From Yahoo Finance: 2025-06-09 15:45:00

The U.S. has the highest number of millionaires globally, with 22 million millionaires accounting for 6.6% of the population. Most millionaires did not inherit wealth or earn six-figure salaries, according to a Ramsay Solutions study. Saving and investing consistently can lead to millionaire status, even without a high salary.

By investing $100 a month in a Roth IRA with a 12% annual return, you could amass $1.04 million by age 62. Compound interest plays a significant role in wealth accumulation, making it possible to reach millionaire status without a large inheritance or high salary.

Consistent investing in an IRA and other accounts with compounding interest can lead to greater wealth than relying on salary increases alone. Automate your savings and investments to ensure consistent contributions, avoiding lifestyle inflation and unexpected costs to build wealth effectively.

Renting in big cities can be unaffordable, while buying a home can lead to increased equity and wealth accumulation over time. Property values have consistently increased, and paying off your mortgage faster can accelerate equity growth, potentially leading to millionaire status through home ownership.

Becoming a millionaire is achievable through consistent saving, investing, and property ownership, without needing a high salary or inheritance. Utilizing compound interest, property value appreciation, and smart investing strategies can lead to a seven-figure net worth over time.



Read more at Yahoo Finance: Why You Don’t Need a High Salary To Be a Millionaire