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I Asked ChatGPT How To Become a Millionaire on a $60K Salary — It Offered These Tips

September 20, 2025

3 min Read

Written by J. Arky

Edited by Cory Dudak

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Nanci Santos / iStock.com

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Who wants to be a millionaire? All of us! How do we do it? That’s a little unclear.

Of course, in the age of artificial intelligence and digital resources packed with knowledge, GOBankingRates decided to turn to ChatGPT for an experiment. We asked, “If you had a $60,000 annual salary, what is the best way to become a millionaire?”

“Becoming a millionaire on a $60,000 salary is absolutely possible, but it requires discipline, time, and smart financial decisions,” responded ChatGPT and gave this breakdown of how you can realistically reach millionaire status without increasing your income:

Maximize Your Savings Rate

First order of business: save as much as you can. In ChatGPT’s words, “The more you save, the faster you build wealth.” The target savings rate should be roughly 20% to 30% of your income, which, on a $60,000 salary, amounts to roughly $12,000 to $18,000 per year.

ChatGPT recommended you automate your savings to avoid the temptation to spend the money that’s going to make you a millionaire.

Invest Early and Consistently

“Thanks to compound interest, starting early matters more than how much you invest,” noted ChatGPT, and then outlined the following scenario:

Invest $10,000 per year in a retirement or brokerage account, assuming a 7% average annual return, in which case, you’d hit your target of $1 million in about 30 years. That means that if you start at 25, you could be a millionaire by 55.

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Use Tax-Advantaged Accounts

ChatGPT suggested maximizing your investment growth by using these:

401(k): Contribute enough to get your company match (free money!)
Roth IRA: Pay taxes now, grow tax-free forever
HSA (Health Savings Account): Triple-tax advantage if available

Avoid Lifestyle Inflation

Just because you want to be a millionaire in the future, that doesn’t mean you should live like one now. When your salary increases, ChatGPT advised not immediately spending more. Instead, the AI recommended keeping your living expenses the same, while funneling the extra money into investments or savings.

It also suggested that if you need to make big purchases, be smart and get them right. This includes buying or renting a home below your means, purchasing a used car if possible and staying away from debt with high interest.

Grow Your Income

ChatGPT highlighted that growing your income is optional, but powerful, depending on your circumstances, resources and how much time you can dedicate to another revenue stream. However, it pointed out that even a modest side hustle ($500/month = $6,000/year) can cut years off your millionaire timeline.