How 25 Million Americans Became Millionaires – and You Can Too

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How many millionaires do you think there are in America? Would you believe there are nearly 25 million of them?

That’s according to the annual Global Wealth Report published by the Swiss bank Credit Suisse.

Not all millionaires live in fancy mansions. Being a millionaire simply means you have a net worth of at least $1 million. Take everything you own – house, cars, bank account, stocks, 401(k). Subtract everything you owe – mortgage, car loan, credit card debt. That’s your net worth.

Many current millionaires are government workers, civil servants, educators, military service members (or retired military), managers or co-workers clocking in just like you. These people have been quietly and steadily building their wealth for decades.

You can do it too. Here are some ways to do it.

Double your money with a pro

How can you double your money? By working with a professional, that’s how.

This is something that millionaires do. If you’re not following their example, you could be missing out on some serious financial gains.

A Vanguard study found that, on average, a hypothetical $500,000 investment over 25 years would grow to $1.7 million if you manage it yourself, but more than $3.4 million if you work with a financial adviser. That’s twice as much!

If you’ve got at least $100,000 in investments, check out a free service called SmartAsset. You fill out a short questionnaire and instantly get matched with up to three vetted financial advisers in your area, all legally bound to work in your best interests.

Even if you don’t want help picking investments, an adviser can help lower your tax burden, create a comprehensive financial plan for you, maximize your Social Security, and serve as a second pair of eyes to make sure you’re on the right track.

Using SmartAsset only takes a few minutes, and in many cases you’ll be offered a free consultation.

Please carefully review the methodologies employed in the Vanguard white paper, “Putting a value on your value: Quantifying Vanguard Advisor’s Alpha.”

Plan ahead for what Medicare won’t cover

If you end up needing long-term care in your old age, you probably won’t stay a millionaire for long. There’s no faster way to burn through your savings.

The problem is, seven in 10 people who turn 65 today will probably need some kind of long-term care, according to the U.S. Department of Health and Human Services.

Think you can’t get long-term care (LTC) insurance after age 40? Think again. GoldenCare writes LTC coverage for most people. (They don’t operate in Alaska, Florida, Hawaii or Washington.)

“But won’t Medicare pay for that?” Nope. Medicare doesn’t cover long-term care — and paying for it yourself could totally deplete your nest egg.

The median cost for home health aide services in the U.S. is a whopping $27 per hour, according to the latest Cost of Care Survey conducted by Genworth Financial. Based on that rate, 24-hour care would come to $4,536 per week, or $18,144 per month. Yikes!

The earlier you sign up for GoldenCare, the lower your premium will be.

Diversify your wealth with gold

Millionaires diversify their investments. They never put all their eggs in one basket.

You can’t predict the stock market, but you can hedge your bets by keeping your money in different types of investments – ideally, ones that go up when others go down. For example, stocks typically do poorly when inflation and interest rates are rising and there’s political turmoil brewing.

But there’s one investment that thrives in this scenario: gold.

Be careful who you deal with, though. Lots of companies in the gold business are pretty shady and won’t hesitate to overcharge you.

Goldco, on the other hand, has an A+ BBB rating, an AAA rating from Business Consumer Alliance, and 4.8 to 5 stars on Trustpilot, TrustLink, Google Reviews and ConsumerAffairs. They offer just about everything, from precious-metal IRAs to gold coins and gold bars.

You’ll even receive up to $10,000 in free silver on qualified purchases. If you’ve ever thought about investing in gold, why not take a look?

Borrow from yourself

If you’re striving to be a millionaire, you probably own a home. How about strategically using its value?

Fixing up your home gets expensive – especially now, with the cost of materials – but you shouldn’t pay 25% interest by charging it to your credit cards. Instead, take advantage of much lower rates by borrowing against your home. Use that loan — with rates as low as 6.75% — to fix up your house, to pay off high-interest debt or for any other purpose (besides financing a lifestyle you can’t afford).

That’s a fraction of what credit cards charge, and will literally save you thousands of dollars over the life of the loan.

How do you shop for the best deal? Simple: Head to a loan shopping site like Rocket Mortgage. They’ve eliminated most of the hoops you had to jump through in the past, so it only takes a couple of minutes to see how much you could get.

Invest in real estate with $10

Real estate has long been a path to wealth. But you need to be wealthy to get started, right?

Wrong. For as little as $10, Fundrise can get you started. Fundrise lets you buy into real estate properties the same way stocks let you buy into companies.

In effect, you’re a landlord without having to run background checks or serve eviction notices. While not a guarantee of future results, Fundrise investors have earned an average of 25% within three years; if they held on for five years, the increase was more than 50%.

People are always going to need a place to live – and recent rent jumps make real estate investing more profitable. Rent prices went up almost 18% in 2021, according to data from Harvard’s Joint Center for Housing Studies.

Take two minutes and check it out.

Note: This is a testimonial in partnership with Fundrise. We earn a commission from partner links on All opinions are our own.

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