Business
How To Become a Millionaire on a 9-5 Salary
It’s time to stop dreaming and start doing! This video is your guide to breaking free from the 9-5 grind and stepping into the life you’ve always dreamed of. I’ll walk you through the exact 10 steps I’d take to go from earning $55,000 a year in a job I didn’t love to becoming a self-made millionaire running multiple businesses.
Becoming a millionaire typically involves a combination of smart financial planning, disciplined saving and investing, and sometimes, starting a business. It’s not a get-rich-quick scheme, but rather a journey that requires patience, persistence, and a willingness to learn and adapt.
You may think becoming a millionaire may seem unattainable, but it can be a reality. The six steps to making a million dollars include finding extra income through starting a side hustle online, a second job, or investing in yourself by learning new skills.
Start saving early and invest your money to allow for compounding, while good spending habits and managing your debt can help you control unnecessary purchases. Read on to discover the six steps to making a million dollars.
Key Takeaways
Becoming a millionaire can be achieved even if you make a modest income.
Start saving early and invest your money to take advantage of the power of compounding interest.
Savvy savers limit their spending to put more money to work for them.
Maximize your retirement contributions every year to earn tax-deferred or tax-free growth.
Building wealth also involves investing in yourself by learning new skills and capitalizing on career opportunities to earn more money.
How to Get Rich
Start saving early.
Avoid unnecessary spending and debt.
Save 15% or more of every paycheck.
Increase the money that you earn.
Resist the desire to spend more as you make more money.
Work with a financial professional with the expertise and experience to keep you on track.
- Start Saving Early
To begin your journey of becoming a millionaire, start saving early in life. Building your savings gradually allows you to take advantage of the incredible power of compounding over the years. Compounding means you earn interest on your interest by reinvesting your interest or capital gains.
Say you’re 20. If you contribute $6,000 to an individual retirement account (IRA) every year ($500 a month) for 40 years, your total investment would be $240,000.
With the power of compounding interest, your nest egg would be worth much more. Assuming a 7% return, with monthly compounding, it would total more than $1.32 million. You would be a millionaire by age 57 just by saving $500 a month. Granted, you’d rather be a millionaire by age 30. If that’s your goal, try to put more money away each month. Consider the other steps below.
Create a savings plan that reviews your monthly debts, income, and financial goals. Next, automate your savings by setting up a direct deposit for a small amount from your paycheck to a savings account. If you don’t see the money in your checking account, you’re less likely to spend it.
- Avoid Unnecessary Spending and Debt
Stop buying things you don’t need, especially if you use a high-interest credit card for the purchases. Before buying anything, ask yourself the following:
Is this something I really need?
Am I spending money simply for entertainment or trying to impress others?
Do I have something similar already?
Do I want this more than I want to become a millionaire?
Every dollar you spend on something you don’t need is one less dollar that can make money for you.
Here’s a reality check: If, instead of spending an extra $25 a week, you save and invest it for 40 years, you will end up with over $285,000 (assuming 7% annual return and monthly compounding). Can you cut $25 of unnecessary spending out of your weekly budget?
If you can, that effort alone will go a long way toward helping you reach your goal of becoming a millionaire.
- Save 15% of Your Income—or More
The personal savings rate is the percentage of income left over after people spend money and pay taxes. The rate for Americans on average was 4.9% in April 2025, according to the Bureau of Economic Analysis (BEA).
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According to experts, that’s not enough for a comfortable retirement, let alone for anyone aiming to become a millionaire.
Exactly how much should you save? Although there’s no correct answer, most financial planners say that, depending on your age, you should save at least 15% of your annual gross income for your retirement.
That figure is ambitious but not necessarily unattainable. For example, if your employer matches contributions of up to 6% of your salary in your 401(k) plan, you need to save only 9%.
- Make More Money
Making more money is easier said than done, but if you don’t earn enough to save 15% of your income, it will be challenging to become a millionaire.
You do have a few options available to you, including:
Ask for a pay increase (if you think you’re due for one)
Work extra hours
Get a second job
Get training to increase your earnings potential
Switch career paths
Additional training pays off the most in the long run. Let’s say that you’re a licensed practical nurse. The median income for LPNs was $62,340 per year in 2024.
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Registered nurses, on the other hand, earn about $93,600 a year.
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The minimum requirement to become a registered nurse is only a two-year associate degree, although bachelor’s programs also exist.
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However, the extra money you’d take home every year can help you reach your financial goals and, eventually, become a millionaire.
- Don’t Give in to Lifestyle Inflation
Lifestyle inflation is a common consequence of career advancement. You spend more money just because you have more money to spend.
You may decide your apartment is too small and need a house in the suburbs. You realize that you can come up with a down payment for a much fancier car. Your vacation plans get more ambitious and expensive.
If you want to become a millionaire, resist the urge to give in to lifestyle inflation. Instead of spending more—just because you can—save and invest more. Imagine the pleasure of watching your financial account balances grow. And you’ll reach your financial milestones faster.
- Get Help If You Need It
Planning for retirement can be stressful. That’s because you know you’ll need a substantial amount of money when you no longer work, all of the investment options available, and the knowledge and experience it takes to invest successfully. In one survey, only 24% of Americans said they’re very confident that they will be able to live comfortably in retirement.
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Unless you’re a financial rock star or someone willing and able to make an effort to research investment opportunities, it’s worth the money to work with a qualified financial advisor to come up with a personalized and workable retirement plan.
An advisor can help you choose investments, create a budget, and make plans to reach your goals. And once you’re ready to spend some of that money, they can help you make it last.
Maximize Your Retirement Savings
Here’s a quick look at how retirement savings accounts can help you reach your goals:
401(k), 403(b), and Other Employer-Sponsored Retirement Plans
If you have a job that offers benefits, you can probably open an employer-sponsored retirement plan such as a 401(k) or a 403(b). About 69% of private company employees and 92% of government workers now have access to one of these plans or a defined benefit plan in March 2022.
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The combination of tax advantages and easy payroll deductibility makes these the best retirement savings vehicles available to workers. Better yet, many employers match a portion of the employee’s contribution, which is invaluable to jump-starting your account’s earnings potential.
You can deduct your contributions up to an annual limit. The earnings in the account grow tax-deferred if it is a traditional 401(k) account.
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With a Roth 401(k), you contribute after-tax dollars, so there is no immediate tax break. However, the money grows tax-free, and qualified distributions are tax-free if the rules are followed.
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To summarize, a traditional account uses pre-tax contributions and pays taxes when withdrawals are made in retirement, and a Roth account uses after-tax contributions and pays no taxes when withdrawals are made during retirement.
For the 2025 tax year, the maximum contribution is $23,500. For those age 50 and older, a catch-up contribution of up to $7,500 is also permitted, meaning those individuals can contribute a maximum of $31,000.
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People with a retirement plan at work may also open IRAs and save even more.
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IRS. “Retirement Plans FAQs Regarding IRAs.”
Source: investopedia.com
