The easiest way to become a millionaire is by following the **Saver-Investors path**. This path involves saving at least **20% of your income**, having a **low cost of living**, and investing your savings **early in life** and **prudently** for many years ¹. According to a study conducted by Tom Corley, a money expert, just less than 22% of the millionaires in his study chose this path. The Saver-Investors in his group reached their first $1 million around their mid-to-late 30s and accumulated an average net worth of $3.3 million by their mid-50s ¹.
However, there are other paths to becoming a millionaire as well. For instance, the **dreamer, path** involves pursuing a dream, such as starting a business, or becoming a successful actor, musician or author. Approximately 28% of the folks in Corley’s study were Dreamers, and they accumulated an average net worth of $7.4 million over about 12 years ¹.
Other ways to become a millionaire include staying away from debt, investing early and consistently, making savings a priority, increasing your income, cutting unnecessary expenses, and working with an investing professional ²³⁴.
Reference
Dr. Michael T Houston
(1) There are 4 paths to becoming a millionaire—here’s the easiest way – CNBC. https://www.cnbc.com/2019/09/
(2) How to Become a Millionaire – Ramsey – Ramsey Solutions. https://www.ramseysolutions.
(3) 25 Realistic Ways to Become a Millionaire – Planner at Heart. https://planneratheart.com/
(4) 6 Steps to Becoming a Millionaire – Investopedia. https://www.investopedia.com/
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