I’m on Track To Be a Millionaire in My 30s — 5 Key Money Habits I Learned Early
Written by
Cindy Lamothe
Edited by
Brendan McGinley
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Building wealth in your 20s isn’t about hitting it big with crypto or cutting out every latte. More often, it comes down to the small, everyday choices you make with money. Michela Allocca, a personal finance consultant and author of “Own Your Money,” figured that out early.
By 30, those choices had paid off in a big way. According to CNBC, Allocca had built a net worth of more than $700,000. That didn’t happen by chance. It came from being intentional about what she spent on, saying no to certain things in her 20s and focusing on long-term growth.
Now she enjoys the very luxuries she once skipped, only this time, they don’t derail her finances. Here are five of her most impactful habits on the road to becoming a millionaire.
She Didn’t Live Alone Too Early
Allocca spent most of her 20s living with roommates and moved back in with her parents during the pandemic. Not glamorous, sure — but it saved her about $1,000 a month. Instead of watching that money disappear on rent, she put it toward investments that grew steadily in the background. By her late 20s, she could afford her own apartment without throwing off her financial goals.
The lesson here: Housing is the biggest expense for most people. Keeping it low in your early years –whether through roommates, house hacking or delaying the move to a solo place — frees up a ton of money to save and invest.
She Avoided Paying for Convenience
Allocca also steered clear of spending just to save a little time. She walked to work instead of grabbing Ubers, cooked instead of ordering in and only paid for convenience when it was truly necessary. On average, that saved her about $200 a month — money she funneled straight into her goals.
This doesn’t mean you can never order takeout again, but setting limits helps. Maybe delivery is fine on a sick day or after a long trip but not as a twice-a-week habit. Treat convenience like a treat and you’ll keep more cash in your pocket.
She Delayed Expensive Travel
Many people book big international trips right after graduation, but Allocca skipped them. She stuck to domestic travel in her early 20s until her finances were more solid. By her late 20s, she was able to take the international trips she really wanted without debt or guilt.
The takeaway? Be intentional about travel. Save the bucket-list adventures for when you can comfortably afford them, and in the meantime, explore cheaper, closer-to-home options.
She Ignored the Influencers
Allocca didn’t become well-off by doing what everyone else was doing. Tune out the pressure to spend for appearances. Social media makes it look like everyone’s living in luxury, but a lot of it isn’t real. Spend on what matters to you and upgrade your lifestyle only when your income comfortably supports it. That way, you avoid lifestyle creep while still rewarding yourself for progress.
Instead, focus on the “big three” expenses — housing, food and transportation. Keeping those under control will make a bigger difference than giving up small luxuries.
She Invested Her Savings
As your savings increase, take your cue from Allocca. Instead of splurging on the “milestones” that so many young professionals see as proof they’ve made it — the big trips, solo apartments and designer wardrobes — she kept things simple and invested the difference.
Saving is great for security, but investing is what makes your money grow: even small amounts in your 20s can multiply over time. If you want to build wealth, start investing as early as possible. If you don’t have a large fiscal foundation to pull compound interest down, you can at least increase the number of years that it multiplies.
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