How to Become a Millionaire if You Hate Managing Money

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  • It's within your reach to become a millionaire even if you don't enjoy financial management.
  • You don’t have to track every dollar or become an investing whiz in today’s world of savings calculators and automation.

You don't have to spend a lot of time to hit millionaire status.

Some people love combing over financial statements, researching investments in great detail, and obsessing over every aspect of their budget to ensure they are on track to meet every one of their financial goals.

But, many people don't. And if you're one of them, it's still possible to be financially successful. In fact, if you just take a few simple steps, you can be extremely hands-off in your money management efforts and still become a millionaire. Here's what you should do.

1. Embrace the 50/30/20 budget

Having control over your spending is important if you want to become a millionaire. But if you hate managing money, making a detailed budget probably isn't for you. The good news is, you don't have to make a budget that accounts for every dollar.

Instead, you could opt for an 80/20 budget. That type of budget basically specifies that you save 20% of income, keep fixed expenses to 50%, and spend the remaining 30% how you see fit. Now, you may need to modify this a bit if you can't hit your millionaire target by saving 20%. It will depend on your timeline. But, if you discover that's the case, then you could do a different version of it such as the 40/30/30 budget.

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The big benefit of this is, once you make sure you're saving enough and your fixed expenses fit within limits, you can spend the rest of your money guilt free without accounting for every dollar -- and still be on track to become a millionaire.

2. Use a simple savings calculator to set your millionaire goals

You're going to need to know how much you must save to become a millionaire -- especially if you have a specific date in mind when you want to achieve this milestone.

Fortunately, a simple calculator on allows you to figure this out effortlessly. It takes minutes to input basic information including:

  • Timeline for investing
  • The amount you're starting with
  • Projected future returns

And the calculator will spit out a number telling you exactly what amount you need to save. You don't need to mess around with fancy formulas or input a lot of parameters to find out your desired monthly savings goal.

3. Automate your investing

After setting your investing goal, set up automatic contributions for that amount to a brokerage account. Depending whether you plan to use your million dollars to support you in retirement or you want access to it earlier, this may be an IRA or a 401(k), or it may be a taxable brokerage account you can access at whatever age you want without penalty.

If you automate your investment contributions, you never have to think about moving money into savings to become a millionaire. It will happen effortlessly as your contributions are moved into your brokerage account without any action from you.

4. Buy ETFs

Finally, you'll have to invest to become a millionaire because otherwise you'd have to save such a large amount, achieving this goal may be out of your reach.

Fortunately, there's a simple and easy investment that's great for people who hate managing money. You can put an appropriate portion of your invested funds into an exchange-traded fund (ETF) that tracks the S&P 500, which is a financial index made up of around 500 of the largest U.S. companies. You can put the rest into a bond ETF that diversifies your portfolio.

ETFs come with low fees and less risk than individual stocks. You can pick one within seconds and automatically transfer money into it. You just need to maintain the right asset allocation. If you subtract your age from 110, you can put that percentage of your money into the S&P fund to gain exposure to stocks and the rest into bonds. Or, you can follow Warren Buffett's advice and keep 90% of your portfolio in an S&P fund at all times.

By following these four steps, you can achieve millionaire status without having to spend much time, if any, on financial management. You'll be able to build the financial security you deserve without obsessing about every little detail and you can focus on enjoying life with plenty of cash in the bank.

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