There were an estimated 22 millionaires in the United States in 2023, making the U.S. home to the most millionaires globally, according to a report by UBS.
So being a millionaire is uncommon, but it’s not exactly rare. The milestone may even be more attainable than you think.
The truth is, if you start young and develop the right financial habits and mindset, a seven-digit net worth is within reach. And considering the run up in inflation in 2021 and 2022, a million dollars in assets isn’t as much as it used to be.
Mentally Commit to Be Millionaire
Getting rich starts with your mindset — with the belief that you really can accumulate wealth.
“The biggest mistake is to think becoming a millionaire is impossible,” writes Cardone. “The first thing you have to do is decide to become a millionaire, multimillionaire, or billionaire if you want. … Then you must reinforce that decision, over and over.”
Get a Good Education to Keep Millionaire
Although there are a number of examples of millionaires and billionaires who never completed college, statistics show a link between education and wealth. The higher your level of education, the more opportunities are unlocked for you, and the higher the chance that you will become a millionaire.
Stay Away from Credit Cards
Once you step onto a college campus, get ready. You’ll be bombarded by grinning credit card representatives trying to convince you to fill out credit card applications in exchange for a free t-shirt or a slice of pizza. This is a trap, people! Run in the other direction!
The sad part is that many teens fall for this schtick and end up creating a financial mess for themselves. More than half of college students say they have a credit card and 46% admit to using credit for non-essential, impulse-driven spending (their words, not ours). Even worse, 28% carry a balance greater than $2,000!1 That’s just dumb (definitely our words).
Don’t jeopardize your financial future by buying stuff you can’t afford to impress people you barely know. It’s not worth it.