7 Ways To Make Your First $1 Million (Without a Trust Fund or Winning Lottery Ticket)
Written by
Caitlyn Moorhead
Edited by
Gary Dudak
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Making a million dollars might sound like an impossible dream, something reserved for lottery winners, tech geniuses or trust fund babies. But with the right mindset, habits and strategy, reaching that 7-figure mark is more achievable than you think.
Yes, your income plays a role, but how you manage and grow that income is what really matters. With smart saving, consistent investing and a willingness to make a few sacrifices, you can build lasting wealth with no gimmicks or get-rich-quick schemes required. Here’s how to get started.
Think Like a Business & Boost Your Profit Margin
You don’t need to run a business to think like one. Your “profit margin” is what’s left over after you cover your expenses. If you want to build serious wealth, that margin needs to grow.
Saving 10-15% of your income is good. Saving 50%? That’s next level, and it’s often necessary if you want to hit $1 million faster. This means making tough choices and spending less now to secure more later. The good news? The peace of mind that comes with financial freedom is worth it.
Start Small, Think Big & Stick With It
There’s a common joke: “If you want to make a million, start with 10.” It’s funny because it highlights a real issue — many people think they need a big windfall to start building wealth. The truth? Time and consistency are your real superpowers.
Start investing early and stick to your plan through ups and downs. Don’t chase trends or try to time the market. People who trade frequently tend to lose more than they gain. Instead, focus on low-cost index funds, diversify, and let compound interest do its thing.
Turn Passion Into Profit
Passion alone won’t make you rich, but it can give you the fuel to keep going when things get hard.
Take Steve Ells, founder of Chipotle. His dream was to open a fine-dining restaurant. To raise funds, he opened a small burrito shop — and accidentally discovered a wildly successful business model. The lesson? Follow your passion, but stay flexible. Be willing to pivot and recognize opportunity when it shows up.
And yes, you’ll probably fail at something along the way. That’s part of the process.
Invest Early & Often
Want to get rich slowly (but surely)? Start investing early.
Putting money into the stock market and reinvesting your dividends can grow your wealth exponentially, thanks to compound interest. It’s not magic, it’s math, but the key is time. The earlier you start, the less money you need to invest each month to reach $1 million.
Plenty of free online calculators can help you figure out exactly how much to invest, for how long, and at what return.
Play the Long Game With Real Estate
Real estate has long been a reliable wealth-builder, especially if you focus on properties with positive cash flow where rent covers expenses and then some.
Start with one rental property, ideally in an affordable, up-and-coming area. Use your profits to pay down the mortgage, reinvest in another property, and repeat. Over time, this snowballs into serious equity and passive income.
Max Out Your 401(k)
One of the best tools for building wealth is already at your fingertips: your 401(k).
For 2025, you can contribute up to $23,500 (plus $7,500 more if you’re over 50). Not only does this reduce your taxable income, but your investments also grow tax-free until you withdraw them in retirement.
Compare that to a Roth IRA, which caps at $7,000 annually ($8,000 if you’re over 50). Max out both if you can, but prioritize your 401(k) if you’re aiming to hit $1 million faster.
Master Your Money Mindset
Mindset is everything. You won’t get far with beliefs or habits that hold you back. Here’s what to remember if you want to become a millionaire:
- Don’t expect a handout.
- Don’t spend what you don’t have.
- Don’t chase status. (The Joneses are broke.)
- Don’t avoid learning or skill-building.
- Don’t let failure stop you.
- Don’t underestimate the power of a side gig.
- Don’t forget to give — generosity often pays unexpected dividends.
Making your first million isn’t about luck; it’s about strategy, patience and persistence. You don’t need to be born wealthy. You don’t need a viral app or a magic investment. You just need to start — then keep going.
Barbara Friedberg contributed to the reporting for this article.
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