• Skip to primary navigation
  • Skip to main content
Good Financial Cents®
Content is based on in-depth research & analysis. Opinions are our own. We may earn a commission when you click or make a purchase from links on our site. Learn more.
  • Make Money
    • Get Money Now
      • Ultimate Guide to Making Money
      • Need Money Now
      • Get Free Money Fast
      • Make Money Fast
      • Make $1K Per Month
      • Make $100 Per Day
    • Control Your Destiny
      • Self Employed Jobs
      • Make Money from Home
      • Hobbies That Make Money
      • How to Become a Freelance Writer
      • Small Business Ideas to Start
      • How to Become an Independent Contractor
      • Best Online Jobs
    • Passive Income
      • Passive Income Ideas
      • Multiple Streams of Income
      • Extra Income
      • Residual Income Ideas
      • Learn to Sell e-Books
      • Make Money on Facebook
      • Make Money on Tiktok
      • Best Online Survey Sites to Make Money
    • Explore More
      • Best Side Hustle Ideas
      • Make Money for Teens
      • Best Online Colleges
      • Best Jobs No College Degree
      • Become a Millionaire
      • Careers for the Future
  • Manage Money
    • Best Of
      • Budgeting Tools
      • Personal Finance Software
      • Best Cashback Cards
    • Company Reviews
      • Personal Capital vs Mint
      • Personal Capital Review
      • SmartAsset Review
    • Guides
      • Buy or Lease a Car
      • What is Liquid Net Worth?
      • Setting Financial Goals
      • How to Budget
      • Ways to Save Money
    • Explore More
      • How Much Car Can I Afford?
      • Best Auto Refinance Companies
  • Invest
    • Best Of
      • Best Short and Long-Term Investments
      • Best Low Risk Investments
      • Best Online Stock Brokers
      • Best Crypto Exchanges
      • Best Short Term Investments
      • Best Long Term Investments
      • Best Trading Platforms
      • Best Investment Apps
    • Company Reviews
      • Lending Club
      • Robinhood
      • M1 Finance
      • Ally
      • TD Ameritrade
      • Fundrise
      • Betterment
      • Etrade
      • Wealthfront
    • Guides
      • Investing for Beginners
      • Investing Small Amounts of Money
      • Investing in Real Estate
      • No Money Down Real Estate
      • Bonds vs Stocks
      • Peer to Peer Lending
      • Best Hedges Against Inflation
      • Safe Bitcoin Investing in 2023
    • Explore More
      • Bitcoin vs. Real Estate
      • Betterment vs Wealthfront
      • Investing for College Students
      • Stock Market Alternatives
    • By Investment Amount
      • How to Invest $100
      • How to Invest $1K
      • How to Invest $2k-$3k
      • How to Invest $5K
      • How to Invest $10K
      • How to Invest $15k
      • How to Invest $20K
      • How to Invest $30k
      • How to Invest $50K
      • How to Invest $100K
      • How to Invest $200K
      • How to Invest $500K
      • How to Invest $1M
  • Taxes
    • Best Of
      • Best Tax Relief Companies
      • Best Tax Software
    • Guides
      • Federal Income Tax Guide 2023
      • Taxes and Cryptocurrency
      • How to Do Your Own Taxes
      • How to Invest Your Tax Refund
      • Hiring a Professional Tax Preparer
      • Tax Tips for Freelancers
    • Company Reviews
      • TurboTax Review
      • H&R Block Review
      • Taxslayer
      • Tax Act
  • Insurance
    • Best Of
      • Best Life Insurance
      • Best Home Insurance
      • Best Auto Insurance
      • Cheap Term Life Insurance
      • Car Insurance For Young Adults
    • Guides
      • Term vs Whole Life
      • Different Types of Car Insurance
      • Average Cost of Car Insurance
    • Explore More
      • Life Insurance Over 50
      • Life Insurance Over 80
      • $1 Million Life Insurance
      • $2 Million Life Insurance
      • $3 Million Life Insurance
    • Company Reviews
      • Banner Life Insurance
      • Ladder Life Insurance
      • Health IQ
      • Haven Life
      • Policygenius
      • State Farm Auto Insurance Review
  • Retirement
    • Roth IRA
      • Best Places to Open a Roth IRA
      • Best Investments for Roth IRA
      • 7 Roth IRA Secrets
      • Roth IRA Conversion Guide
      • Roth IRA Rules
      • Roth IRA vs Roth 401k
      • Are Roth IRA Contributions Tax Deductible?
    • 401(k)
      • 401(k) Limits
      • 401(k) to Roth Rollover
      • Is 401(k) Enough for Retirement?
      • Maxed Out 401(k): What's next?
    • Traditional IRA
      • Traditional IRA Rules and Limits
      • Traditional IRA vs. 401(k)
      • Simple IRA Rules
      • SEP IRA Rules
      • How Much Do You Need to Start an IRA?
    • Explore More
      • SEP IRA vs. Roth IRA
      • 457 Plan for Successful Retirement
      • 401a Rollover Rules
      • How to Retire at 50
      • How to Retire at 55
  • Banking
    • Best Of
      • Best National Banks
      • Best High-Yield Savings Accounts
      • Best Checking Accounts
      • Best Savings Accounts
      • Best CD Rates
      • Best Money Market Accounts
    • Company Reviews
      • BBVA
      • Synchrony
      • Wells Fargo
    • Explore More
      • 9 Banking Alternatives for 2023
      • What is a Credit Union?
  • Home
    • Best Of
      • Best Mortgage Lenders
      • Best Mortgage Refinance Companies
      • Best Home Warranties
      • Best Homeowners Insurance
      • Best VA Loans
      • Best Mortgage Rates
      • Best Moving Companies
      • Best Home Security
    • Guides
      • Home Buying Checklist
      • Online Home Appraisal
      • How Much House Can I Afford?
      • First-time Homebuyer Programs
      • How to Get Approved for a Home Loan
      • Save Money When Building a House
      • How to Save for a Downpayment
      • When to Refinance Your Mortgage
    • Explore More
      • 15 vs. 30-year Mortgage
      • Home Warranty vs. Home Insurance
      • Veterans United Home Loan Review
      • Quicken Loans Review
      • HELOC vs Second Mortgage
      • DCU Mortgage Review
      • Costco Mortgage Program Review
      • USAA Mortgage Loan Review
  • Credit
    • Best Of
      • Best Credit Repair Companies
      • Best ID Theft Protection Services
      • Best Credit Report Options
      • Best Bad Credit Loans
    • Guides
      • How to Build Your Credit Score
      • How to Raise Your Credit Score in 5 Months
      • How to Dispute Your Credit Report
      • Hot to Remove Collections from Your Credit Reports
      • How Identity Theft Destroys Your Credit Score
    • Explore More
      • What is a Good Credit Score?
      • What is a Bad Credit Score?
  • Debt
    • Best Of
      • Best Debt Consolidation Loans
      • Best Personal Loans
      • Best Student Loans
      • Best Student Loan Refinance
    • Guides
      • What is Debt Consolidation?
      • How to Get Out of Debt
      • How to Get a Personal Loan Approved
      • How to Pay Off Student Loans Faster
      • Should I Consolidate My Debts?
      • Should I File for Bankruptcy?
    • Company Reviews
      • Credible
      • Sofi

The 7 Surprisingly Simple Ways to Become a Millionaire

https://www.goodfinancialcents.com/wp-content/uploads/2019/07/MG_5503-150x150.jpg
  • Written By:
    Jeff Rose, CFP®

    Jeff Rose, CFP®

    Jeff Rose, CFP® is a Certified Financial Planner™, founder of Good Financial Cents, and author of the personal finance...

    Read More
  • Updated: November 8, 2022
  • 8 Min Read
  • Advertising Disclosure

    Advertising Disclosure

    GoodFinancialCents® has an advertising relationship with the companies included on this page. All of our content is based on objective analysis, and the opinions are our own. For more information, please check out our full disclaimer and complete list of partners.

Quality Verified THE GFC® PROMISE
shield check icon
Quality Verified

GoodFinancialCents® partners with outside experts to ensure we are providing accurate financial content.

These reviewers are industry leaders and professional writers who regularly contribute to reputable publications such as the Wall Street Journal and The New York Times.

Our expert reviewers review our articles and recommend changes to ensure we are upholding our high standards for accuracy and professionalism.

Our expert reviewers hold advanced degrees and certifications and have years of experience with personal finances, retirement planning and investments.

shield check icon
Why You Can Trust GoodFinancialCents®

GoodFinancialCents® partners with outside experts to ensure we are providing accurate financial content.

These reviewers are industry leaders and professional writers who regularly contribute to reputable publications such as the Wall Street Journal and The New York Times.

Our expert reviewers review our articles and recommend changes to ensure we are upholding our high standards for accuracy and professionalism.

Our expert reviewers hold advanced degrees and certifications and have years of experience with personal finances, retirement planning and investments.

What do you picture when you hear about someone who’s a millionaire?

Let me take a stab at it . . . .

Perhaps a well-groomed old man lounging in his bathrobe, sipping on a tall glass of some complicated beverage, overlooking acres of achievement from the portico of his mansion?

Or maybe you see a fine-dressed young lady, confidently walking the through a Manhattan park on her way to the corporate meeting where she will soon land a business deal worth fifty years of your income.

Millionaire.

It’s a title you may have never dreamed you could ever give yourself. What if you could? What if?

I want you to envision yourself as a millionaire. Imagine all the good you could accomplish in the world. Dream of the possibility. Believe you can become one. It actually could be simpler than you think.

You’re Rich Already – But Don’t Stop There

Become a miilionaire

Yep. You’re rich already.

Before I show you some surprisingly simple ways to become a millionaire, take a moment to reflect on just how wealthy you are already.

Head on over to GlobalRichList.com. There, you can enter your annual net income or net worth and compare your wealth with the rest of the world population.

You have a hunch about the results you’ll get, don’t you?

Say you make $20,000 in net income every year. Guess what? You’re in the top 3.65% richest people in the world by income. Imagine if you make more!

Keep the proper perspective. Don’t whine because you’re not a millionaire yet. It’s okay to dream, but remember that contentment should be a cornerstone of your financial plan.


 

Surprisingly Simple Ways to Become a Millionaire

Simple tasks are not always easy tasks. If I were to hand you a spoon and ask that you dig a hole nine feet down into packed soil, that’d be pretty straightforward and simple but it certainly wouldn’t be easy.

Likewise, you’ll find some of these simple ways to be just that – simple but not easy. But come on, you’re tenacious enough for the job, right?

Jaime Tardy, author of Eventual Millionaire who has interviewed hundreds of millionaires has this to add , “One of the main traits of a millionaire is perseverance. The ability to KEEP GOING in the face of adversity even when the finish line is very far away.”

One last thing. Remember that many of these tips are surprisingly simple, don’t underestimate their effectiveness just because you’ve “heard that one before.” Put these babies to good use and watch your millionaire potential soar!

1. Work smarter and harder than your competition.

Identify your competition. How hard are they working? What are some differentiators you can bring to your workplace or market?

Start by working smarter. There’s no use in working harder if your work isn’t effective at producing income – you’ll be spinning your wheels.

There’s no sense in selling ice cream cones on your front lawn in the dead of winter. Instead, set up a booth at the park in the sizzling summertime – you get the idea! Simple, commonsense changes can greatly improve your effectiveness.

Work harder than others are willing. We’ve all seen the guy or gal at the office who works harder than anyone else. Maybe they’re a little nerdy or a little too interested in their job – or are they?

Maybe they’re onto something. After all, aren’t they the ones getting the promotions? Aren’t they the ones who become the office linchpins?

I remember when began my career with A.G. Edwards & Sons in 2002, I was in a training class of around 55 people. After completing training a year later, our class was reduced to less than half. My fifth anniversary mark? Only five of us were left.

Most failed. Why? Because they weren’t willing to put in the hard work required.

I beg you to not be afraid of hard work. Not only will your boss feel better about what you’re doing for them – you will too.

I’m not afraid to die on a treadmill. I will not be outworked. You may be more talented than me. You might be smarter than me. And you may be better looking than me. But if we get on a treadmill together, you are going to get off first or I’m going to die. It’s really that simple. I’m not going to be outworked. – Will Smith, Actor

2. Learn from your mistakes and move on.

Everyone makes them. I do, you do, we all do.

And believe me, I’ve made some pitiful mistakes.

Would you get suckered into two multi-level companies that go nowhere? Would you throw $8,000 into an online business venture only to lose it all? Those are just a couple of several investment mistakes I’ve made with my money.

Mistakes are difficult to swallow. I think our first gut reaction as human beings to the realization we messed up is to shift blame – to others or to circumstances.

The very best way forward is to admit we fumbled the ball. Are you willing to admit when you make mistakes?

Some people, when faced with their own inadequacies, beat themselves up. And you know what that does? It paralyzes them from making the decisions they need to make to achieve success.

It’s important to remember that . . . .

Only those who are asleep make no mistakes. – Ingvar Kamprad, Founder of IKEA

So, take the simple step to fess up and move on. Yes, it’s simpler than you think – especially once you have practice.  If you are still in the middle of a debt mistake one of the best things you can do is to stop paying interest by transferring your balance over to a 0% APR credit card.  This will free you up to hammer down on that debt instead of paying big interest payments.

Millionaires don’t give up because of a few silly mistakes. They press on toward the goal.

3. Build something new that you would love – and be sure to experiment.

You can read book after book about how to research what your customers will love, and by the time you deliver it, they’ll already be bored with it.

If you’re the entrepreneurial type – I know I am – make sure to work on projects you can get excited about!

Chances are, if you create something that you’d use and love, others will too.

Millionaires understand that some of the best ideas don’t come out of costly research, they come out of a passion for making the world a better place.

Also, remember to experiment. Have fun! Some of my best ideas come out of experimentation.

In 1945, Percy Spencer experimented with a new vacuum tube while doing research for the Raytheon Corporation. He popped popcorn and melted a candy bar, and saw the great potential for this process which eventually culminated into the advent of the microwave.

Tim Cook, the CEO of Apple recently explained in an interview with Charlie Rose that it’s more difficult to edit than it is to create something entirely new. But I’ve learned that sometimes creating something new can be the best way forward to becoming a millionaire.

One of the things that I’ve been most excited about building  is my blog.  My financial planning practice was growing at a steady rate but after I launched GoodFinancialCents.com in 2008 my practice and revenue have grown significantly. Some of that is a direct result of getting new clients to my practice while the other more surprising revenue source has been directly from the blog.

A combination of advertising revenue and introduction to new business opportunities (because my name and face are all over the web) have been a huge blessing.

Here’s the thing you have to realize though:  I KNEW NOTHING ABOUT BLOGGING.

That’s right.  The launching of my blog was a total experiment and still is today.  I’m always testing different ways to monetize and build my brand.  Experimenting is the fun part!

You can’t just ask customers what they want and then try to give that to them. By the time you get it built, they’ll want something new. – Steve Jobs, Former CEO of Apple

4. Learn to budget – or at least get help doing so.

You know that I hate budgeting. Thankfully, my wife budgets like a pro.

Here’s a tip from one of the financial greats (a millionaire, to say the least):

Rule No.1: Never lose money. Rule No.2: Never forget rule No.1. – Warren Buffett, CEO of Berkshire Hathaway

If you don’t budget, I promise you’ll lose money to overspending.

Want to make yourself sick? Count up how much you’re spending on eating out, clothing, gadgets, and other delights and write it down. Then, start budgeting. After a year, look at how much you’re spending and compare with your initial count.

Yikes. Try not to lose your lunch.

A hugely important part of budgeting is ensuring you’re spending less than you’re making. And the only way to do that friends, is to track everything.

If you’re not a spreadsheets-kind-of-person, that’s okay. Just make sure you have some help.

5. Start investing – it’s simpler than you think.

Millionaires many times become millionaires – and stay millionaires – because they invest.

The good news? It’s actually pretty simple.

Ads by Money. We may be compensated if you click this ad.AdAds by Money disclaimer
Life is unpredictable. Your retirement plan shouldn’t be.
Get in touch with an Independent Financial Professional to see if you're on track to meet your retirement goals. Click your state to get started.
HawaiiAlaskaFloridaSouth CarolinaGeorgiaAlabamaNorth CarolinaTennesseeRIRhode IslandCTConnecticutMAMassachusettsMaineNHNew HampshireVTVermontNew YorkNJNew JerseyDEDelawareMDMarylandWest VirginiaOhioMichiganArizonaNevadaUtahColoradoNew MexicoSouth DakotaIowaIndianaIllinoisMinnesotaWisconsinMissouriLouisianaVirginiaDCWashington DCIdahoCaliforniaNorth DakotaWashingtonOregonMontanaWyomingNebraskaKansasOklahomaPennsylvaniaKentuckyMississippiArkansasTexas
Get Started

Betterment is a great place to start when you’re new to investing. They believe that investing doesn’t have to be complicated, and that if more people had an easier way to do so, they would. With Betterment, you really only have three decisions to make: how much money to invest, how often you want to invest it, and how you want your asset allocation to look between stocks and bonds.

Boom. You’re done. I like that.

There are other ways to start investing, too. For example, Personal Capital can help you manage your investment accounts as you get more sophisticated.

Here’s my point: You don’t have to be a rocket scientist to start investing.

Just start somewhere. It’s okay if you don’t have a lot of money to invest right away.

I started with investments at a very young age, with a little help from my mom. I dare you to read a little more about my first investments – you’ll soon discover that starting small is totally fine. Start investing a few bucks and I’ll applaud you!

Also, once you start investing, don’t abandon the ship. The stock market has its ups and downs. Just ride the wave. Think long-term!

Lastly, remember that investing doesn’t always have to be in the stock market.  Some of the best investments I’ve made have been investing in things outside the stock market.  This includes investing in my business, myself through certifications and a business coach, and my blog.

Need some encouragement to get started investing?  Join Operation: Invest Now where I’m encouraging 1 million people to invest in themselves.

6. Don’t believe discouraging people.

As soon as you accept that you’re not going to become a millionaire, you probably won’t – you’ll settle for the ordinary.

Your beliefs about your future matter a whole lot, and will – in part – help determine your future.

After all, your beliefs affect your actions, and your actions affect your outcomes.

When you listen to discouraging people, you’re letting them accomplish their goal – to drag you down and ensure you don’t surpass their success. No good.

Instead, I suggest you prove them wrong – but be humble about it. Your results will speak louder than your words, I promise you.

I just love it when people say I can’t do it, there’s nothing that makes me feel better because all my life, people have said that I wasn’t going to make it. – Ted Turner, Founder of CNN


 

7. Save some of your income for a rainy day.

If you’ve lived on this planet for any considerable number of years, you know that bad stuff happens.

Not only that, sometimes several bad things happen all at the same time. Talk about knockout power!

That’s why I recommend that you save some of your income for a rainy day.

Medical emergencies can last years.

Trees go through roofs.

Jobs can be lost.

Don’t get caught without an emergency fund. You hear?

What does this have to do with becoming a millionaire? I’ll tell you.

If you have an emergency and don’t have some liquid cash saved up in a savings account like one from Capital One 360, you’re likely to either go into debt (bad idea) or borrow from family members (very bad idea).

Don’t be the guy that owes his parents.

Don’t be the couple that drowns in debt.

Think of debt as the polar opposite of investing. Instead of you investing in companies, companies are investing in you – looking to make as much profit as possible by pulling it out of your wallet. It’s bad news people.

According to many experts, you should have around three to six months of expenses in your emergency fund – in bad times, I recommend you shoot for eight months.

Get Out There and Become a Millionaire!

Yes, many of these methods are surprisingly simple. They’re easy to understand! Doing them is another matter. But I believe in you.

Remember, it’s okay to pursue millionaire status. But don’t do it for the fame.

Pursue it for your family.

Pursue it for your community.

Pursue it for a purpose greater than yourself.

And hey, after you earn a million dollars, read my article on how I would invest it.

Facebook LinkedIn Twitter

About the Author

Jeff Rose, CFP® is a Certified Financial Planner™, founder of Good Financial Cents, and author of the personal finance book Soldier of Finance. He was a financial planner for 16+ years having founded, Alliance Wealth Management, a SEC Registered Investment Advisory firm, before selling it to focus on his passion - educating the masses on the importance of financial freedom through this blog, his podcast, and YouTube channel.


Jeff holds a Bachelors in Science in Finance and minor in Accounting from Southern Illinois University - Carbondale. In addition to his CFP® designation, he also earned the marks of AAMS® - Accredited Asset Management Specialist - and CRPC® - Chartered Retirement Planning Counselor.

While a practicing financial advisor, Jeff was named to Investopedia's distinguished list of Top 100 advisors (as high as #6) multiple times and CNBC's Digital Advisory Council.

Jeff is an Iraqi combat veteran and served 9 years in the Army National Guard. His work is regularly featured in Forbes, Business Insider, Inc.com and Entrepreneur.

Facebook Twitter LinkedIn


You Might Also Enjoy

$25-an-Hour Is How Much a Year? (Plus Budgeting and Side Hustle Tips)

$25-an-Hour Is How Much a Year? (Plus Budgeting and Side Hustle Tips)

The Top 15 Highest Paying Jobs in Consumer Services

The Top 15 Highest Paying Jobs in Consumer Services

Top 15 Highest Paying Jobs for 15-Year-Olds

Top 15 Highest Paying Jobs for 15-Year-Olds

The 10 Best Residual Income Ideas for You to Try

The 10 Best Residual Income Ideas for You to Try

17 Best Online Jobs for Teens in 2023

17 Best Online Jobs for Teens in 2023

37 Best Side Hustle Ideas for 2023

37 Best Side Hustle Ideas for 2023

Reader Interactions

Comments

  1. Michael says

    Thank you! Very intriguing article! I have these urges and have been stepping out in all the right directions! With leads! With results! With what’s i can only explain as favor. This blog was very helpf in my venture! Thank you

    Reply
  2. Agu Nzei says

    I love the ideas, thanks want more of thdm

    Reply
  3. Emily says

    Love it! You never know unless you try. Dare to dream big. Don’t worry about starting small. With a business, you don’t have to have a million dollar business idea. Just start with an idea because you never know where it’ll take you. Even if your original idea itself doesn’t turn you in to a millionaire, it could open doors or lead you down the path that does turn you in to a millionaire.

    Reply
  4. Rat Race Quitter says

    YES!!!!!

    And I would add “Start Young” (if possible). When I think about how much money and time I wasted not focusing on my future it almost makes me want to cry!

    Reply
  5. Ramona says

    Really great advice. I would be pleased if we could continue to have a good lifestyle. No luxury, just a roof above our heads, a vacation now and then, paying the bills on time and saving some money. And, of course, enjoying each day.

    Reply
  6. Catina says

    Great podcast! Suddenly the idea of being a millionaire at retirement IS possible. I am definitely sharing…thanks for taking the time!
    Catina

    Reply
  7. Jamie says

    Sounds cool. There are definitely a lot of inspiring stories about self-made millionaires. With so many people getting buried in debt right now and still no educational system adopting a program for teaching financial literacy, I believe more and more people are bound to experience having their hard-earned money go down the drain eventually.

    I’ll certainly share these podcasts with my readers and friends so that they can educate themselves more and apply some of the tips of these self-made millionaires. Thanks!

    Reply
    • [email protected] says

      Thanks Jeff and Jaime. So glad you all are attacking the financial literacy problem we have nationwide. There is huge value in learning from others who have conquered their financial future. Keep it up!
      -Wes

      Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Make Money
  • Manage Money
  • Invest
  • Taxes
  • Insurance
  • Retirement
  • Banking
  • Home
  • Credit
  • Debt
  • About
  • Contact
  • Facebook LinkedIn Twitter

© 2023 Good Financial Cents®. All Rights Reserved. | Privacy Policy | Disclaimer

All written content on this site is for information purposes only. Opinions expressed herein are solely those of AWM, unless otherwise specifically cited. Material presented is believed to be from reliable sources and no representations are made by our firm as to another parties’ informational accuracy or completeness. All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation.

All third party trademarks, including logos and icons, referenced in this website, are the property of their respective owners. Unless otherwise indicated, the use of third party trademarks herein does not imply or indicate any relationship, sponsorship, or endorsement between Good Financial Cents® and the owners of those trademarks. Any reference in this website to third party trademarks is to identify the corresponding third party goods and/or services.