How to Become a Millionaire: 21 Golden Rules

By | November 20, 2019

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Find your true purpose in life. Nearly everyone wants to become a millionaire.

golden dollars

While that is good, you really need to think about why you want to become a millionaire. There must be a greater purpose than just having more money.

Find your passion – what would you love to do with your money?

Would you like to make a difference in your society by donating to charity? Are you an animal lover who would love to have the means to support animal shelters?

Understanding what you would like to do with your money will give you meaning and purpose.

It will motivate and drive you to do what it takes to become a millionaire.

#1 Think positively

Think positively. Grow a positive mindset.

It is very important to be conscious of and control what we are thinking.

We have the freedom of choice – to think negatively or to think positively.

When we think positively, we are more likely to look for solutions to problems and to improve the way things are.

Contrast “I can’t afford to buy my home” to “what can I do to afford my own home?”

The negative statement takes you to a dead-end. There is no hope and no way forward.

But the positive question makes you think of ways and means to have more money to buy your own home.

It is a constructive way of thinking that tends to lead to positive outcomes.

Feed your subconscious mind with affirming thoughts, words and actions e.g.

“I am becoming richer and richer”.

“I invest wisely and successfully”

“How do I increase my current income by 10% or 20% or 50%?”

Be open to learning. Keep an open mind to new ideas that strengthen your money skills and knowledge.

#2 Get professional money advice or money advice from those who are financially successful

Don’t know anyone who is rich or wealthy?

Read these superb money books like Think and Grow Rich, I Will Teach You to Be Rich, The Science of Getting Rich, and The Millionaire Next Door. I’ve included the links below for your convenience.

#3 Seriously apply what you learn from these books

Your thinking, finances and life will be transformed to the next level.

Get the right qualifications e.g. in the IT industry.

Those with qualifications in this field will find it much easier to secure jobs that pay well. For example, as an IT technician you will make $75,412 per year (

Think about how your finances will change with such a good income!

Grow and improve in your work – seek excellence.

When you show yourself to be a smart and how your current job, likely to be noticed by your superiors.

When there is an opening or a career opportunity, you will be among the first to be offered. Both your responsibility and your pay will increase as a result.

#4 Increase your income

Create extra income streams. Start a side hustle. What do you like to do and are good at doing? There are so many possibilities.

Maximize your 401K, your employer-sponsored savings plan.

Open an individual retirement account (IRA) account. explains that an IRA “allows you to save money for retirement in a tax-advantaged way.

An IRA is an account set up at a financial institution that allows an individual to save for retirement with tax-free growth or on a tax-deferred basis”. Learn more here.

#5 Invest wisely

Learn how to invest wisely.

If you would like to invest in property, look for great property investment books and find out how you can make a start and become a successful property investor.

Interested in the stock market? Read quality books on how to invest properly in stocks.

Learn about blue chip stocks, dividend stocks and other investments.

Diversify – spread your investment among different stocks in different Industries.

Check out this book on investing below.

#6 Own your home in a good neighborhood

Often in the long-run, even a modest home in a good enough location will appreciate in value.

What you pay in mortgage interest is likely to be more than made up by the increase in capital value of your home.

For most people, it does not make financial sense to remain a tenant and to keep paying rent.

Tenants usually do only one thing – they make their landlord rich. Why not make yourself richer instead by becoming a home owner.

If your home is in a less desirable location, plan to sell your home and upgrade to something better in a superior location, affordable.

#7 Buy assets. Avoid liabilities.

As Robert Kiyosaki said, understand the difference between an asset and a liability. An asset is something that will increase in value or will earn you and income.

Therefore take action to acquire more and more assets, and you will become rich.

Conversely, avoid buying liabilities such as expensive vehicles or consumer goods. They loose value fast and waste your money.

#8 Avoid debt, especially credit card debt

1. Your credit card debt interest rates are sky high and financially crippling – most folks’ rates range from about 14 to 26% per annum. What is your credit card debt interest rate?

2. Your credit card interest is compounding all the time, growing bigger and bigger, and therefore is getting less and less defeatable over time.

Find out how you can pay off credit card debt in 8 steps using SMART goals.

#9 Scare yourself into action

Imagine yourself having little money and depending on Social Security, struggling to keep up with inflation and worrying about money everyday.

Not an ideal life for anyone, right? So you should decide to become a millionaire instead and do whatever you can now.

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#10 Keep healthy

Without health, wealth has no meaning. It’s no fun visiting doctors and paying through your nose for the ‘privilege’.

#11 Live below your means

Bill Gates wears a $10 watch!

Warren Buffet has the same $3 breakfast on most days! If these billionaires can be frugal, so can you.

You actually can’t afford not to be frugal.

#12 Stick to needs

What we all need is actually quite a simple.

We need healthy food, and a reasonably good roof over our heads.

We need water and utilities, and services like transport. A lot of other things are simply what we want.

Minimize spending on wants and you will save a good amount of money.

You need to say no to consumerism and a throwaway mentality.

Most of us can live quite comfortably with what we have at present. We do not need a new watch or a new car or a new TV or a new smartphone.

#13 Curb impulse buying

Use the 30-day rule to help you stop needless and wasteful spending that hurts your finances and financial future.

Invest what you save when you minimize your spending to mainly the essentials. By being frugal, you will become a millionaire much sooner.

Develop your character – become a better you. Think about how to kick any harmful and costly habits you have, like smoking, drinking and gambling.

See the 30-Day rule in action and learn how I applied the rule to make a wise purchase.

There have been some misconceptions about the 30-day rule, so you need to know these success secrets of the 30-Day rule for it to work for you.

#14 Ignore the Joneses

Your mission is to become a millionaire.

So you should never waste money to buy things to keep up appearances and to look good to others.

The most important thing is to make your bank account look better and better as it grows bigger and bigger.


#15 Develop positive professional and social relationships

Good professional relationships can often help your career and you can get promotions when you are likable, when people trust and respect you.

Having strong social skills also helps your professional relationships and career.

When you know more people, you tend yo find out more and learn more.

For example, you can learn how others have successfully made money or invested well. Also, you can find out good deals by asking co-workers and friends for recommendations.

All these relationships will help your finances.

#16 Automate your regular savings

This is by far the easiest way to save money effortlessly.

It is foolproof because with every paycheck you automatically set aside an amount that is saved. Soon you will get used to living on slightly less money each month.

At the same time, your savings will grow steadily and keep adding up over time.

You can then have a sufficient emergency fund and sinking fund. Then you will never ever live paycheck to paycheck again.

#17 Do a budget that works

A good budget is simple and effective.

Using it allows you to know how much income is coming in and how much spending you are making. By knowing where the spending is going, you can decide to become more frugal and save up more money to invest.

#18 Set money goal

Set money goals using SMART goals.

This step-by-step SMART guide helps you set realistic goals that succeed including saving money for a vacation, saving up for an emergency fund and more.

#19 Find and work with allies to succeed

In most ventures, work with others to increase the likelihood of success and of achieving more when we joined forces with others who are like-minded similar goals.

Allies will motivate you and also make you answerable for what you have promised to do.

So, do not go alone on your financial journey. Find the right people and there will be a lot of mutual gain towards financial success.

#20 Celebrate the goals you have achieved

It takes planning, determination and work to become richer and financially successful.

Along the way, you need to motivate yourself by celebrating the success you’ve earned.

Think of ways you enjoy as rewards to yourself.

It need not be expensive or it may cost some money but the main thing is you need to feel good along your journey towards becoming a millionaire.

#21 Allow yourself enough time

Overnight millionaires are extreme rare and probably only lottery winners can enjoy fantastic windfalls.

The good news is, you don’t need to win a lottery to become rich.

Most people can become a millionaire when they do the right things and are consistent in moving closer towards their financial dreams.

Wrap Up

When you make a start and begin to adopt the above ideas, you will begin to see positive results in your finances and in your life.

It is perfectly possible to become a millionaire.

There are in fact many self-made millionaires in the world. All of them do many of the above things to achieve their financial goals and become rich.

Hungry for more financial advice to supercharge your bank account? See below.

Are you looking to pay off your bills? Find out how you can pay off your bills even if you’re broke.

If you face the dilemma of paying off debt or saving, find out what you should do here.

Use Dave Ramsey 7 Money Traits to help you become debt free and stop living from paycheck to paycheck forever.

Discover if the 50-30-20 Rule truly works to help you get out of the paycheck cycle.

Learn the money secrets of these 11 personal finance experts.

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How to become a millionaire. 21 golden rules.

21 Golden Rules to becoming a millionaire.

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