To build a better tomorrow, you have to give up a little today.

If you’re not able to sacrifice a little today, then you shouldn’t plan on building a successful future.

Becoming a millionaire (unless you win the lottery or receive an inheritance) will take hard work, patience, and sacrifice.

But if you follow the strategies below, you’ll have a real chance to become a millionaire in 10 years or less.

Before you even think about your action plan to build your millionaire future, you first need to analyze your current situation.

Below are a few things I’d recommend for you to analyze:

• Debt
• Assets
• Income
• Expenses
• Net worth

Let’s start by discussing your net worth.

Your net worth = assets – liabilities.

In other words, your net worth is equal to what you own (your assets) minus what you owe (your liabilities).

You’ll want to work toward a positive net worth – but even if you have a net worth equal to $0, that’s an awesome start.

Data Source:Federal Reserve

Your net worth will typically increase as you age (that’s because as you age, you likely increase your income).

When was the last time you checked your net worth?

If you’ve never checked your net worth before, that’s totally OK – you can get started with my net worth template below.

Remember: Your net worth = assets – liabilities.

Fill out the template and be honest with yourself.

Don’t get a panic attack if your net worth is negative.

That’s ok – and it’s actually pretty typical if you’re in your 20’s or even in your early 30’s, just because we have student debt, credit card debt, mortgage debt, car debt, etc. to offset our assets.

Some typical examples of debt include:

• Auto debt
• Mortgages
• Student loans
• Business loans
• Credit card debt

Some typical examples of assets include:

• Patents
• Equity in home
• Savings accounts
• Investment accounts

Now it’s time to add your net worth together.

Pro Tip:You don’t have to check your net worth daily – or even weekly.

It’s probably a good idea to check your net worth every quarter or every month at the most.

Now that you have a rough picture of your net worth, it’s time to determine where you want to be in X amount of years.

And if your goal is to be a millionaire by 35, then that would be your net worth goal.

Now that you have an overarching goal, it’s time to break it down into smaller, more actionable goals.

Here’s an example:

• Invest $3,500 every month
• Stay out of high-interest debt
• Build 3 passive income streams
• Contribute the maximum to an HSA
• Contribute the maximum to Roth IRAs
• Save and invest 75% of annual income
• Maintain an adequate emergency fund

As you can see, these goals are actionable, they are precise, and they give some guidance on what you need to do to accomplish your ultimate goal.

Now, take some time to think about the mini-goals you need to pursue to make your millionaire dream a reality.

The Bottom Line: If you want to become a millionaire in your 30’s, you need to commit and relentlessly pursue your mini-goals.

It’s not going to be easy, and you’ll need to put in 100% of your efforts.

If your ultimate goal is to become a millionaire, then you really need to improve your budgeting.

First, you need to figure out:

1. How much debt you owe
2. How much you’re spending
3. How much money you already have saved (and invested)

What needs to happen next:

• Reduce high-interest debt to $0
• Spend less than you earn and use frugal habits
• Increase saving and investing as much as possible

If your goal is to become a millionaire, you’re going to have to give up a lot in order to make your goals a reality.

And that’s why you will need a partner who’s on board with your plan.

So, first and foremost, you need to create a budget to track your income and expenses.

If you don’t have a budget yet, get my free spreadsheet below 👇

Once you’ve completed your budget, see if your spending aligns with my budgeting rules of thumb:

• Monthly housing debt: < 28% gross monthly income
• Total monthly consumer debt: < 20% of net monthly income
• Total monthly debt payments: < 36% of gross monthly income

These rules are fairly accurate – but only if your goal is to continue on your current path.

If your goal is to become a millionaire, then we will need to make some serious modifications to this chart.

You will need to decrease your expenses drastically.

And by drastically, I mean this:

• Cut the cord
• Stop eating out
• Go thrift shopping
• Don’t buy new cars
• Stop taking vacations
• Stop buying new clothes
• Consider downsizing your home
• Find a roommate to split housing costs

If you want to become a millionaire, you must align your words with your actions.

However, this is the part where becoming a millionaire might not be so much fun.

Why?

Because you’ll likely see these things happen, while you’re dramatically cutting back on all expenses:

• Your friends buying big homes
• Your colleagues buying the newest cars
• Your colleagues buying designer outfits
• Your friends traveling to hot vacation spots
• Your friends going out to the hottest restaurants

Yes, it’s going to sting a bit, but after a while, you get used to it.

Why?

Because you have to remind yourself of your goal: Becoming a millionaire.

And chances are that your friends and colleagues will NOT be millionaires in the same time frame, because they’re spending money on luxury things.

Pro Tip:The small, recurring expenses will eat away at your chances of becoming a millionaire.

Make sure to keep an eye on those monthly expenses and cut them when possible.

Some examples of recurring monthly expenses include:

• Internet bills
• Car payments
• Cable TV costs
• Cellphone bills

The Bottom Line: One of the fastest and most effective ways you can ensure becoming a millionaire is by becoming a master budgeter.

Create a budget, stick to your budget, and remember to always spend less than you earn.

To become a millionaire, you must stick to your goal and stay strong.

If you have high-interest debt, you’re making your millionaire journey harder.

Do you want to become a millionaire?

If the answer is yes, then you’ll need to eliminate bad debt…NOW.

Here are 2 types of debt:

• Bad debt – High-interest debt often used for depreciating assets
• Smart debt – Debt used for appreciating assets

Here are some examples of bad debt vs smart debt:

There are several ways to pay off debt and you should start paying off your bad debt ASAP.

If you are stuck with bad debt:

• Consider debt consolidation
• Consider a 0-balance transfer
• Pay off the credit card with the lowest balance first*
• Pay off the credit card with the highest interest rate first*

*While continuing to make minimum payments toward your other credit cards, if you have any.

One option you could consider when paying down your debt, is debt consolidation.

Debt consolidation is when you take out 1 loan (typically at lower interest rates) to pay off all your other, high-interest debt.

One of the most popular debt consolidation platforms is called Upgrade 👇

Upgrade gives you a fixed rate and term with a clear pay-off date.

This can translate into savings while eliminating the surprises of high-interest rates that can change at any time.

But Remember that debt consolidation only solves the issue at hand: Your debt.

But, it doesn’t solve the root of the issue (if there is one), which could be your spending habits.

If you feel like your spending habits were the reason you fell into the debt trap in the first place, it might be time to seek out professional help.

Debt consolidation can be helpful – only if you are 100% dedicated to paying off your loans.

You need to be 100% committed to your goal, which might mean that you may have to make paying off your debt the priority over investing and/or saving.

The Bottom Line: One easy way to guarantee that you won’t achieve your millionaire goal is by keeping high-interest debt (like credit card debt).

High-interest debt will rob you of your future self.

If you don’t have an emergency fund…

And you have to pay for a surprise expense…

For example:

• Job loss
• Car repairs
• House repairs
• Medical emergencies

Then you might have to take on a loan…

And risk going into serious debt.

That’s why it’s essential to have an emergency fund.

Now, I know what you’re thinking:

“Fiona, how do I create an emergency savings fund?”

Here’s what you can do:

• Click hereto go toRaisin’s website(I use Raisin myself)
• Select one of the available savings accounts
• Open your savings account
• Stash 3 to 6 months’ worth of living expenses in your savings account

The best part about this strategy?

Not only do you get:

• Zero fees
• FDIC insurance
• 24/7 access to your funds

But with the current interest rates, you can also get over 5% APY.

A 5% rate on $10,000 of cash would earn you $500.

For doing absolutely NOTHING.

Talk aboutmaking your money work for you!

Paying yourself firstis critical to long-term financial success.

What is “paying yourself first?”

It’s when you immediatelysave or investas soon as you get your paycheck.

Here’s how to do it…

First, you need to determine:

• Howmuch to invest (e.g., $100)
• Whento invest (e.g., Every Monday)
• Whereto invest (e.g., S&P 500 index fund)

Once you’ve determined those 3 things, you’re ready to start paying yourself first.

Here’s the process:

1. Deposit your paycheck
2. Automate investments first
3. Anything left over goes to bills

Simple.

This is how you pay yourself first.

And if you don’t have an investment account yet…

Consider creating a free account withRobinhood.

Remember:Always do your research before you invest.

Cutting your expenses is limited.

Increasing your income is UNLIMITED.

Another popular way to increase your income is by starting a side hustle.

Note:You probably won’t start earning $1,000+ in month 1.

And that’s ok.

Have patience with your side hustle, stay consistent, and enjoy it.

Life gets easier when you make more money.

If you’re ready to start a side hustle, consider taking my Income Multipliercourse.

This course shows you exactly how to start a side hustle and create multiple income streams that can out-earn your 9 to 5.

If you want to become a millionaire, then you need to start saving and investing as much as humanly possible.

Sadly, however, the median checking account balance for American households was just $3,400.

If you find yourself falling into one of these statistics, then stop right now and figure out how you can increase your savings.

So many rules of thumb say that you should save 10% to 15% of your income.

If you want to be a millionaire, those rules of thumb will likely not cut it.

Instead, set your sights higher, so you save (and invest) around 50% to 80% of your gross annual income.

No, I’m not kidding.

If you feel like you’re having trouble even saving 10% of your gross annual income, first, start a budget with top apps like YNAB 👇

After setting up your budget, you’ll need to focus on:

• Cutting costs as much as possible
• Increasing income as much as possible
• Investing the difference as consistently as possible

Even if you can only afford a $5 investment every week, then do it.

The Bottom Line: Invest as much as humanly possible if your goal is truly to become a millionaire.

Don’t just invest 20% of your income.

Plan to invest 50% or more of your income to truly accomplish your millionaire goal.

We all want to show our status in society one way or another, right?

I mean, America is considered to be a consumer-driven society.

We want to buy stuff to show off our wealth.

But will stuff help support your goal of building wealth?

I think not.

Life rule: Don't go broke trying to look rich.

— Fiona Smith (@The_MMW) October 11, 2023

The best advice I learned from my millionaire mentor was this:

Live like a wealthy person – in secret.

In other words, don’t show off and boast about your wealth status.

Tone your wealth and riches down a notch.

Essentially, this is what my millionaire mentor meant:

• Work as hard as you can
• Stay away from “bad” debt
• Save and invest as much as possible
• Be as humble as you were in the beginning
• Adopt the mindset of a millionaire: A growth mindset
• Never show off your wealth status through material possessions

Enjoy your wealth and of course, spend the money you need to live a decent life.

But when you are happy and living comfortably, don’t increase your spending as your income increases.

In other words, don’t be a part of the lifestyle creep phenomenon.

You should keep your spending in check – even as your income increases over the years.

There is never a need to keep up with the Joneses.

Keeping up with the Joneses will not help your quest to build wealth.

It will only deter you from accomplishing your financial goals.

Are you tired of the endless 9 to 5 rat race?

Do you want to be your own boss?

If that’s the case, then you should seriously think about buildingmultiple income streams.

In fact, the average millionaire has up to 7 income streams.

Income streams could range from a variety of sources, such as:

• Royalties
• Your income
• Capital gains
• Interest income
• Business income
• Selling a product
• Dividend income
• Your partner’s income
• Rental income from real estate

…And the list goes on.

The most important thing is to not fear failure – just try building a new income stream and learn as you go.

For example, after I wrote my first ebook, within 1 week, I had earned more than $1,000…. that was the point when I truly realized you can virtually accomplish anything.

That’s why you just need to start.

The Bottom Line: The only way you can set yourself free from the 9 to 5 rat race is when you start building multiple income streams. Never rely on just 1 income stream (like your job). You can easily be replaced.

Investing in the stock market is one thing, but investing in yourself is a completely different ballgame.

The highest return on your investment will be when you invest in yourself.

No, you don’t need a formal college degree (or an Ivy League degree) to become a millionaire.

In fact, there is so much information out there, at your fingertips through:

• Courses
• Libraries
• Videos

Remember this: The more knowledge you have, the more money you make.

And that’s why you should always continue to invest in yourself.

How do you invest in yourself?

Here’s the process:

1. Invest in a course, for example,Income Multiplier
2. Study lessons 3.2 to 3.5 on how to start a side hustle
3. Launch your side hustle
4. Start collecting your side hustle income
5. Continue working and building your side hustle

If you’re selling a service like consulting, you should be able to earn an extra $1k to $2k per month.

Is this easier said than done?

Yes. But if it was easy, everyone would do it.

The most important thing is to start investing in yourself.

Starting today.

The Bottom Line: Start by reading books, listening to self-improvement podcasts, or even continuing your education to increase your knowledge, add value, and increase your income.

What do Warren Buffett, Michael Jordan, and the average millionaire have in common?

They all invest in appreciating assets.

And if you want to build wealth…

Then investing in appreciating assets is a must.

Assets that gain value over time include:

• Stocks
• Fine art
• Real estate
• Classic cars

And many more…

But when it comes to investing in appreciating assets…

The most important thing is to:

• Invest consistently
• Stay focused on the long-term
• Don’t withdraw your investment in the short-term

Remember:Building wealth is a long-term game.

The earlier you start building your wealth, the greater your fortunes will be.

Recommended investment platforms:

• Masterworks(fine art investing)
• Arrived(real estate investing)
• Yieldstreet(alternative investing)

Always do your research before you invest.

School teaches you to become excellent employees.

But what schools fail to teach, is how to become an employer.

An entrepreneur.

And let me tell you something:

If you want to improve your chances of becoming a millionaire, then you need to become your own boss.

In fact, 66% of millionaires own their own businesses.

If you’re an employee, your income is limited to:

• How much your boss likes you
• The time you spend in the office
• How well you get along with your co-workers

In other words, your income as an employee is always limited.

However, when you become your own boss, your income potential becomes unlimited – both on the upside and on the downside.

Becoming your own boss doesn’t necessarily mean you have to start a multi-million dollar business.

In fact, becoming your own boss may just mean starting your own side hustle.

I can’t tell you how many people I know who have started their own side hustle who later quit their day jobs to work on their business full time.

Some side hustles can pay you some serious money down the road.

The downside is that some side hustles typically take years to build – often with 0% returns – or even negative returns – in the first few months/years.

However, in the long run (if you are consistent and stick with your plan), you could probably make north of $10,000 per month.

Whatever amount of money you earn from side hustles, make sure you:

• Pay off high-interest debt
• Save and invest as much as possible

Be consistent, be relentless, and be focused.

If you stick with your plan, you’ll have a very good chance of making your millionaire goal a reality.

The Bottom Line: Increasing your income is unlimited – and you can virtually do anything when you become your own boss.

That doesn’t necessarily mean starting your own company, you can also become a sidepreneur and start a side hustle.

If you want to think like a millionaire, then you have to surround yourself with millionaires.

And that’s just the truth.

If you want to:

• Be a millionaire
• Act like a millionaire
• Think like a millionaire

Then chances are, you’ll need to surround yourself with millionaires to learn from them.

If you want to get rich,

Start building relationships with:

• Lawyers
• Bankers
• Investors
• Accountants
• Wealth advisors
• Business owners

Your network is your net worth.

— Fiona Smith (@The_MMW) November 3, 2023

In many cases, you can find millionaires (or at minimum, people who are well-known winners) in some of the following places:

• Your local university
• Your community events
• Your Chamber of Commerce

When you meet various people in your life, you’ll want to make sure to keep their contact information or business card.

Periodically, reach out to them to:

• Wish them happy holidays
• Wish them happy birthday
• Ask them how their pet is doing
• Ask them about their recent vacation

Why should you put so much effort into keeping your network close?

Your network will be much more inclined to help you if you stay up to date with them.

The more you stay in their forefront vision, the more likely it is that they will help you should you need their help.

Here are some additional networking tips:

• Keep a network diary
• Always ask for a business card
• Reach out to your contact every quarter or so
• Set important dates as recurring in your calendar
• Note some items you remember from your conversation
• Note their physical appearance on the business card to remember how they look

If you haven’t already, it’s time to find a mentor to help you on your way.

Mentors are the ultimate shortcut in life.

Mentors help:

• Guide
• Navigate
• Brainstorm

Essentially, mentors help you in life because they’ve already “been there, done that,” and they can give you guidance for your personal, financial, and professional life.

I would not be where I am today if it wasn’t for my mentor.

The Bottom Line: If you want to be a millionaire, then chances are, you’ll have to think like a millionaire.

The fastest way to understand how millionaires think is by surrounding yourself with them and other winners.

One of the most important financial decisions of your life will involve who you choose as your long-term partner.

In fact, your long-term partner could make or break yourfinancial future.

About 60% of relationship fights are about one partner’s spending habits.

And, there really is a formula to a successful relationship: Be open with your finances and discuss your financial dreams with your partner.

In fact, 94% of respondents say they have a “great” marriage because they openly discuss their financial dreams with their partners.

Clearly, there is a link between the success of your financial future (in this case, achieving millionaire status) and the quality of your relationship.

Becoming a millionaire with a supportive spouse by your side will be so much easier than if you have a partner working against you.

The Bottom Line: One of the best things you can do for your future self is to find a partner who supports you and who also shares your frugal financial mindset.

Marrying the right person is the most important part of building wealth.

If you want to become a millionaire, then you’ll want to read as much as possible.

Why?

Books are the ultimate shortcut.

In fact, 88% of self-made millionaires read 30 minutes or more daily.

Books can teach you lessons on:

• History
• Money matters
• Self-improvement

With books, you have the chance to peer into some of the greatest minds of this world – for minimal cost and for minimal time.

Don’t spend $100,000’s on a college degree.

Acquire knowledge through books that cost a fraction of a college degree, instead.

If you’re enjoying this guide and if you want to learn more about money, consider my ebook, How to Get Rich from Nothing 👇

This ebook is designed to improve your lifestyle, your mind, and your money.

Level up by reading more today.

The Bottom Line: Books are the ultimate shortcut in life. If you want to gain more knowledge for a fraction of what a typical college degree costs, then you should consider reading more books.

The last step when it comes to becoming a millionaire is to consult a financial planner.

The key is to consult a fiduciary financial planner.

If you aren’t familiar with the word “fiduciary,” you should take this word to heart.

A fiduciary financial planner is bound by law and by a specific set of ethical standards to act in the best interest of their client by putting their client’s interests ahead of their own.

Keep in mind that many financial planners who arenotfiduciaries often receive incentives and commissions for selling investment products to their clients.

These investment products may be suitable for their clients’ needs – but they may not be therightinvestment product for their clients’ needs.

Instead, these investment products may provide the financial planner with a nice commission check.

(And yes, sometimes commission checks can be up to 90% of what the financial planner sold their client).

If you make financial mistakes, you’ll never become truly wealthy.

Here are 6 financial mistakes to avoid if you want to become a millionaire:

Imagine this:

Throwing money in the garbage and lighting it on fire.

That’s exactly what late fees do.

How do you stop paying late fees?

-> Automation.

Set your bill pay to auto-pay.

No more late fees.

Saving $6k on a $50k salary = 12% rate. Not bad.

But if you increase your salary to $400k and continue to save $6k for the next 20 years…

Now the savings rate will be 1.5%. Not good.

Remember to save more when you earn more.

If you have $20k in credit card debt with a high interest rate…

And you only pay the minimum monthly payment for several years…

You’ll end up paying $1,000s in interest payments.

Bad debt weighs you down.

Get rid of it ASAP.

Without tracking your expenses, you might be overspending.

For example:

I met a client who didn’t track her expenses.

When we reviewed her finances, we found she was spending $35k+ at RESTAURANTS.

If you want to build wealth, track your money.

And trim the excess.

If your goal is to invest your way to $1M…

But you stop investing after 5 months…

You’ll never hit your goal.

Don’t be impatient.

Start early and build consistently.

If you’re spending $16k on homeowner’s insurance…

When you could have the same protection for $10k…

Then you could have saved $60k over 10 years.

Always compare insurance products.

Take the time and save money.

As you may have realized, becoming a millionaire may require several approaches, especially at varying points in your life.

Some of you might be:

• Starting a family
• Starting a new business
• Graduating from college

And each of these life milestones would require you to approach your strategy from a different angle.

Here are the strategies for becoming a millionaire in your 20s:

As you can see, when you’re in your 20s, it’s all about starting the journey to invest for your future.

In your 20s you want to build a solid financial foundation for your future, so it’s all about making those financial sacrifices up-front (less eating out, not buying that fancy car, etc.) so that your future is set financially.

As you can see, in your 30’s it’s all about maxing out your retirement plans – consistently.

Now is the best – and most important time – to throw every last cent you have toward your retirement plans.

It’s also important to not succumb to lifestyle creep – and increase your living expenses as you earn more money.

Remember: The above approaches are simply rules of thumb – and they may not apply to everyone’s situation.

That’s why it’s a good idea to talk to a financial planner to help you start the right next steps to help you achieve your future financial goals.

Becoming a millionaire is NOT impossible:

• It doesn’t take agenius mind
• It doesn’t mean you have to sacrifice everything
• It doesn’t require 100’s of hours of work per week

Becoming a millionaire does mean this:

• You need to be disciplined
• You need to maintain a long-term mindset
• You need to stick to your investment strategy

It’s certainly not a walk in the park.

However, this guide should help you realize that you can become a millionaire at any age, any time, and anywhere.

To recap, here are the steps for becoming a millionaire:

1. Analyze Your Current Situation
2. Become a Master Budgeter
3. Pay off High-Interest Debt
4. Invest as Early as Possible
5. Save & Invest as Much as Possible
6. Invest in Yourself
7. Surround Yourself with Winners
8. Become Your Own Boss
9. Choose Your Partner Carefully

Now you have all the information you need to crush it.

Follow the steps above with consistency and discipline.

Your bank account will thank me later.