Most people have a dream of owning a million dollars in cash. It gives you a lot of options in life. But is it ever possible? Can anyone do it, or does it takes special skills? In this simple guide, we will explain the basic tools and the mindset you need to have to own one million dollars.

We will look at questions such as:

  • How can I become a millionaire fast?
  • How should I invest to become a millionaire?
  • What can I do to get rich?
  • How can I become a millionaire with no money?
Most people dream to be a millionaire. It is possible for everyone, but the path is not easy. Often the way to be a millionaire means taking care of your money wisely.

There are probably more than a few who have had the dream of becoming a millionaire. And it is actually possible – with attention, personal will, goals and a plan to live by. In this guide you can read how to become a millionaire. 

Firstly, let’s look at what a millionaire is, then how you can earn it.

  • Some people says you have to earn a million a year to be a millionaire
  • Others say one should have a total wealth of some millions, about 3

In this guide we will use the best definition of being a millionaire:

To be a millionaire, you need to have an available million to be readily available, without selling you house or using your pensions early.

What is a millionaire?

Housing does not count : If you have a house worth 1 million $, but you owe 500.000$ in the bank, you are not a millionaire. You have something of good value, but you have to sell your house to get the money. And will you do when you sell the house – go live in your car? Even if your home increases one million in value, you are not a millionaire, before you have the money so spend without living on the street.

Pension does not count : In the same way with your pension savings. If you have saved 1.5 million in various pension deposits, are you then a millionaire? No, because you can’t just raise that money. If you did, you would put your senior age financial security at risk. 

So the rule is – you should be able to have 1 million readily available, not selling your house or taking your pension out.

To be a millionaire, you need to have an available million to be readily available, without selling you house or using your pensions early.


As you can figure out, you are also not a millionaire if you borrow the money in the bank.

A millionaire is a person who would immediately be able to spend a million dollars on realizing a dream or a good idea.

6 specific steps you can take

Here are some of the specific steps you can take

  1. Write down a plan about your personal finances
  2. Save, save and save more
  3. Spend less than you earn
  4. Do not have credit card and do not buy anything on credit
  5. Invest whatever money you have left
  6. Start a business on your own (invest your time)

How to become a millionaire?

The big question is then: How do I get into a situation where I have a million readily available that I can use freely? There are basically 3 ways

  • You can save up the money
  • You can invest what you have saved
  • You can increase your earnings

For more information about this, see our guide How to get rich

Recommended links

More you can become