How Long Does It Take To Become A Millionaire?

February 16, 2023

In this highlight, we discuss how long it takes to become a millionaire. This highlight clip comes from our show, “The Most Valuable Asset in Building Wealth!”


Many people believe that personal finance is only relevant to young individuals. However, this is far from the truth. While it is true that younger people have more time on their hands, it is never too late to start taking control of your finances.

A lot of people believe in get-rich-quick schemes, but the reality is that becoming a millionaire typically takes 27 years. This is according to a study conducted by Ramsey Solutions, which is the largest study of millionaires to date. The average age of a millionaire is 49 years old, which means it takes them over 27 years of saving and investing to reach this status.

This may seem daunting, but the truth is, it’s never too late to start. For example, if you are 35 years old and just starting to take control of your finances, you can still reach millionaire status by the time you’re 62, which is before normal retirement age. If you wait until you’re 40 years old, you can still reach millionaire status by 67, and if you wait until you’re 45 years old, you can still become a millionaire by your early 70s.

If you’re 49 years old and feel like you missed the boat, it’s not too late for you either. Your journey may look a little different, but with a deliberate and purposeful approach, you can still reach millionaire status by your mid-70s. The key is to start taking control of your finances today and using your time wisely.

Personal finance is not just about accumulating wealth; it’s about building a life of abundance, happiness, and fulfillment.

Money is just a tool, but it can be used deliberately to maximize your potential and live the best version of your life. The world is full of advertisements and propaganda that aim to manipulate you into thinking that you need certain things to be rich and happy. However, this is not the case. We want to spread the truth and show you how to build wealth in a way that is sustainable and meaningful.

In conclusion, it’s never too late to start taking control of your finances. No matter your age, you can still build wealth, achieve financial freedom, and live a life of purpose and happiness. By being an active participant in your financial journey, you can create a legacy that you can be proud of.



Most Recent Episodes

What I Learned From Being BROKE!!! (And Why I Wouldn’t Change It)

No one disputes the fact that being broke isn’t great. We want to spread the word that no matter where you came from, you can build wealth. In this episode, Brian and Bo share personal stories about their journey to wealth and lessons they learned along the way....

Top 10 Mind-Blowing Money Stats (2023 Edition)

These 10 money stats will blow your mind! We’ll discuss the unbelievable amount of money Americans save, when most reach millionaire status, and how many Americans carry a credit card balance. Research and resources from this episode: Most Americans don't have enough...

Wealth Multiplier Revealed: The Magic of Compound Interest!

There’s a reason why Albert Einstein called compounding interest the eighth wonder of the world! Do you know exactly how it works and how much your dollars could turn into by retirement? The Money Guy Wealth Multiplier can show anyone just how powerful every dollar...

From $0 to Millionaire in 10 Years (Is it Possible?)

How can you become a millionaire in 10 years or less? We’ll discuss common ways we see millionaires build wealth quickly, including through real estate, entrepreneurship, and the stock market. Discover how real wealth is built and why building wealth quickly may not...

Financial Advisors React to INFURIATING Money Advice on TikTok!

Brian and Bo are BACK to react to some more TERRIBLE financial TikTok advice! Join us as we take a look at some of the worst financial advice on the platform and tell you what to actually focus on in your own financial life. Enjoy the Show? Sign up for the Financial...

Investing Showdown: Dollar Cost Averaging vs. Lump Sum!

It’s a debate as old as time: what’s better, dollar cost averaging or lump sum investing? In this episode, we’ll cover the nuances and pros and cons of both, including in-depth case studies comparing investors at different times. Research and resources from this...

Is Inflation Really Ruining Your Finances? (You Won’t Like the Answer)

Inflation has changed our daily living expenses dramatically over the last few years. While we can’t control all of our expenses, there are many things in your control that can help you become a Financial Mutant and build wealth better than your peers. Enjoy the Show?...

Are $1,000 Car Payments Becoming the New Norm?!

New data shows more Americans than ever have car payments over $1,000. Is this becoming the new normal? How much could having a car payment of $1,000 be costing you for retirement? For more information, check out our Car Buying Checklist!