From Saver to Millionaire: Seven Steps To Your First Million Dollars

Why pancakes? Stacks of cash stock photos are abundant, but they seemed cliché. Imagine the stacks of pancakes you’ll be able buy with your million dollars.

Becoming a millionaire is a goal that many people strive towards, but it can often feel like an elusive, far-fetched fantasy. It really doesn’t need to be. With hard work, dedication, and a solid plan, nearly anyone can reach this milestone. Our starting points and circumstances are different, so how long it may take you to save your first million dollars, and what you have to do along the way will vary. That said, here are seven steps to your first million dollars:

Set a Goal

The first step in achieving any goal is to set it. Decide how much money you want to make and by when. This will give you a clear target to work towards and motivate you to act.

Create a Plan

“A goal without a plan is just a wish” is a quote you may have heard before, but it’s true. We have to plan if we want to succeed. Consider where you are today – not just the money you have saved and the income you have available (both important, nevertheless) – but the opportunities available to you. Are you able to pick up a part-time or freelance job to earn some extra money? If you’re a business owner, does it make sense adjust your pricing, or beef up your margins by cutting expenses? Consider what steps you need to take to reach your goal. This might involve starting a new business altogether, investing more in stocks or stock funds, or simply working your way up the corporate ladder.

Develop a Strong Work Ethic

Okay, this one’s easier said than done, but let’s face it: becoming a millionaire takes hard work and dedication. You will need to be willing to put in the time and effort required to achieve your goal. This may mean working long hours, taking on extra responsibilities, or learning new skills. Bonus tip: write down that number you want and hang up where you’ll look at it every day. Include positive affirmations such as “what I’m doing today moves me closer to my goal,” and say them out loud to yourself. Hokey? Maybe. But a little positive psychology can’t hurt!

 Save and Invest Wisely

To build wealth, you need to be smart with your money. This means living below your means, saving as much as possible, and investing wisely. Consider working with a financial advisor to develop a sound investment strategy that aligns with your goals and risk tolerance. If you’re not sure if you need or want to, start by scheduling an initial consultation (ours are free.)

Stay Focused

Building wealth takes time and perseverance. It's easy to get distracted by shiny objects or short-term gains, but it's important to stay focused on your long-term goals. Don't let setbacks or obstacles derail you. Stay focused on the big picture and keep pushing forward.

Learn from Others

Success leaves clues. Seek out mentors and role models who have achieved what you want to achieve. Read books, listen to podcasts, and attend seminars to learn from those who have already walked the path to wealth. Surround yourself with those whose success you want to duplicate.

Give Back

“Give money away? I’m trying to save, here!” I know, I know - but hear me out. Generosity is an important trait of successful people. Not only does it feel good to help others, but it also attracts good karma and positive energy. Consider volunteering your time or donating to a charitable cause that you are passionate about.

Becoming a millionaire sounds like lofty goal, but it's achievable with the right mindset, a plan, and diligence. Follow these seven steps, stay focused, and work hard, and you'll be well on your way to your first million dollars.

¹ https://www.indeed.com/career-advice/career-development/visualization-techniques, accessed February 27th, 2023.

Disclosure: Investing involves risk, including the potential loss of principal. The information provided in this blog post is for educational and informational purposes only and should not be construed as professional financial advice. Consult with your financial professional before acting on any information discussed in this article and consider all taxes, fees and expenses.