The Making Of A Millionaire, And Why $100K Is No Longer The Benchmark Salary For Wealth In America

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Despite the recent economic challenges, the U.S. economy has been growing steadily for years, creating new jobs and opportunities for people to earn more. Grinding It Out And Hitting It Big Tim Corley, a wealth expert and author, has spent years interviewing hundreds of millionaires to learn their habits and how they think.

His research concluded that 20% of millionaires made their first million in their

mid-to-late 30s , despite having middle-class incomes. They accumulated wealth by practicing frugality and regularly saving and investing about 20% or more of their income. Around 28% of millionaires rolled the dice to become wealthy. They engaged in high-risk, high-reward pursuits. These people choose to become professional athletes, musicians, entrepreneurs or actors. Most don’t make it, but those who do, hit it big. Their average net worth is $7.4 million. More than 30% of people became millionaires by following the conservative route, climbing the corporate ladder and making their way into the C-suite. These executives, on average, earn $3.4 million after 22 years.

The growth of the millionaire population in the U.S. is a sign of the country’s economic strength. It also suggests more opportunities for people to achieve financial success.

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