This piece is part of my 2016–2026 archive migration. Some original formatting, content, and external links may be missing, changed, or not be optimized.
1 Million Dollars Still Counts For Something
As inflation and the cost of living index continuously rise, the basic need for money is far from extinct; if anything, we need more. Yes, a million dollars doesn’t go as far as it used to, but for most people – who don’t overspend – a million dollars can carry you quite far.
If you’ve read articles that shame people who desire to be a millionaire, leave those articles alone.
Becoming a millionaire is a massive milestone that most people never experience. One million dollars can still do a lot in our current economy. It can:
Cover multiple college educations.
Buy a new car in cash.
Buy a new house in cash.
Make hundreds or thousands of mini investment opportunities.
Be enough to live off (if appropriately invested).
Provide funding for friends, family, loved ones, and those in need.
Cover health costs.
Pay off debts for yourself and your family.
Of course, it often takes a process to get here, which is laid out below…
The 10 Steps To Becoming A Millionaire
Build a 1-month emergency fund.
Build a 3–6 month emergency fund.
Build a 6–12 month emergency fund.
Save your first 100 thousand dollars.
Save your second hundred thousand dollars.
Save your third hundred thousand dollars.
Save your fourth hundred thousand dollars.
Save your fifth through ninth hundred thousand dollars.
Save your tenth hundred thousand dollars.
Millionaire status – Lottery Ticket.
I put the fifth through ninth hundred thousand dollars together because, after your fourth hundred thousand dollars, it goes downhill from there due to compound interest as long as you invest wisely.
The first 100k is the hardest.
Saving the first hundred thousand dollars takes up most of the uphill battle; the remaining saving has a few bumps in the road but is mostly downhill due to compound interest.
Some people utilize a home purchase to inflate their net worth. It’s not an imprudent move – especially if you plan to pay down your mortgage at a relatively quick rate, creating the opportunity to tap into your equity to invest in other properties or financial opportunities.
At the end of the day, if you have 700k in real estate equity, that still counts though it’s not the same as liquid funds.
How Do I Save A Hundred Thousand Dollars 10x?
The biggest question becomes: Okay, how do I create the opportunity to save that much money in the first place?
Great question. There are three primary avenues to explore:
Employment (including contractors and self-employees)
Passive income
Investing
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You can create the opportunities necessary to build a million-dollar portfolio through these three avenues. Aim to establish your own rates. When you create your own wages, you have more control over your time. Building passive income and investing are the best ways to build wealth because they require less time in the long run, and they keep working for you 24/7. Our bodies cannot do that, which is a con of the employment avenue. Creating your own business can fall into any of the three avenues listed above. The best businesses are the ones that require less work on the back-end, aka money generator businesses.
Finally, I highly recommend the following two books to pay fewer taxes as you continue to build your income level:
What Your CPA Isn’t Telling You by Mark J. Kohler, CPA, J.D.
Tax-Free Wealth: How to build massive wealth by permanently lowering your taxes by Tom Wheelwright, CPA
As my friend studying for her CPA exam told me the other day, it’s not tax evasion; it’s tax avoidance.
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.