How to Get Rich: 12 Strategies Used by Millionaires [2021]

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the millennial money woman blog post "how to get rich"

In this article

Key Takeaways

  • Becoming rich all comes down to your mindset
  • Getting rich will take grit, consistency, and discipline
  • Always believe in yourself, the process, and your potential

If you rounded up the very top 1% in the world – millionaires and billionaires alike – and found their most common strategies to get rich…

…You’ll be led to this blog post. 

Find the 12 most effective strategies on how to get rich right here!

Some may say getting rich is entirely subjective.

However, we can agree that getting rich means you:

  • Don’t worry about money
  • Do what you want to do 
  • Find your freedom

You define success and wealth on your own terms. 

To figure out the answer to the question “how to get rich,” you first need to realize what “rich” means to you.

"Don’t let anyone else tell you how the definition of success and wealth should look."

As we grow-up, we have many different people telling us how to live our lives.

They tell us:

  • What we should wear
  • What we should learn
  • With whom we interact
  • Which friends we should keep

And most importantly…

These people may tell us how to manage our money:

  • Spend every last cent on designer clothes
  • Stuff your money under your mattress
  • Avoid investing in 401ks
  • Buy real estate

You get the point.

And trust me, I know that different people grow-up with a different mentality.

  • 1 parent could firmly believe every cent matters
  • 1 parent could firmly believe every day could be your last, so you should live your life to its fullest

Typically, it’s one way or another when it comes to a money mindset.

If you want to get rich and hit the millionaire-marker, then finding a partner who matches your mindset is imperative to hit your financial goals

However, remember that money is not the end-all, be-all.

"Money is a tool to get you toward your financial goals."

Remember: Income does not necessarily equal wealth.

To get rich, you have to learn how to control your money before it controls you.

And that’s the essence of this article, on how to get rich.

How to Get Rich from Nothing

So, are you ready?

Check out the 12 wealth building strategies on how to get rich, below!

strategy 1

Strategy #1: Invest

Millionaires don’t just become millionaires because:

  • Of sheer luck
  • A big inheritance
  • Winning the lottery

Millionaires become millionaires because they invest in more ways than 1.


Image: The Millennial Money Woman | Source: Dave Ramsey

Millionaires invest and they start early.

They allow the power of compounding interest to take over and build their wealth.

"Compound interest is the 8th wonder of the world." - Albert Einstein

The earlier you free-up your money to save and invest, the more likely and the earlier you’ll become a millionaire.

Here are a few other things I’ve noticed millionaires do when they invest:

  • They often are not day-traders
  • They invest more in index funds
  • They like to invest automatically
  • They often have financial advisors
  • They choose low-cost investment options
  • They typically avoid higher-risk investment strategies

The most important thing I see in millionaires is that they just start investing.

There never is the “perfect” time to invest. 

They do it with as little as $5 and then increase their investment as they earn more money.

"If you haven’t invested yet, make today your first step to getting rich."

Acorns is one of my favorite investing apps because it’s the best option for the investor who doesn’t have $1,000’s to invest right now.

Just remember, investing to become a millionaire takes a lot of time.


Image: The Millennial Money Woman | Source: Dave Ramsey

As you invest with Acorns, remember that it won’t be an overnight success.

With Acorns, you can automatically invest as little as $5 and watch your fortune grow over the years with your investment portfolio.

And – the investment options with Acorns are low-cost as well.

Let’s go and get rich!

strategy 2

Strategy #2: Build Multiple Income Streams

Millionaires get rich not so much because of their commitment to 1 job and 1 income stream.

They get rich because of multiple income streams.

"If you’ve heard the saying “never put all your eggs in 1 basket,” then you should know to never rely on 1 income stream."

And millionaires never rely on just 1 income stream.


Image: The Millennial Money Woman | Source: Passive Income MD

You don’t have to have 7 income streams by tomorrow – but it also wouldn’t hurt you to begin building up your income streams starting today.

Income Type Sample Source
W2 Income
Primary Job
Dividends & Interest
Stock Market Investments
Rental Income
Renting out a Home
REIT Dividends
Real Estate Investment Trust
Peer to Peer Lending
Interest Payments from Lenders
Affiliate Income

There are so many different strategies to earn multiple sources of income.

Allow me to describe some of the best strategies, below.

Income Type Example
Dividends & Interest

Micro-Investing: Acorns

Rental Income

Become your own landlord: RentRedi

Passive Rental Income: RoofStock

Peer to Peer Lending

Passive Income through Crowd Funding: Groundfloor


Passive Income through a website with: HostGator

Affiliate Marketing

Generate Passive Income by Learning Affiliate Marketing Basics: Making Sense of Affiliate Marketing

The point is this: In today’s world with the internet and information literally at your fingertips, there are no more excuses.

Money is everywhere – you just have to create your opportunity and go get that income to build your wealth.

strategy 3

Strategy #3: Build an Emergency Fund

The rich are masters in managing their risk exposure. 

What does this mean?

The rich know that if they have an unexpected expense, for example:

  • A roof replacement
  • Medical emergencies
  • A broken car gearbox

…Then the last thing they want to do is to use their credit cards and build up large amounts of high-interest debt.

"Debt is the No. 1 way to NOT get rich."

So how do the rich get and stay rich?

They stay out of debt by building up an emergency savings fund that is to be used during the rainy days.

Sadly, the vast majority do not stick to building an emergency savings fund.

the millennial money woman blog post "percentage of americans that can't afford a 500 dollar emergency"

Image: The Millennial Money Woman | Source: Forbes

Let me fill you in on a trick I know that almost all of the rich I mentor use.

To earn a few extra $1’s on your emergency savings fund, instead of stashing your cash in a regular savings account (which has an interest rate of 0.10% ), the wealthy stash their cash in a high yield emergency savings account, like with Axos Bank.

Typically speaking, high yield accounts have interest rates of about 0.60% – at least in today’s economic environment (early 2021). 

For a small investment, the 0.10% versus 0.60% really doesn’t make a big difference. 

But if we’re talking about a larger-scale investment, this minor variance actually can make a significant impact on your finances.

Let’s check out the context behind the regular savings account versus the high-yield savings account idea:

Regular Savings Account
Initial investment
Investment Time Frame
20 years
Interest Rate
Final Value after 20 years

Now, if you had opened up a high yield savings account, your numbers would look a little different over the same time frame:

High-Yield Savings Account
Initial investment
Investment Time Frame
20 years
Interest Rate
Final Value after 20 years

Who wouldn’t want to earn a few extra dollars through a high yield savings account?

Ok, let me be realistic: Not everyone has a spare $100,000 to dump into a high-yield emergency savings fund. 

So what?

Even if it’s “just” $1,000 or “just” $500 – what are you waiting for?

You’re still earning more on your money than if it’s a regular savings account – without doing anything.

If you’re ready to open a high yield savings account, then check out Axos Bank.

It’s time to start your journey to getting rich.

strategy 4

Strategy #4: Pay Yourself First

The saying “pay yourself first” is hailed as one of the key ingredients to growing your wealth. 

Here’s how this process would happen:

the millennial money woman blog post "pay yourself first example"

All you have to do is:

  • Determine how much money you want to be invested
  • Determine where it should be invested (401k, Roth IRA, etc.)
  • Determine how often you want to invest (weekly, semi-weekly, monthly, etc.)

Here’s how I’ve accomplished my automatic investing:

Step #1: Set-up your outside investment account (Roth IRA, 401k, taxable investment account).

Step #2: From your investment account, connect your bank account number & routing number.

Step #3: Select the frequency, amount and what you want to invest in from your outside investment account.

Step #4: Sit back, relax and start building wealth!

If you are ready to take the leap and set-up your outside investment account, then consider checking out Acorns.

Acorns is an investment app with great investment options – and it’s the perfect place to start for beginner investors. 

With Acorns, you can set up:

  • Roth IRA
  • Traditional IRA
  • Personal investment account

Plus, if you don’t have $1,000’s or $100’s to invest, you can start off small and only invest $5 at a time with Acorns. 

The point is that you start building your wealth by investing today – no matter the amount.

recommended amount to save for your 60s

Image: The Millennial Money Woman | Source: Synchrony Bank

The 80% who do not have enough money saved for retirement typically spend their paycheck the second it hits their bank account.

So what if you do fall in that 80% category?

What if you find yourself failing to save?

You can change!

That’s the beauty of life – it’s not stagnant.

My first suggestion? 

  • Read books
  • Browse online
  • Go to the library

Books help you:

  • Learn about money
  • Solve your problems 
  • Learn from others’ mistakes

What if you don’t like reading? 

Then listen to interactive discussions – such as those offered by Mindvalley.

Mindvalley is like the classroom outside of the classroom. You learn how to:

  • Build your network
  • Build your confidence
  • Improve your mindset
  • Develop entrepreneurial skills

Remember this: You are what you consume.

Don’t consume things that won’t bring you closer to your goals.

Start today – and work toward your goal of building wealth.

strategy 5

Strategy #5: Create a Financial Hub

Millionaires are not average people. 

That’s because millionaires do what the average person doesn’t.

"The trait that separates the rich from the poor is discipline."

Discipline is when Millionaires practice success-building habits and obey these rules and codes of behavior even when they feel least inclined to follow these rules.

What is 1 example of millionaires showing ultimate discipline?

They assign a purpose for each and every dollar.

In other words, they don’t blindly spend every cent they earn. 

Millionaires understand that to get rich, you have to keep a hawk’s eye on your money.

For example, Millionaires allocate their paycheck to the following:

  • 529 plans
  • Fun Money
  • Business accounts
  • Retirement accounts
  • Emergency savings fund
  • Joint / Individual accounts

Millionaires have automated their money process.

How can you become like a millionaire and stay on top of your finances?


One of my top picks for budgeting is Personal Capital.

Personal Capital has one of the best budgeting apps, and the best thing? It’s free.

Based on my personal experience from the people I’ve mentored, after budgeting for just 6 months, they say they have more than $1,000 in their checking account and they don’t know what to do with it!

Budgeting helps you get a better idea of what’s happening to your money.

If you’re looking to get rich, and slash costs, then I’d also consider couponing.

the millennial money woman blog post "millionaire coupon statistic"

Image: The Millennial Money Woman | Source: Dave Ramsey

Millionaires watch their expenses like a hawk. 

They know that to make and maintain their wealth, they need to assign a purpose to every single cent. 

If you are looking to begin your couponing journey, then I’d say start by downloading Honey.

As you look at purchasing your every day online items, Honey will indicate which items have:

  • Promos
  • Coupons
  • Ongoing discounts

Honey takes seconds to install and could save you $100’s.

By slashing your costs this way, you could be 1 step closer to getting rich.

strategy 6

Strategy #6: Use the System in your Favor

Have you noticed that almost half of millionaires became so wealthy because they own their own business?

the millennial money woman blog post "millionaire business owner statistic"

Image: The Millennial Money Woman | Source: Millionaire Foundry

After seeing this statistic, it became very clear to me that to become wealthy, one method is to own and run your own business. 


Of course, you receive a hefty income if your business succeeds.

Even more so, though, you establish:

  • S Corporations
  • Limited Liability Companies (LLCs)
  • Limited Liability Partnerships (LLPs)

These business entities give their business owners massive tax advantages.

Let’s take the LLC, for example. 

Some tax (and other) advantages of the LLC include:

  • Tax deductions 
  • No double taxation
  • Personal liability protection 

As you can see, if you set up an LLC account, for instance, you can contribute to a tax-advantaged retirement account, protect yourself (and your assets) in the case of a lawsuit and still become a millionaire.

Because I’m not an accountant, I urge you to talk to your accountant to see what other tax benefits you could take to lower your tax liability.

See what they can do to help you build your path to riches.

Recommended Reading: How to do your Own Taxes

strategy 7

Strategy #7: Adopt a Growth Mindset

There are 2 types of mindset in this world: 

  • Growth mindset
  • Fixed mindset

The first example, a growth mindset, is what will help you:

  • Build wealth
  • Learn new skills
  • Build relationships

Those who adopt a growth mindset typically achieve more than those with a fixed mindset.

Remember that perception is reality.

"To change your reality, start by changing your mentality."

And ultimately, perception is reality.

So the next time you hear yourself say:

  • I can’t do this
  • I’m going to fail 
  • This will take me forever

Tell yourself “STOP!”

Don’t allow yourself to think these thoughts.

Because soon enough, you’ll start to believe them.

If you’re ready to put your foot forward and start your journey to become a better you, then check out Mindvalley.

Mind Valley is what I like to call the classroom beyond the classroom. 

You learn so many valuable skills including:

  • How to achieve your goals
  • How to make a bigger impact
  • How to improve positive thinking
  • How to increase your productivity
  • How to improve your leadership skills

It’s time to level-up and become a new you. 

Follow what the successful have done, and you’ll be successful too.

strategy 8

Strategy #8: Find a Quality Mentor

There is no such thing as a “self”-made millionaire. 

Millionaires do not become so successful without the help others:

  • Their family
  • Their spouses
  • Their mentors

I want you to take a second and reflect on the people you know – specifically the people who have seen a certain amount of financial success. 

Ask yourself these questions:

  • Who are they?
  • Where are they going?
  • What did they do to achieve their success?
  • How are they different from the “average” person?

If you find these successful people and learn from them, chances are, you’ll go where they go.

One thing almost 90% of millionaires have in common is that they seek out a great mentor.

millionaires that contribute their success to their mentors statistic

Image: The Millennial Money Woman | Source: Business Insider

Mentors offer you guidance in:

  • Your personal life
  • Your financial life
  • Your professional life

Finding a good mentor is not difficult, either.

Consider your options:

  • A close friend?
  • A trusted professor?
  • A trusted family member?
  • Someone from your office?
  • A local community leader?
  • Someone from your church?

You just have to open your eyes and create your opportunity. 

If you don’t ask, you’ll never know what potential you can reach with your mentor.

strategy 9

Strategy #9: Choose your Friends Carefully

Have you ever heard of the saying: 
You are the sum of the 5 closest people around you?

This is saying is very true. 

Think about the 5 closest people you hang out with. 

Soon, you’ll realize that:

  • You think the same thoughts 
  • You have the same goals
  • You offer similar advice

You will become like the high quality people around you.

And if you aren’t similar – then you will be.

"People inspire you, or they drain you - choose them carefully"

Chances are, the people you are looking for, are also looking for you.

You just haven’t met them yet.

So here’s my challenge for you:

Don’t be afraid to be the least intelligent and least experienced person in the room.

Surround yourself with people who are:

  • Smarter than you
  • More motivated than you
  • More accomplished than you

And figure out how you can shape your life by just 1% to be more like them.

strategy 10

10. Set a POA [Plan of Action]

Millionaires get rich and stay rich because they have set specific plans of action.

They develop a way to assign goals for:

  • Short term (1 to 5 years)
  • Mid term (5 to 12 years)
  • Long term (12 years and up)

Anyone can set goals.

But not everyone can keep their goals.

"The reason why millionaires achieve their goals is because they monitor their goals daily."

That’s right: They monitor their goals every single day.

the millennial money woman blog post "millionaire goals statistics"

Image: The Millennial Money Woman | Source: Business Insider

So, consider this:

Think about the last time you set your goals.

Now ask yourself when was the last time you reviewed your goals?

If you found that you didn’t review your goals in the last 24 to 48 hours – that might be a reason why you haven’t achieved your goals… yet.

Bottom Line: Review your goals consistently.

Develop a specific plan of action to help you conquer your goals:

  • Write down your goals
  • Vision board
  • Specificity

Without my vision board, I would not be where I am today.

Seeing your goals consistently, day-in and day-out, gives you that extra boost to motivate you to complete them.

Now the only thing left to do is start.

strategy 11

Strategy #11: Don’t Procrastinate

Procrastination is why you haven’t accomplished your dreams yet. 

And to be very honest, procrastination gets the best of us. 

I’ll tell you a story about procrastination and starting my personal finance blog:

For the past 4 years, I’ve wanted to start something like The Millennial Money Woman. 

I procrastinated for 4 years.

I never started because I thought I wasn’t good enough to run my own blog.

Plus, I thought I would fail. So, I never started.

Finally, at the dawn of the COVID-19 pandemic, I stepped up to the plate and started my blog with HostGator.

Best. Decision. Of. My. Life.

In other words, procrastination is a lack of discipline. 

There are many reasons why we procrastinate:

  • You’re not patient
  • You want immediate rewards
  • You haven’t set clear enough goals
  • You can’t imagine your future reward

So how do millionaires stop procrastinating and start doing the things that will help them build their wealth?

Here are some tips to kill procrastination:

  • Celebrate the small victories
  • Find ways to reap the small, immediate rewards 
  • Break down large tasks into more immediate, achievable goals
  • Find an accountability partner to motivate you to stick to your goals
  • Write out your future goals and place those goals on your vision board

Here’s what cut my procrastination habits:

I started writing down my goals on a large whiteboard. 

Every time I accomplished a task or a goal, I crossed out that goal. 

Crossing out a task or goal is the best feeling you will ever have. 

It sounds odd. But it’s true.

Imagine where I could have been if I had started my blog earlier?

Imagine where you could be if you start doing the things you want to do today?

strategy 12

Strategy #12: Steer Clear of Debt

Debt can kill your dreams of financial freedom. 

Americans stuck in debt statistic

Image: The Millennial Money Woman | Source: Dave Ramsey

Now, there are 2 types of debt: Bad debt and smart debt.

Smart debt could include:

  • Your mortgage
  • Your business loan
  • Any other low-interest debt

Bad debt, on the other hand, includes the following:

  • Auto debt
  • Credit card debt
  • Any other high-interest debt on depreciating assets

And once you’re in debt, it’s typically pretty hard to get out of it – if you don’t have a plan.

Getting out of debt doesn’t have to do with in-depth knowledge in finance.

  • Getting out of debt is about 20% knowledge and 80% a change in habit.

Changing your spending habits to get out of debt – and build your wealth – include:

  • Earn more
  • Invest more
  • Spend less than you earn

Just imagine how your life will look if you don’t owe money to anyone anymore.

Being debt-free means:

  • No more stress
  • Increased cash flow
  • Ability to save more
  • Ability to build your wealth

Now that I’ve hopefully convinced you to start paying off your debt, let’s look at the 2 most common types of debt:

  • Credit card debt
  • Mortgage debt

If you are carrying a credit card balance (or multiple credit card balances) then consider paying off your credit card debt through Tally.

Tally is an app that:

  • Pays off ALL of your credit card debt
  • Gives you 1 consolidated loan in return
  • You’ll pay lower interest and typically avoid late payments

Tally is currently offered in 30 states, and expanding rapidly.

If you’re in one of the 20 states that Tally is not offered in, then look into LendingTree.

LendingTree is a user-friendly online website that will help you:

And a lot more. 

The point is this: Start your journey to building wealth today.

How do People Get Rich?

People get rich mainly because of time, mindset, and discipline.

In addition, people get rich by:

  • Increasing their income
  • Investing in themselves
  • Decreasing their expenses
  • Adopting a growth mindset
  • Investing in the stock market
  • Saving 30% or more of income

How can I Get Rich with No Money?

It’s possible to get rich with no money, check out the statistic below.

millionaires that did not recieve an inheritance statistic

Image: The Millennial Money Woman | Source: Dave Ramsey

This means these millionaires joined the 2-comma club without receiving any money.

If they got rich with no money, you can get rich with no money. 

Below are some ways to get rich with no money:

  • Budget
  • Cut costs
  • Avoid debt
  • Increase income
  • Learn from a mentor
  • Invest as early and as much as possible

How can I Become a Millionaire in a Year?

Becoming a millionaire could be a goal that many share. 

However, becoming a millionaire in a year may be a goal for some of the overachievers.

Although this is a very lofty goal – depending on several financial factors, this goal could become a reality, if you are hard-core committed. 

Here are a few suggestions on how to get rich and become a millionaire in a year:

  • Analyze your current financial position
  • Save and invest as much as possible
  • Analyze your monthly expenses
  • Find new work opportunities 
  • Increase your income
  • Start frugal living
  • Avoid debt

What jobs can make you rich?

Keep in mind that income does not always equal wealth. 

According to Glassdoor, the 3 highest paid jobs in America include:

  • Lawyers ($144,120)
  • Physicians ($180,000)
  • R&D Manager ($142,120)

However, the top jobs that create millionaires do not necessarily have to be the highest paying jobs. 

Most millionaires have average paying jobs but it’s their work ethic and financial discipline that helps them join the 2-comma club.

the millennial money woman blog post "millionaires salary statistic"

Image: The Millennial Money Woman | Source: Dave Ramsey

Whether you become a millionaire does not depend on how much you earn.

Some average jobs that can make you rich include:

  • Lawyers
  • Engineer
  • Accountant (CPA)
  • Teacher or Professor
  • Management Position

Closing Thoughts

To those of you who are wondering if you can be the next millionaire in your family – you absolutely can.

"Whether you believe you can or cannot, you are right."

And really, whether you can become a millionaire all comes down to your mindset and whether you believe in yourself.

If you believe you are a winner, you will become a winner.

The more you believe in yourself, the more others will believe in you as well.

If you believe in:

  • Yourself
  • The process
  • Your potential

…then you will make it.

How do you crush fear and your doubts? 

Confidence crushes fear.

"Never allow someone else’s opinion to become your reality."

It doesn’t matter what others think. 

What matters is what you think.

And the bigger you think, the more you’ll accomplish.

Now that you’ve read how to get rich, you can:

  • Manage your money better
  • Increase your confidence
  • Improve your network
  • And so much more

You can have doubters and haters. 

As long as you believe in yourself, the world is your taking.

Now go and crush your millionaire goal, get rich and pay it forward. 

Your bank accounts will thank me later. 

Which step to get rich will you pursue first?

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Fiona Smith
Fiona Smith
The Millennial Money Woman was founded by Fiona Smith. She holds her Master of Science Degree in Personal Financial Planning and has co-founded a local non-profit community teaching financial literacy to young professionals.

8 thoughts on “How to Get Rich: 12 Strategies Used by Millionaires [2021]”

  1. 02.26.21
    Hello Fiona,
    Had noticed that you leave comments on ESI’s blog, and always admired how “positive” you have been to all of the interviews (millionaires/six figure income/retirees) presented on ESI’s blog. We are millionaires with a net worth at $2M, and this post hits all of the things that were done to accomplish our level of net worth. I have been coaching my 32 year old millennial twins (boy and girl) on this exact “money stuff” you write about. I will be recommending your web-site to my millennials. You are well beyond your age in wisdom, and wish you the best success in your financial journey!

    1. Hello Stephen,

      Thank you so much for your kind words and for reaching out to me. It’s fantastic to hear that the very things listed in this post worked for your situation as well – and clearly, you’ve done well for yourself. I am humbled and honored to hear that you will be recommending my website to millennials. Good luck on your journey as well – and I look forward to staying connected.



  2. There are 3 routes to wealth. Saving and investing, starting a business, or inheritance. It’s fascinating how the advice around saving and investing are all the same across every rich person who became rich that way.

    It tells us that there’s a reason why the advice are all centered and look the same. That’s because it works. There’s no secret to becoming wealthy, the information is all out there. It’s all up to the people to actually implement the steps that everyone’s been recommending for all these years and decades.

    1. Hi David,

      I think you nailed it when you say that most of the advice out there works – it’s really just a matter of how disciplined and how committed one is to pursue their goals. Building and maintaining wealth is really no secret. The information is out there. Now, it’s just up to the individual to determine whether they will take the information to heart and start pursuing their goals with commitment.

      Thanks for sharing your thoughts and good luck on your journey!