Wealthy people usually aren’t born that way. Most spend their lives amassing their fortunes by working hard, spending little, saving a lot and investing wisely. It may sound like a simple strategy, but the fact that the vast majority of Americans fall short of millionaire status proves that it’s easier said than done.
Only 5.8% of the country, or about 7.2 million households, qualify as actual millionaires. To reach that bar, you must have investable assets of $1 million or more, excluding the value of real estate, employer-sponsored retirement plans and business partnerships.
But you see, you can be a millionaire, virtually anyone can. Read the obstacles to being a millionaire. You will see that you can overcome them, by hard work and prudent money management and gaining the necessary knowledge about investing.
And keep in mind, that how you spend money is as important as how you save it.