I Asked ChatGPT How the Average American Can Become a Millionaire: Here’s What It Said
Written by
Laura Beck
Edited by
Levi Leidy
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If you’ve ever wondered if regular people can actually become millionaires, you’re not alone. Do you have to be a tech bro or inherit a ton of money to cross the threshold into becoming a millionaire? We decided to ask ChatGPT: Is it even possible?
Turns out, the answer is yes. But it’s not what you think.
ChatGPT told us the average American can become a millionaire, but it’s not about getting lucky or finding some secret trick. It’s about being smart with money over a really long time. Here’s what it said.
Start Early
ChatGPT told us that if you put away $500 every month in investments that’ll grow about 7% per year, and in 30 years, you’ll have $1 million.
So if you start this when you’re 25, you’re a millionaire by 55. The wild part? The earlier you start, the less money you actually have to put in because compound interest does most of the work.
Of course, the key word here is “every month.” Not when you feel like it or when you have extra cash. Every month, like clockwork.
Don’t Try To Look Rich
Many millionaires don’t drive fancy cars or live in huge houses. They live in normal neighborhoods and drive reliable cars that are paid off. When they get a raise, they don’t immediately upgrade their lifestyle.
ChatGPT basically said you have to pick: look rich now or actually be rich later. Most people choose to look rich and wonder why they’re always broke. Real millionaires choose the opposite.
That $600 car payment might make you feel successful, but it’s $600 that could be growing into something much bigger over time.
Use the Free Money at Work
This one’s pretty straightforward. If your job offers a 401(k) match, you’re leaving money on the table if you don’t take it. ChatGPT said to also look into a Roth IRA, especially if you’re young and in a lower tax bracket.
The goal is to save about 15%-20% of what you make. That sounds like a lot, but remember: If your company matches some of it, you’re not doing all the heavy lifting yourself.
Keep Your Investments Boring
ChatGPT was pretty clear about this: Don’t try to pick stocks or pay high fees for fancy investment products. Just put your money in S&P 500 index funds and leave it alone.
These funds basically buy a little piece of the 500 biggest companies in America. Over time, they’ve generated returns of about 7%-10% per year. Some years more, some years less, but that’s the average.
Set up automatic investing so you don’t have to think about it. Don’t check your account every day. Don’t panic when the market goes down. Just let it sit there and grow.
Debt Will Kill Your Dreams
Credit card debt can be a wealth destroyer. You can’t build wealth by paying 20% interest on credit cards while trying to make 7% in investments. The math doesn’t add up.
Some debt is OK. For example, a mortgage or student loans that help you earn more money in the long run. But credit card debt? Get rid of it as fast as possible, even if it means waiting a few months to start investing.
Make More Money Over Time
This doesn’t mean work yourself to death. It means be smart about your career. Ask for raises. Switch jobs when it makes sense. Learn new skills that pay better.
ChatGPT also mentioned side hustles, but not the crazy “start 17 businesses” kind. More like practical ways to bring in extra income that you can invest. Every extra $100 you can save and invest each month adds up to a lot over 20-30 years.
Don’t Freak Out When Things Go Bad
Markets crash. It happens. The key is not to panic and sell everything when things look scary. ChatGPT said the people who get rich are the ones who keep investing even when everyone else is panicking.
Check your investments a couple times a year, or if you’re a more active investor, every month — but not all the time. The news makes everything sound like the end of the world, but historically, the market always recovers and goes higher over time.
The Real Numbers
I wanted to see how this would work for someone like me, so I gave ChatGPT some realistic numbers. Let’s say you’re 38 years old, make about $64,000 a year and have $50,000 already saved up.
With those numbers, if you save 15% of your income each year (about $9,600) and get 7% returns on average, you’d hit $1 million around age 67. Not bad, but not exactly early retirement either.
But here’s the cool part — small changes make a huge difference. If you can save 20% instead of 15%, you hit $1 million at 65. Save 25%? You’re there by 63. Save 30%? You’re a millionaire by 61.
Even an extra $2,000 or $3,000 saved each year can shave years off your timeline.
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