Imagine the bragging rights — none of your relatives would dare question your decisions again. You could simply reply, “Excuse me, are YOU a millionaire?”
And as a millionaire, you’d have the means to support family members if that’s something you want to do.
But how do you reach that first million? A well-paying career and smart investments certainly help. We’ve also gathered a handful of practical strategies to boost your finances both now and over the long haul.
Try these:
1. Stop Waiting and Start Investing
Ultimately, investing is the real engine behind wealth accumulation — including hitting that initial million-dollar milestone.
If you feel like you don’t have enough cash to invest, you’re in good company. The truth is you don’t need much to begin — and there are even ways to get free shares (valued between $5 and $200!) if you know where to look.
Whether you’ve got $5, $50 or $500 to spare, you can begin investing with Robinhood.
You’ve likely heard of Robinhood. Both novice investors and seasoned traders like it because it charges no commission fees, letting you buy and sell stocks without transaction costs — and it’s extremely user-friendly.
The best part? When you install the app and fund your account (a process that takes just a few minutes), Robinhood credits your account with a free random share. That free stock could be worth anywhere from about $5 to $200 — a small push to get your investment portfolio started.
2. Stop Funding Your Credit Card Company
You won’t reach millionaire status if you’re weighed down by credit card debt — it’s the priciest kind of debt. Credit card companies profit from steep interest rates, but a service called AmOne can help you reclaim control.
If your total credit card balances are $100,000 or less, AmOne can pair you with a lower-interest personal loan to consolidate and pay off those balances.
The upside? You’ll end up with a single monthly payment. Because personal loans often have lower rates (AmOne loans start around 6.40% APR), you’ll eliminate debt more quickly. And you won’t have to make credit card payments this month.
After two decades in business, AmOne holds an A+ ranking with the Better Business Bureau. It takes just a couple of minutes to check if you qualify online for up to $100,000. You will need to provide a valid phone number to complete the eligibility check, but they won’t bombard you with calls.
3. Earn Rewards for Grocery Shopping
Groceries are pricey these days. Fortunately, a free app called Fetch Rewards pays you with gift cards for buying brands like toilet paper and hundreds of other products at the supermarket.
Here’s how it works: After installing the app, snap a picture of your receipt showing purchases of qualifying brands listed in Fetch. You’ll earn points that can be redeemed for gift cards to retailers like Amazon or Walmart.
You can download the free Fetch Rewards app here to start collecting gift cards. With over a million users already, it’s clearly a popular way to get a little more value from everyday shopping.
4. Stop Overpaying When Shopping Online
Wouldn’t it be great to get a heads-up whenever you’re about to pay too much on Amazon or Walmart.com?
That’s exactly what a free browser tool does for you.
Install it on your browser at no cost, and before you complete checkout it will search other retailers — including Walmart and eBay — to see if the same item is cheaper elsewhere. It also supplies coupon codes, price-drop alerts, and price history.
For example, if you think you found the lowest price on a pair of shoes, the tool will notify you if the identical shoes are available for less somewhere else.
Over the past year this service has helped shoppers save roughly $160 million. You can begin in just a few clicks to find out if you’re paying too much online.
5. See If You Can Get Car Insurance for as Little as $19/Month*
When did you last comparison-shop for car insurance? Many people are likely overpaying on their current policies.
If it’s been more than six months since you checked rates, it’s time to look again.
Using a site like InsuredNation could trim your costs by as much as $500 a year*.
It takes only a couple minutes to answer a few questions, and InsuredNation’s matching tech will surface insurers that fit your needs. And rest easy — InsuredNation employs strong encryption and data security to protect your information.
The site is free to use and may save you up to an additional 20% if you add another vehicle to the same policy. You might end up paying as little as $19 a month* for coverage.
InsuredNation has already assisted millions of consumers in finding more affordable car insurance. See how much you could save by switching.
*average expenditure $88/mo.
6. Leave Your Loved Ones Up to $1.5M
You can make your family wealthy after you’re gone. Interest in life insurance surged during the pandemic as more Americans recognized the need for coverage.
Many people prefer no-exam life insurance to avoid visiting a doctor. Companies such as Bestow use algorithms rather than in-person exams to evaluate applicants.
Rates can start around $20 per month, and you could provide your family with up to $1.5 million in coverage. The assurance that your loved ones are financially protected is invaluable.
If you’re under 54 and want a quick life insurance quote without leaving home, get a free quote from Bestow.
Sam Greenwood ([email protected]) is a senior writer at Savinly. He hasn’t reached millionaire status yet — but he’s working on it.
*Bestow: Policies are issued by Bestow Life Insurance Company, Dallas, TX on policy form series BLI-ITPOL. Bestow Life Insurance products may not be available in all states. Policy limitations or restrictions may apply. Not available in New York. Our application asks lifestyle and health questions to determine eligibility in order to avoid requiring a medical exam. Prices start at $10/month based on an 18-year-old male rated Preferred Plus NT for a $100k policy for a 10-year term. Rates will vary based on underwriting review.
