6 Signs You Could Be on Track to Being a Millionaire

6 Signs You Could Be on Track to Being a Millionaire

Andrew Lisa  Mon, April 3, 2023  GoBankingRates

About 22 million of the world's 62.5 million millionaires live in the United States, according to Zippia. That's about 8% of U.S. adults -- and there's always room for one more.

A spot in the two-comma club is not out of reach, even if you don't have an ultra-high income. That's because becoming a millionaire is more about what you do than what you earn -- and you must adopt a millionaire mindset if you're ever going to reach the mountaintop.

"First, understand that there are no guarantees to becoming a millionaire," said Kyle Enright, president of Achieve Lending in San Mateo, Calif. "We can't all predict exactly what will happen throughout our lives. However, there are habits you can develop, steps you can take and best practices you can adopt that will definitely get you on the right track and move your finances forward."

Every person will have their own unique journey, but a handful of indicators are nearly universal among all self-made wealthy people. These are the characteristics of people who are on track to being a millionaire.

You Have Multiple Passive Income Streams

Money coming in from more than one place is one of the most common unifiers among the monied class -- especially when income is on autopilot.

"If someone has passive income sources, where they don't have to trade their time for money, and earn at least up to a quarter of their active income from these passive sources, they are on track to become a millionaire," said Smita D Jain, executive and personal empowerment coach.

You Save One in Five Dollars You Earn

Standard personal finance advice is to save 10%-15% of your income, and if you do that, you're in better shape than most. But you're not measuring yourself against the under-funded masses. You're measuring yourself against the millionaire class -- and millionaires are super-savers.

"People on the path to becoming a millionaire prioritize saving and investing a portion of their income and invest in diverse assets to grow their wealth," said Jain. "If they are consistently able to save 20% of their income, they are on the right track to financial independence."

You Live Below Your Means

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