7 Ways to Become a Millionaire on a Low Salary

Reaching a seven-figure net worth is possible with the right strategies.

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Updated July 8, 2024
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If you want to become a millionaire, the good news is that it’s possible to reach this goal starting from almost any salary. Ultimately, hitting millionaire status is a math equation that involves saving, investing, and patience.

Let’s explore how to build wealth and hit your admirable financial goal.

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Spend less than you make

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The process of building wealth starts by spending less than you earn. It doesn’t matter how much money you make each month if you spend it all. If you want your net worth to grow, you need money left over each month so you can invest it.

The more you can save, the faster you can build wealth. In May 2024, the Bureau of Economic Analysis found that the average personal savings rate in the U.S. was 3.9%. But to accelerate toward millionaire status, it’s a good idea to aim for a higher savings rate. Try to save at least 15% of your income. If you can save more, that will push you toward your financial goals faster.

As your income grows, it can be tempting to give in to lifestyle inflation. But keeping your costs low for the long term can help you save more over time. Lean into saving and investing when you have extra room in your budget.

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Invest in riskier assets

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While saving money is important, you’ll need to put your money to work to reach a $1 million net worth. It might be tempting to tuck all your funds into savings accounts, money market accounts, and bonds, but those lackluster returns likely won’t cut it.

If you want to boost your net worth, you’ll need to consider taking on more risk. Some investments with higher risks and higher potential returns include stocks and index funds.

Invest in real estate

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Investing in real estate represents one popular pathway to becoming a millionaire. If you have the funds and time, flipping homes or becoming a landlord can help you grow your net worth.

Depending on your goals, you may decide to acquire more properties over time. Whether you rent out the properties or flip them for a profit, the growing equity in these properties can help you hit the seven-figure mark.

Get a personalized financial plan to reach your goals faster

73% of Americans rank finances as their chief stress in life, according to a recent study.2 If you’re part of that 73%, J.P. Morgan Personal Advisors could help ease that stress.

Schedule your free one-on-one financial planning session with J.P. Morgan Personal Advisors,3 and you’ll get access to a team of fiduciary advisors who will create a personalized financial plan catered to your lifestyle and financial goals.

Working with an advisor may sound scary, but J.P. Morgan’s advisors are fiduciaries, so you can be confident that any advisor you work with has your best interest at heart.

Book your free financial planning session here

Change jobs or careers

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To become a millionaire, be honest about your employment situation. In some cases, your current job or industry just won’t cut it. For many workers, the biggest salary raises often come from changing employers or even changing industries.

Explore your options for making a switch. For example, you might take a course or earn a certification to open the door to higher-paying job opportunities. If you’re applying for new jobs, don’t forget to negotiate before committing to an offer.

Build another income stream

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Whether you decide to switch jobs, building an additional income stream can dramatically change your financial trajectory. With extra money coming in, you can use the funds to tackle your financial goals, like saving or investing more.

Some popular side hustles include driving for Uber, starting a blog, flipping items for a profit, or freelancing online. Don’t be afraid to try something that excites you when building a new income stream.

Marry the right person

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When building a bright financial future, marrying someone with similar goals is always helpful. You can work as a team to push toward success faster.

However, the real reason for marrying the right person is to avoid getting a divorce. A divorce can shatter your financial picture because you’ll likely have to split up your shared assets. A thoughtful choice of a partner and a bit of luck can help you avoid the financial fallout of divorce.

Stay positive

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The right mindset can make a world of difference when trudging toward your goal. Instead of thinking about how big the goal is, take the time to convince yourself that it’s entirely possible. Until you believe that you can hit this goal, it might be tempting to sabotage yourself along the way.

Bottom line

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Until you believe that you can hit this goal, it might be tempting to sabotage yourself along the way.

For example, when extra money comes into your life, staying positive involves pushing those funds into your investment portfolio. But a negative outlook might encourage you to spend the funds because you don’t believe you’ll reach $1 million.

Do your best to cultivate a positive mindset around money as you build wealth.

As you plot a course toward millionaire status, consistently saving and investing represent the best tools in your arsenal. While all investments come with some level of risk, the promise of higher returns can help you achieve your net worth goals faster.

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Author Details

Sarah Sharkey

Sarah Sharkey is a personal finance writer who enjoys diving into the details to help readers make more informed decisions. She covers mortgages, insurance, money management, travel, and more.