7 Ways Everyday People Become Millionaires

According to a report by the Swiss bank UBS, 8% to 10% of us living in the U.S. are millionaires.

Take a peek into the lives of everyday people who started with little but have gone on to make their fortunes. Everyone's path has been slightly different, but here are seven traits shared by many of these wealthy Americans.

Most millionaires eliminate all other debt besides a mortgage on their home. That means not carrying credit card debt from month to month or financing a new boat, ATV, or vacation whenever the whim strikes. They do everything within their power to pay off debt as soon as possible.

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Those who eventually build wealth live within their means rather than stretch their household budget to impress others. That means if they start out earning $35,000 a year, they don't spend as though they earn $50,000. They work with what they have.

Another thing that most wealthy people have in common (even before they become wealthy) is the value they put on having an emergency savings account.

That way, if they run into an unexpected expense, they have enough money to cover it instead of charging it to a high-interest credit card or taking out a personal loan. As soon as funds have been spent, they quickly work to rebuild their account balance so it's there for the next emergency.

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It's no secret that vehicles depreciate in value the moment you drive them off the lot. Rather than lease a car that might tell the world they've "made it," these folks purchase cars they can hold onto.

Instead of trading a vehicle in for a new one every few years, they keep their cars long enough to save up the cash they'll need to purchase their next car outright.

Suppose an employer offers to match a portion of their contributions to a retirement account. In that case, they contribute enough to receive the entire amount the employer matches (and more, if possible).

They take full advantage of an employer's life or disability insurance accounts, health savings accounts (HSA), and even employer legal services. And if an employer offers an employee stock purchase plan (ESPP), they invest at a discounted rate.

Wealthy Americans typically grow their money by automatically investing a portion of their monthly income. The goal is to start by investing as much as possible, eventually increasing it to 20% of their income. That 20% includes the funds that go into emergency savings, retirement accounts, and other investments.

One way they make it easier is to set up a monthly or bi-monthly automatic transfer from their paycheck into these accounts. If the money never hits their checking account, they don't have to fight the urge to spend it.

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Millionaires have learned that minimizing their tax liability is an overall strategy for protecting their personal finances. That means always being aware of everything, from the tax benefits of retirement investing to which expenses are tax deductible.

Some millionaires may start with the seed of an idea for a business and grow it into a massive industry, but most take a far less flashy route to wealth. By disciplining themselves to make the most of every dollar they earn, they slowly build their small fortunes.

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