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I’m going to let you in on a not-so-little secret—most millionaires are self-made. And it’s not only bankers and lawyers and doctors that roll into the millionaire club—it’s actually a bunch of normies who diligently saved and invested throughout their lives.
It might sound a little boring and unglamorous, but that’s sort of the whole point.
Hitting a million dollars is easier than you think, but it’s not gonna happen overnight. Here are the steps I took to get to my expected $30 million retirement.
Start investing now
I get why people put off investing—it can seem pretty damn daunting if you’re currently worried about paying rent and buying groceries. I’m all about getting your ducks in a row before you start putting money into the stock market, and you’ll want to have an emergency fund (3-6 months of living expenses saved in a high-yield savings account) and pay off high-interest debt first.
BUT, I don’t want to see you stop there. Investing is the next step after those boxes are ticked. And here’s the clincher—you can, and SHOULD, invest even small amounts of money.
A lot of folks think they can’t start investing until they have a large stash of cash they’re ready to invest. This is simply not true, and keeps plenty of people out of the stock market—especially women—when they could be investing.
I started investing when I was 22–WAY before I was the successful business owner I am today. I didn’t have a lot of extra cash then, but I knew that anything I did have would make a difference in the long run.
Most millionaires hit that milestone by investing consistently throughout their lives. So if you only have a small amount to spare each month, that’s totally fine. Invest what you can when you can, and make it consistent.
Building wealth is about investing every month, letting compound interest take over and snowball your wealth into the millions.
→ Pro tip: Set up automatic deposits into your investment accounts to make sure you’re investing regularly.
Let compound interest work for you
Speaking of compound interest, one of the biggest things to know about becoming a millionaire is that it takes time. I’m not talking months or years—I’m talking decades—because that’s when compound interest starts to really work.
Simply put, compound interest means your interest earns interest. For example, if you invest $1,000 at a 25% interest rate, you’ll earn $250 in interest, bringing your total to $1,250. Now, instead of just earning interest on your original $1,000, you’re earning 25% on $1,250, and so on.
This cycle continues, allowing your money to grow at an accelerating rate. So even if you can only contribute a small amount—whether monthly or as a one-time investment—letting it grow for decades can result in a significantly larger sum when you need it, whether for retirement or a major future goal.
I’ve seen the impact of compound interest already, and I know that it’ll only continue to help me.
So even if you’re only investing a small amount each month, it REALLY adds up thanks to compound interest.
Sit back and stay patient
You know the term “hurry up and wait?” Yeah, that’s the next part of this.
There’s a rush when you first start investing—moving money into your investment accounts is gonna make you feel like a bad bitch when you get the hang of it. And those first few times you log in and see some gains, ooooh baby it feels good. Let’s call it the honeymoon period of investing.
But then, like with anything in life, the novelty will wear off. Putting money into your accounts may feel less like a rush, and it starts to become routine. You might even log in some days to find that your accounts are down, which might feel discouraging.
This is a crucial point in your investing journey—resist the temptation to stress about the daily changes in the stock market.
If you hit this point, I want you to pause and take a deep breath and remind yourself that you’re in it for the long haul. Investing is a true journey—you’ll have days where you see a lot of growth, and you’ll have days where you might lose value. I’m here to tell you that it’s all part of the process, and to remind you that history shows that the stock market always goes up.
You might not believe this, but I don’t look at my investments every day, and I rarely make major moves. My portfolio is built on a foundation of funds and a few companies that I believe in. (I even show you exactly how I set up my portfolio in Stock Market School!)
I’ve seen some big swings in the market, but it doesn’t change my long-term strategy.
Even if you experience a year of slower growth than the year before it, you can trust that data shows it will likely rebound. You’re investing for Future You—the longer you keep your money in the market, the more your money will grow.
Tl;dr
Investing is a mental process as much as it is a financial one. Trust that compound interest will grow your wealth significantly over time. Remember to keep investing even if you don’t have a lot to invest—even $50 a month will make a difference. And finally, you’re in it for the long haul, so keep your money in the market and let it grow so you float into retirement as a millionaire.
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