Most millionaires don’t come from generational wealth. Only around 20% of them inherited money from their families — the remaining 80% are self-made.
Those 80% have shifted their mentality to achieve their dreams and goals.
Here are five actionable steps you can start today to begin your own journey toward a millionaire life.

Erika Taught Me
- Your time is valuable — don’t waste it on things that don’t matter.
- View your mistakes as learning opportunities and don’t fear risk.
- It’s okay to splurge sometimes, but you don’t need to always keep up with everyone else.
. . .
1. Simplify Your Life
Decision fatigue is real. It happens when you have too many options and your brain gets exhausted. (This is when you begin to make impulse purchases.)
When you stop wasting your mental energy on things that ultimately don’t matter, like getting dressed in the morning, you have the capacity to make clear decisions on the things that do.
I used to care way more about what I wore. I’d spend the morning shuffling through my closet, wasting energy on putting an outfit together. After simplifying my closet to basics and things I actually like, it now takes me two minutes and I move on to the next thing in my day.
You might have seen people like Mark Zuckerberg or Steve Jobs do something similar. Jobs wore the same black turtleneck every day to take the guesswork out of getting dressed.
It saves time and energy, both of which are of extreme value to you!
2. Value Your Time
I used to have a DIY attitude and would bend over backward just to save $20.
But when I realized my attitude was costing me tons of my time, I changed my mindset. I stopped wasting my precious time and began outsourcing stuff — even things like laundry, which eats up my time at home!
That DIY mindset doesn’t always serve you best, and just because you can do something yourself doesn’t mean you should.
I could spend hours making mediocre graphics for my YouTube channel, but instead, I pay someone who’s way better at it than me to make them in a quarter of the time.
Stop wasting your time and outsource the things that make sense to take off your plate, so you can focus on what’s important for you.
READ MORE: Short-Term vs. Long-Term Financial Goals
3. Don’t Fear Failure
Thomas Edison failed a thousand times before he successfully created the lightbulb.
Instead of calling them “failures,” he said that the path to the lightbulb simply required a thousand steps.
Every risk and failure is a learning opportunity.
Take calculated risks when you have fewer responsibilities. When you’re young, you might have less overhead to worry about, like a house or kids, so it’s the perfect time to go all-in on your passion to build the life you want.
I took the risk of quitting my job as a lawyer to start my business, and it turned out to be the best decision of my life!
I was scared to give up the comfortable paycheck and stability, but only by leaving these things behind could I start living my life the way I wanted to.
READ MORE: How To Start a Business With No Money
4. Be More Frugal
It’s simple math: The less you spend, the more you save.
And, when you save, you create a financial buffer that allows you to take more of those calculated risks that lead to the successful life you envision for yourself.
Our world teaches us to “keep up with the Joneses.” We don’t want to have the smallest house in the neighborhood or the oldest car at the office. We want to follow trends and fit in — which requires constant spending as stuff comes in and out of fashion quickly.
We see these as necessary expenditures, but are they really?
Start working toward being content with what you have, rather than comparing yourself to your friends and neighbors. Having less while still getting by is a simple way to save a lot of money.
Don’t get me wrong — this doesn’t mean we need to be miserable! What I’m describing is just a way of life that can lead to increased savings.
It’s not wrong to splurge every once in a while, like upgrading your laptop or buying a new outfit. But, in general, the more frugal you are, the sooner you can get to your savings goals.
When I graduated college and started my corporate law job, I noticed many of my coworkers spending their paychecks on expensive cars, nice apartments, and high fashion.
While none of these things were inherently bad, my coworkers weren’t saving very much because all their money went to car payments and high rent.
By driving my college car, staying in a smaller apartment, and eating out only a couple of times a week, I saved loads of money.
Be wary of the lifestyle creep! Live frugally and you’ll start to see your savings swell.
5. Surround Yourself With Inspirational People
Motivation often comes from those we look up to. When we admire people who are focused, passionate, and encouraging, they help us rise, too. So, surround yourself with those who have ambition and see your potential.
In movies about heroes, all the main characters have mentors who push them beyond their limits. Frodo has Gandalf, Harry Potter has Dumbledore, and Luke Skywalker has Yoda. When our heroes reach rock bottom, their mentor pushes them toward greatness.
Like the heroes’ mentors, our friends and family influence our energy balance.
When I was working in the law firm, everyone seemed to have thought they had “made it.” I could see they weren’t happy, though. We weren’t like-minded, and I didn’t feel like I was at my best around them.
Consider doing an audit of your social circles. Note where your battery gets drained versus recharged. If one person always sends you spiraling, reconsider how much time you spend with them. If someone always leaves you feeling inspired and confident, try to spend more time with them.
Actively spend time with those who charge you up, not bring you down. The negativity of others will never do you any good!
TL;DR: 5 Important Habits of Millionaires
There’s a lot of power in evaluating your habits, and even more when you’re willing to change some of them. Successful millionaires know the importance of simplifying their lives, valuing their time, taking risks, prioritizing saving, and connecting with inspiring people.
When you commit to new habits like these, remember that you are setting yourself up for future financial stability and success!
For more tips on making the most of every day, check out these episodes of the Erika Taught Me podcast:
- This Is Why You’re Feeling Burnt Out
- Happiness Based On Your Personality Type
- How To Put Yourself First and Stop Wasting Time on Meaningless Connections

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Erika Kullberg is a lawyer and the most-followed personal finance expert in the world. She discovered her passion for personal finance after realizing she was drowning in over $200,000 of student debt and needed to take action. She paid off her student loans in under two years and started creating videos on social media to help others learn about personal finance. She's also the host of the #1 rated podcast, Erika Taught Me, where every week she invites a new guest to share their best personal finance, life, wellness, and/or business advice.