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It’s time to invest. But, do you ask yourself ‘how will I become a millionaire’? If you want to save until you earn a million, where do you start?

Of course, you’ll need to focus on saving fast, saving as much as possible, and doing it consistently over the long term in order to get enough stuffed away. Yet, you can’t do it just on interest alone, especially with today’s very low interest-earning power of a bank savings account.

So, what does it take to save enough to become a millionaire? There’s plenty to do and think about. Here, I have had a look at some of the essential factors that should be considered by those wanting to hit the million mark.

According to a recent survey, only 7% of Americans, for example, actually make the goal of saving a million, even though many more people try to reach it. Still, there’s significant allure and determination out there to achieve it.

There are three main factors to consider when it comes to reaching the goal:

  1. How much time do you have to save?
  2. Do you save consistently?
  3. How do you invest the money?

There are many ways to put this puzzle together, but you’ll need to focus on a combination of these three factors to get the results you desire, and that is to become a millionaire.


Time is the most important component in the process. The sooner you begin to save, the less you’ll have to put away simply because compounding interest is available to help grow whatever you tuck away. Consider how many years you have until you retire. Factor in about three per cent inflation. Subtract what you currently have put away and divided the remainder by the years you have left until retirement. That gives you a basic figure to start with.


Of course, you’ll need to save as much as possible to earn a bank account statement with a million. Yet, how much you save depends on how much time you have to become a millionaire. In short, the amount you need to put away needs to be as much as it can be and it needs to be consistent.

How You Invest To Become A Millionaire

Some investors say a combination of 60 per cent equities and 40 per cent bonds is a good balance, but this of course depends on your personal acceptance of risk and to a degree some market conditions.

There are several key factors that can help you to reach that market.

  1. Work with a financial adviser to create an investment portfolio right for your risk tolerance, understanding of risk and your goals.
  2. Cut your budget and costs down significantly to allow more to be put away.
  3. Boost your income whenever or wherever possible to increase your saving power.
  4. Improve your stock portfolio towards equities if you have more than 10 years to go.
  5. Get rid of risky investments or assets costing you money.

A combined effort in all of these areas, and a lot of focus and determination, will get you to the point you want to be. Everyone’s situation is different, but a carefully laid out plan can take you there.

If you would like to know your specific numbers whether that’s a million, saving for specific goals, retirement or even your children’s education, lets us know and we will provide a detailed financial analysis and cash flow modelling of what is required.

About Mike Coady

Mike Coady is an expat expert based in Dubai and is on hand to help with all of the above and more.

Mike is an award-winning money coach and industry leader in the financial sector.

Qualified to UK Financial Conduct Authority (FCA) standards, a member of the Chartered Insurance Institute, a Founding Fellow of the Institute of Sales Professionals (FF.ISP), and a Fellow of the Institute of Directors (FIoD) and featured as a highly qualified Financial Adviser in Which Financial Adviser.

To learn how to choose a great financial adviser, download our free guide.

Blog published by Mike Coady.