7 Key Signs You’ll Be a Millionaire Sooner Than You Think
Written by
Jennifer Taylor
Edited by
Zuri Anderson
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Getting into the millionaire’s club isn’t easy, but you might be closer than you realize. Making all the right money moves now could pay off relatively quickly.
If you’re committed to putting in the work, your net worth will likely see substantial gains. Of course, this will require laser-sharp focus and plenty of sacrifice on your part, but you can do it.
GOBankingRates talked to two financial advisors to learn seven key signs an impending millionaire status is headed your way. Keep reading to find out if you’re on track or need to amend your strategy.
You Don’t Let the News Affect Investment Decisions
“Investing with a long-term mindset allows individuals to invest confidently even when the market is down,” said Matthew J. Filepp, certified financial advisor (CFA), certified financial planner (CFP) and founder of PB Wealth, LLC.
He said this is key because seven out of the best 10 trading days from 2003 to 2022 took place in a down market.
You Save and Invest
If you’re consistently saving money, then investing it, Filepp said you’re on the right path. This is important, because your money needs to be working for you — not sitting stagnant losing value to inflation.
You’re Climbing the Ladder at Work
Being stuck in the same job — with the same salary — won’t help your ascent to millionaire status. The fastest way to advance your career is to become an expert in your field, so you can earn more and invest more, Filepp said.
You Track Progress Toward Financial Goals
Spending carefully and working to meet money goals is great, but only so effective when you’re not recording your progress.
“Tracking [your] progress not only shows you what’s working and what’s not, but it gives you motivation to keep saving when you see how far you have come,” Filepp said.
You Avoid Lifestyle Creep
As your earnings increase, it can be tempting to increase your spending. This is fine, to some degree, as you should enjoy yourself, said Justin Pritchard, CFP and founder of Approach Financial, Inc.
“You can also put more and more away for your future, allowing you to retire earlier, make life changes or live more comfortably in the future,” he said.
Your Finances are Boring
“Most of the millionaires I work with didn’t win the lottery, inherit a fortune or do anything fancy to get there,” Pritchard said. “They worked 40-hour weeks, spent less than they earned, were lucky enough to dodge major setbacks and made good decisions.”
He said some were even able to retire early, proving that doing the basics creates a path toward financial comfort.
Your Saving and Investing is Automated
“When investing depends on your willpower or you remembering to do it later, it’s less likely to happen,” Pritchard said. “But when you automate contributions to an IRA, workplace plan or other account, you make that first essential step, which is getting that money saved.”
This can allow you to essentially forget you have extra money in your paycheck, as you’re never allowing yourself direct access to it.
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