5 Signs You’re on Track to Becoming a Multi-Millionaire
Becoming a multi-millionaire may seem like a distant dream, but the path is more achievable than you think. Often, it’s not a matter of landing a lottery win or launching the next tech unicorn. Instead, it’s about cultivating habits, mindsets, and strategies that consistently build wealth over time.
In fact, there are subtle signs that can indicate you’re well on your way to multi-millionaire status even if it doesn’t feel like it yet. These signs often fly under the radar because they don’t always look flashy on the surface. You might not drive a luxury car or live in a mansion, but if you’re checking off some of these boxes, you’re quietly laying the groundwork for multi-millionaire status.
In this article, we’ll break down five clear indicators that you’re on track to Becoming a Multi-Millionaire. We’ll explore what each sign means, why it matters, and—perhaps most importantly—what to do if it doesn’t apply to you right now. Because with the right strategies, financial success isn’t just a possibility—it can be your reality.
So, no matter if you’re a young professional just starting out or someone who’s been hustling for years and wondering if it’s all going to pay off, these insights will help you take stock of your progress and fine-tune your financial journey.
Let’s dive in.
Sign 1: You’re Prioritizing a High Savings Rate
The first sign that tells you’re on track to becoming a multi-millionaire is that you’re prioritizing a high savings rate. And no, that doesn’t just mean skipping the extra guacamole at Chipotle—tempting as it may be. It’s consistently setting aside a significant portion of your income for the future, even if that means sacrificing some short-term luxuries.
Take a look at this above chart from the Four Pillar Freedom blog. Along the bottom, you’ll see current ages: 15, 20, 25, 30, 35, and so on. On the left side, you’ll see annual savings amounts. In the middle, the chart shows what age you’ll hit millionaire status depending on how much you save per year. For example, if you’re 30 years old and save $10,000 per year, you’ll become a millionaire by 60. If you save $20,000 a year, you could reach that milestone by age 52. The assumptions here are simple: you’re starting from zero and earning an average 7% return from the market.
What this shows is that the more you’re able to save each year, the faster you can hit millionaire status—and ultimately reach multi-millionaire status. Let’s look at some other key benchmarks:
- Saving $10,000 per year (around $833 per month) gets you to $1 million in 30 years (At Age 60).
- Saving $20,000 per year cuts that timeline to 22 years (At Age 52).
- Saving $40,000 per year gets you there in just 15 years (At Age 45).
This is why people who become multi-millionaires are often laser-focused on saving. They understand compound interest. They understand that getting your money to make more money for you is the key. Once you reach that stage, your wealth starts to build on its own, which is exactly how you stay on track to not just becoming a millionaire—but a multi-millionaire.
Now, if you’re reading this and thinking, “I can barely save $2,000 a year, let alone $10,000,” don’t be discouraged. You should be proud that you’re saving anything at all. The key is to aim for that first major milestone: $100,000 in savings. That’s because reaching $100K is disproportionately impactful when it comes to building wealth.
Let me explain. Take a look at this above graph—again, assuming you’re saving $10,000 per year. The first $100,000 you save will take about 25.5% of the total time it takes to reach $1 million. But after that, the remaining $900,000 will take only 74.5% of the time. In other words, wealth-building is slower at first, but it begins to accelerate as your investments start generating their own returns.
This is the stage when your money begins working for you—and it’s exactly how future multi-millionaires build their fortunes. They’re not counting on luck or windfalls. They’re playing the long game. And it all starts with prioritizing savings.
Sign 2: You’re Building or Seeking Multiple Streams of Income
The second sign that shows you’re on track to becoming a multi-millionaire is that you’re either actively building or constantly on the lookout for additional income streams. According to the IRS, the average millionaire doesn’t rely on just one source of income—they typically have several. The more diversified your income, the more resilient and scalable your financial foundation becomes.
Let’s start with the most common income source: earned income. This is the money you make from your primary job—whether you work for an employer or run your own business. In either case, it usually involves trading your time, energy, and expertise for money. Most people stop here, but those on the path to multi-millionaire status don’t. They understand that relying solely on earned income has its limits.
So, they look to build investment income—the second stream. This includes money earned from holding assets that generate returns, such as dividends from stocks, bonds, or index funds. Investment income is passive, which means once you’ve bought these assets, they work for you. For example, if you hold shares of a dividend-paying stock like JPMorgan Chase, you might receive a 2% dividend annually—on top of any gains from the stock’s value increasing. This kind of income is relatively hands-off and starts the process of letting your money earn more money.
The third common source among millionaires is rental income. Many multi-millionaires own real estate that provides a steady stream of cash flow. But even if you don’t own a dedicated rental property, there are still options. You could rent out a spare bedroom, an accessory dwelling unit (ADU), or even your car on platforms like Turo. The key mindset here is thinking, “How can I turn what I own into something that earns?”
A fourth type of income is interest income. This includes the returns you get from placing your money in interest-bearing accounts, like high-yield savings accounts or certificates of deposit (CDs). At the time of this writing, many high-yield savings accounts are offering between 4.5% to 5% APY. That means on $10,000, you could earn $450 to $500 annually—simply by keeping your money in the right account. It’s low-effort, low-risk passive income that still plays a role in your wealth-building plan.
The fifth income stream that many millionaires tap into is business profits. Many start out with a full-time job but work on a side hustle or passion project that can eventually grow into a standalone business. Once that side business generates significant revenue, it may even replace their primary income entirely. And unlike a regular job, owning a business means you hold equity—potentially setting you up for a seven- or eight-figure exit in the future. Sure, building a successful business isn’t easy. It takes time, strategy, and a lot of perseverance—but the upside is undeniable.
And here’s a bonus sign that you’re on the right track: you’re consistently increasing your income year after year. This, in itself, is a strong predictor of future wealth. Most multi-millionaires create a growing gap between what they earn and what they spend. And it’s that widening gap—where expenses stay level but income climbs—that allows them to invest more and more over time. This is how their wealth snowballs.
Even if you haven’t created multiple income streams yet, ask yourself: how can I grow my income within my current career? How can I advance without increasing my spending? If you can do that, you’re already thinking like a future multi-millionaire.
Sign 3: You’re Not Upgrading Your Lifestyle with Every Pay Raise
The third sign that you’re on track to becoming a multi-millionaire is that you resist lifestyle inflation—and more importantly, you’re not trying to keep up with your peers. Now, let me be clear: I don’t mean you should ignore your friends or stop enjoying social connections. What I mean is that you don’t allow their lifestyle choices to influence your own financial decisions.
When you start earning more money, it’s natural to feel the urge to reward yourself. Maybe that means upgrading to a nicer car, buying the latest gadgets, or refreshing your wardrobe. After all, these are things you might not have been able to afford before. But here’s the thing—falling into this pattern is a trap, and it’s one that keeps many people from ever reaching real financial freedom.
In today’s world, the temptation is even more intense thanks to social media. At any moment, you can open an app and see someone your age traveling the world, driving luxury cars, or dining at high-end restaurants. And even if you’re doing well financially, this constant comparison can make you feel like you’re falling behind. But if you can ignore that noise and stay focused on your personal goals, you’ll be far better off in the long run.
Everyone is on a different financial path, and the truth is, your goals may not align with your friends’, colleagues’, or your neighbors’. Some people live to spend; others are hardcore savers. Most fall somewhere in between. The key is to understand your values and stay true to them.
A great example is the concept of the “$30K Millionaire.” It’s a term I first came across sometime back, and according to Urban Dictionary, it refers to someone who earns about $30,000 a year but tries to live like they make millions. You’ve probably seen someone like this: driving a leased BMW, living with their parents, or blowing their paycheck at the club for a VIP table—but then not being able to afford drinks. It’s a façade of wealth with none of the financial foundation to back it up.
This kind of behavior highlights an important truth: those who look wealthy often aren’t, and the truly wealthy rarely feel the need to show it off.
The classic book The Millionaire Next Door drives this point home. The authors found that professionals like doctors and lawyers, despite earning high incomes, often end up financially stressed. Why? Because they move into upscale neighborhoods, take on large mortgages, buy luxury cars to fit in with their peers, and spend to match the lifestyle around them. As a result, they often struggle with debt and fail to build lasting wealth.
In contrast, the millionaires who accumulated wealth the fastest were the ones who didn’t let their spending rise in step with their income. They stayed grounded, lived below their means, and focused on growing their assets rather than showing them off.
So, instead of being the “$30K Millionaire,” I encourage you to be a real millionaire—the kind who prioritizes wealth accumulation over appearances. Because ultimately, financial freedom isn’t about how you look to others—it’s about the peace and possibilities that come with real, sustainable wealth.
Sign 4: Your Liquid Net Worth Is Consistently Growing
The fourth sign that strongly indicates you’re on the path to becoming a multi-millionaire is your liquid net worth is steadily increasing. In simple terms, your liquid net worth includes the assets you can quickly convert to cash—like your checking and savings accounts, investment portfolios, retirement accounts (such as IRAs and 401(k)s), and other easily accessible funds. It does not include illiquid assets like your home or car, because converting those into cash is rarely quick or easy.
Think of your liquid net worth as the financial fuel that powers your journey toward wealth.They’re available to invest, reinvest, or access in times of opportunity or emergency.
One of the best ways to ensure this number grows over time is simple: track it regularly. Personally, I use a spreadsheet to monitor my net worth, and I’ve been doing this for over six years. It’s not complicated, and it’s incredibly effective.
Start by jotting down the balances of your checking accounts, savings accounts, IRAs, 401(k)s, brokerage accounts—anything that represents accessible wealth. Do this once a month, or at least quarterly. You don’t need fancy tools or apps (though those help); even a basic spreadsheet will do the job.
The benefits of this habit are twofold:
- Perspective and Motivation: When you look back six months or a year and see clear growth in your liquid net worth, it reinforces the value of discipline and smart money decisions. That kind of visual proof can be incredibly motivating.
- Mindful Spending: Similar to tracking calories when trying to eat healthier, tracking your net worth keeps your financial goals front and center. When you’re more aware of your money, you naturally make better choices. You’ll be more likely to skip the impulse purchase and choose the financially smarter option instead.
I saw a meme recently that summed this up perfectly. It said:
“The ‘It’s only $5, why not buy it?’ mindset has probably cost me $10,000 over the years.”
And it’s absolutely true. Small, mindless expenses add up faster than we realize. By paying closer attention, you’ll start to reclaim those dollars and redirect them into your growing liquid assets.
Now, let’s talk goals. Ideally, a milestone worth aiming for is$1 million in liquid net worth. At that level, your money gains real power and scale. Of course, that’s a long-term goal—and if you’re not there yet, start with something more achievable like $100,000.
To understand the power of scale, let’s break it down:
- A $10,000 portfolio with a 10% annual return earns you $1,000.
- A $100,000 portfolio earns $10,000 on that same return.
- And a $1 million portfolio? That’s $100,000 in gains per year—passive income that could replace your job or dramatically boost your financial security.
The more your portfolio grows, the more compound interest and market returns start working in your favor. So yes, it takes time to build—but as your liquid net worth increases, you’ll experience the exponential effect of wealth-building.
Tracking your liquid net worth and ensuring it rises year over year is one of the clearest indicators that you’re not just earning money—you’re managing it like a future multi-millionaire.
Sign 5: You’re Taking Strategic Action to Maximize Your Current Financial Situation
The fifth sign that you’re firmly on the path to becoming a multi-millionaire is that you’re actively taking steps to optimize your current financial position. This means you’re not just earning and saving—you’re thinking strategically, using every tool at your disposal to make your money go further and work harder.
One of the most effective ways to do this is by leveraging tax-advantaged accounts. For instance, maxing out your retirement accounts—like a 401(k) or an IRA—not only helps you build wealth for the future but also reduces your taxable income today. Similarly, opening and funding a Health Savings Account (HSA) is a smart move if you qualify. HSAs are triple tax-advantaged: your contributions are tax-deductible, the money grows tax-free, and withdrawals for qualified medical expenses are tax-free as well.
Taking control of your finances in this way looks different depending on your age and life stage:
- If you’re younger, perhaps in your 20s or early 30s, your strategy might lean toward growth and risk-taking. You may be fully invested in equities, aiming to maximize returns and build wealth aggressively while time is on your side.
- If you’re older, especially nearing retirement, your focus may shift toward capital preservation. At this stage, it’s crucial to safeguard the wealth you’ve built. You might reduce risk in your portfolio and start drawing up a strategy that ensures your assets will support you through retirement.
This stage also includes proper estate planning. Many people overlook this, but it’s a crucial step for long-term wealth protection. A well-thought-out estate plan helps reduce estate, gift, and inheritance taxes, and ensures your wealth is transferred smoothly to your heirs or chosen beneficiaries. It’s not just about having a will it helps structuring your assets in a way that minimizes tax burdens and legal complications for your loved ones.
But above all, what this signs really emphasizes is proactivity. You’re not leaving your financial future to chance. You’re:
- Creating and following an investment plan
- Budgeting with intention
- Finding ways to legally reduce your tax liability
- Identifying areas where you can cut back or reallocate funds
- Learning and adapting your strategy as you grow
If you’re doing any or all of these things, you’re well ahead of the average person—and on track to achieving multi-millionaire status.
Honestly, just the fact that you’re reading content like this or watching videos about financial growth already puts you in a different category. You’re investing in your financial literacy and showing a commitment to long-term wealth building. If you’re subscribed to channels or newsletters focused on money, mindset, or investing—you’re feeding your brain with the right inputs.
So ask yourself: What action am I taking right now to better my financial future? And if the answer is anything more than “none,” then you’re already on your way.
