10 Ways to Become the Secret Millionaire on the Block

Accumulating wealth doesn't always boil down to getting paid a large salary or being blessed with a generous inheritance. Average people wind up becoming millionaires all the time, and if that's your goal, here are a few things you can do to achieve it.

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Sticking to a budget will help you better manage your money, and from there, you'll have an easier time saving and investing more of it. To set up a budget, just list your ongoing expenses, factor in those once-a-year expenses that still eat away at your income, and compare your total spending to your earnings. Ideally, you should have enough room left over to bank some money month after month, and if not, you'll know to make some changes.

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There's no sense in working hard if you can't use your money to enjoy life. But if you want to grow wealth, you'll need to spend judiciously. To this end, set priorities so that when you do choose to indulge, you do so in a manner that's meaningful and truly beneficial to you.

You might earn enough money to afford a $750,000 home and a $60,000 car. But if you can learn to be happy with a $400,000 home and a $30,000 car, you'll put yourself in a great position to save a lot of money and eventually become very rich.

That expensive sports car your neighbor drives? You may have no idea how much debt he racked up to swing it. If you want to become a millionaire, don't waste money attempting to outspend the people you know. Instead, learn to be happy with what you have.

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When it comes to growing wealth, time is the greatest weapon you can use to your advantage. The sooner you begin saving and investing, the more opportunity you'll have to benefit from compounded returns.

5 Winning Stocks Under $49
We hear it over and over from investors, “I wish I had bought Amazon or Netflix when they were first recommended by the Motley Fool. I’d be sitting on a gold mine!” And it’s true. And while Amazon and Netflix have had a good run, we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Simply click here to learn how to get your copy of “5 Growth Stocks Under $49” for FREE for a limited time only.

Ideally, you'll get a raise each year you stay in the workforce, or at least most years. The good thing about raises is that they're extra money, not money you're already used to. If you save those raises, you'll add to your pile of wealth.

When extra money comes your way, it can be tempting to spend it on something fun, like a vacation. But if you want to become a millionaire, you'll need to be more disciplined and save that money instead.

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Stocks may be volatile and do carry some risk, but they could also be your ticket to winding up rich. If you don't know a lot about buying stocks, there are alternative options you can explore that don't require you to sink hours into researching different companies and digging into their financials. Index funds, for example, give you broad stock market exposure and are a good wealth-building tool.

The less money you lose to taxes, the better. That's why it pays to save in tax-advantaged accounts like IRAs, 401(k)s, and HSAs (health savings accounts). Now, these plans do come with different rules. For an IRA or 401(k), for example, you'll be penalized for removing funds before age 59 1/2, and with an HSA, funds withdrawn for nonmedical purposes are penalized as well. But the tax benefits alone are worth those restrictions.

If you want to grow a lot of wealth, don't throw away money on interest. It's that simple. While it's OK to carry a mortgage, you should aim to steer clear of unhealthy debt, like that of the credit card variety.

5 Winning Stocks Under $49
We hear it over and over from investors, “I wish I had bought Amazon or Netflix when they were first recommended by the Motley Fool. I’d be sitting on a gold mine!” And it’s true. And while Amazon and Netflix have had a good run, we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Simply click here to learn how to get your copy of “5 Growth Stocks Under $49” for FREE for a limited time only.

If your goal is to become a millionaire, following these rules could be your ticket to achieving it. And the sooner you embrace these ideas, the more likely you'll be to attain millionaire status in your lifetime.

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