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Can you become a millionaire? Yes. How do you become a millionaire? Well, it starts with a 3-Part Financial Plan which is grounded in investing in yourself.

The 3-Part Financial Plan will have SMART goals with time-bound action items. The first goal should read something similar to:

In 30 years, I will have $1,000,000 through focusing on earning more money, saving money and investing.

Later in the article, we let you know how much you need to save and invest to make this goal happen. It is probably not as much as you think.

The action items are more difficult to develop, but will focus on three key areas:

Earning More Money

Saving More Money


1. Earning More Money

It is impossible to save your way to prosperity. The best investment is in yourself. Now is a great time to earn more money. Earning more money is the quickest way to solve the how to become a millionaire question.

Get Certification/Degrees

Keep relevant in the workplace and get those meaningful certifications and degrees that pay.

Don’t pay for additional education that will not pay off within five years.

Change Jobs

Unemployment is low. If you are stuck with a company that gives crappy raises or poor pay, look for a new job. Be open to a variety of positions and put yourself out there.

A job you thought was outside your reach might not be so unrealistic. You won’t know unless you try.

Create a Career Plan

What position do you want in 10 years? 

Develop the action plan to make it happen including actions from networking, moving to a new company, getting more education, taking a side step to another position to get experience, etc.   

The 9 Week Financial Challenge Workbook has worksheets to help you organize and develop your career plan (it’s free, just sign up).

It is not only important to create a career plan. It is critical to up your game at work. Promotions come to those who play the political game well.

Make sure you are bringing your A-game by implementing recommendation in these articles.

Financial Advice for Your 20’s

How to Impress Your Boss

Career Advice Tips to Get that Promotion

Get a Side Hustle

A side hustle is a secondary income that is temporary.    The primary purpose should be to temporarily bridge a gap in your financial situation. 

Side hustles should accomplish at least one of the following:

Helps propel your career

Assume your goal is to be a manager at your company.  Maybe you get a job as an assistant manager at a small business on the weekends.  This job builds your management skills, even if you are only managing a few people.

Something that is enjoyable 

You may enjoy photography or making jewelry for craft shows, but it does not pay all the bills.  It is still a good side hustle.

Makes good money 

An excellent reason to take on a side hustle is to pay down debt and/or save more money.  This is where consistent hours and good pay can trump other reasons for taking a side hustle. 

How to become a self made millionaire from nothing to achieve financial independence #selfmademillionaire #financialindependence
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2. Save More Money

It does not make sense to earn money to squander it by buying the next shiny object, having credit card debt or overpaying on daily purchases. This is the area that often distinguishes those millionaires next door from their debt-ridden neighbors.

Saving money has to become second nature.

The millionaire next door is always looking for how to save money. It is a game.

It is important to continue reading and implementing money saving tips

Here are a few good articles to start with:

29 Money Saving Tips to Save on the Electric Bill

50 Money Saving Tips that Actually Work

17 Easy Frugal Living Tips to Start Saving Money Now

3. Invest Money

After you have saved some money, it is time to start investing in something other than a low-interest bank account. Investing money causes a lot of anxiety for people without a financial background.

If you can save and invest $1,100/month for 30 years at 6% annual interest rate, you will become a millionaire. Actually, you will have $1,053,568.06.

Now if you don’t invest the $1,100/month and just put in under your mattress, you will only have $396,000 after the 30 years. Investing is a necessity.

The S&P 500’s 30 year average return is above 6%. All major brokerage houses have at least one index fund that tracks the S&P 500.

There is always risk associated with investing. High risk investments means high reward or losses. Lower risk investments will never have the upside potential of the high risk investments.

Know yourself. Markets go up and down. There will be turbulence in the market.

Unless you are very fortunate in your career, you will need to have investment risk in your portfolio to become a millionaire.

The first step is just to start.

Look to take advantage of tax-efficient investing options to keep your hard earn money with you instead of giving it to Uncle Sam.

This means putting money into 401Ks, IRA, Roth IRAs, HSA, etc.

Two easy to read articles on investing that break the concepts down into smaller steps.

How to Become Financially Independent

Start Saving and Investing

Remember to do your research. Markets go up and down. You need to feel comfortable with your investments. Use a financial advisor, if that makes sense for you.


We all dream of becoming a millionaire and it is incredibly gratifying when you reach that milestone. How to become a millionaire begins and ends with investing in yourself.

Invest in your earning potential through career planning and development. Earn more money by taking side hustles to kick start your savings.

Save money by being frugal. Try to save money on everything. Make it a game that you can win.

Invest wisely. As you begin to save money, don’t keep your hard earned money in a low-interest rate bank account. You need to invest. Make sure to do your research and feel comfortable with your investments.

Now, go and start planning how you will become a millionaire. You got this!

This article is the week 7 article of our 9 Week Financial Challenge Series. We hope you found this article helpful. If you are interested in completing the entire challenge, please start with Week 1: Achieving Your Financial Bucket List.

There is a free workbook to assist you during this challenge (almost 30 pages of goodness).  Please sign up via email to receive the 9 Week Financial Challenge Workbook.  Do not worry.  No spamming of emails from us.  Promise.  Remember the workbook is free and it really helps.

We always appreciate people sharing our articles and hearing back from our readers. It is never too soon to start on the path to financial independence.

Good Luck, Whippersnapper Finance

Read On

Woman carrying shopping bags. Have more mindful spending habits and stop spending money on these budget busters #stopspendingmoney #mindfulspending #savingmoney #budgetbusters
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Stressed out about money? Get control with money management and financial planning. Stop worrying about money problems. #stressedaboutmoney #financialplanning #moneyproblems
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