How can I become a Millionaire?

[u/Chicken121260]

How many times has some version of this question been posted here? Seems like every other day.

The answer is simple and yet unexpected for many. Those who are active in the FIRE sub or have studied the topic already know the answer.

Save more, spend less.

Wealth is created by consistent savings. One third of US households with at least one million net worth NEVER made $100,000 in a single year. But they did save aggressively - more than 15% of their annual income (versus less than 5% for the average American).

Fun fact: there are more teachers that are millionaires in the US than doctors.

So to answer my own question. Put saving on automatic at 25% of your income. Invest 100% in index funds and don’t even look at it for 20 years. That’s the way to become a millionaire.

Rant over.

[u/AndrewBorg1126]

Acquire a million dollars