How You Can Become a Millionaire On An Average Salary

3 min read

Anthony O'neal
How You Can Become a Millionaire On An Average Salary

50% of the people who are making over $100k, are not really building wealth - they’re living paycheck to paycheck. There are five key things you can do, to help you build wealth and help you become a millionaire on an average salary.


There is a big difference between making a million dollars a year, and being a millionaire. Your income can be high, but your lifestyle can also be high leading you to live paycheck to paycheck. 

We’re talking about building wealth and being a net worth millionaire, so you don’t have to live paycheck to paycheck, especially if your income is average. You could make $50,000 a year or $100,000 a year - but there are keys to becoming a net worth millionaire

Stop Waiting to Invest

You need to start investing today - not tomorrow, right now! The sooner you start to invest, you can take advantage of the compound interest. Even small investments can grow significantly over time, you shouldn’t be waiting until you have a large sum of money to invest. Start putting money into your 401(k), an IRA, or a high yield savings account. 

The longer you wait to start investing, the longer you miss out on the potential gains you’ll see with your money. If you think about it this way, procrastination is expensive. Stop delaying what you could start today. Platforms and applications like MooMoo make it incredibly easy to start the investment process and they teach you more about investing, so you’re also getting educated while growing your money. 

Investing is not only financially, you also want to be investing in education and growing your financial literacy to better understand your current situation and how to get to where you want to go - towards becoming a net worth millionaire. You need to invest into consuming content that grows your knowledge and wisdom base. 

Eliminate your debt 

Prioritize paying off all your debt by using methods such as the debt snowball method. The debt snowball method allows you to see the wins because you’re working on paying off your lowest balances first, instead of using the debt avalanche method where most of your effort is going towards interest first and you can’t see those wins as fast. 

Being debt free, frees up more money for saving and investing. By focusing on eliminating your debt, you’re going to achieve financial freedom, you can’t have financial freedom if you’re constantly under the pressure of lenders. If you’re drowning in debt, and you’re not intentional about eliminating it, you cannot have financial freedom. 

Let’s be clear, just because you get out of debt doesn’t mean you have abundance and freedom - but it does provide room for abundance and freedom because you’re not stressed about the debt you’re in. 

In order to truly prioritize eliminating debt and making more money, following the E.A.R.N strategy I have laid out is going to be your ticket to success! 

Aim to Invest at Least 15% of Your Income 

Make investing a priority inside of your budget, and you may start out with a smaller percentage and work your way up to 15%. The biggest thing, like I mentioned above, is starting to invest sooner rather than later. The sooner you start investing, the sooner you can take advantage of the compound interest. 

You shouldn’t be investing just for yourself, but also for your family down the line. You should be investing for when you pass, you’re leaving wealth to your children and your children’s children. The biggest thing, which I talk about in the E.A.R.N strategy, is evaluating your current financial situation - why can’t you invest the 15% of your income right now? It’s probably going to hurt you to evaluate yourself and figure out why you can’t get there, and you may be in a hard situation right now. But for the majority of us, it’s because you have not sat down and arranged the strategy. 

Develop a Financial Mindset

You have to get to a point where you’re consuming content that helps you grow and evolve and get into a financial mindset. You’re not developing a mindset that will help you become a millionaire with the salary that you currently have, instead you’re consuming content that’s hindering that mindset. 

When you take the time to develop your mindset into a millionaire mindset, it will happen, if you believe in yourself to achieve your financial goals. I mentioned this earlier, but investing isn’t just monetary, you need to be investing in yourself and continuous learning in order to grow and evolve into this financial mindset to make it happen for yourself. 

If you’re going to become a millionaire on the salary that you have right now, you need to grow your mind! 

You Cannot Raise Your Cost of Living

You have to avoid lifestyle inflation by resisting the urge to upgrade your lifestyle with every increase in your income. Why do you need a brand new iPhone every release? Why did you spend $3,000 on new Vision Pro’s that came out when it doesn’t even have all the same apps that the phone does? Why do you need to trade in your car every few years? 

It’s so important to keep your expenses in check and live below your means. You can allocate the extra income from an increase to a business you’re growing, or investing, furthering your education and growing instead of spending that extra income. You can not increase your cost of living because your income increases, it’s not sustainable and it’s not going to help you become a millionaire at your current salary. 

Let’s Recap

If you’re going to become a millionaire on an average salary these are the five keys you have to follow - the most important being you need to start investing RIGHT NOW! But, you also need to live below your means, aim to invest 15% of your income, eliminate your debt, and develop a financial mindset. 

If you continue to grow your mind and develop a financial mindset, you’re going to become a millionaire on an average salary. What have you done to help yourself make $100,000 this year? What have you done to help position yourself to have a net worth of $1 million dollars by the time you retire? 

It’s time to focus on what you can do now, even on an average salary to become a millionaire and build wealth for yourself.

Full name

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim in eros elementum tristique. Duis cursus, mi quis viverra ornare, eros dolor interdum nulla, ut commodo diam libero vitae erat. Aenean faucibus nibh et justo cursus id rutrum lorem imperdiet. Nunc ut sem vitae risus tristique posuere.

like what you’ve just read?

Make sure to share it with your tribe!

like what you’ve just read?

Make sure to share it with your tribe!