How To Become A Millionaire By 40 ( Step by Step Guide )

You want to be rich by the age of 40 and you have started to look at how to become a millionaire by 40. You have come to the right place.

Becoming a millionaire by age 40 sounds like a dream that is impossible to achieve, however, it is possible for those who know the right steps and set reasonable goals.  

Every year, tens of thousands of people across the world reach multimillionaire status. Some are born into it while many others build their wealth by playing the market, starting a company, or inventing something.

But not everyone has the opportunity to make this happen. You could be the next millionaire if you take action. We have listed a few ideas on how you can become a millionaire by 40, so let’s get started!

If you are looking to get some quick money, here are some ideas

  1. Unclaimed Cash – Check to see if you are owed money from banks or the government
  2. Survey Junkie – Get paid for taking surveys 
  3. RobinHood – Get a free stock worth up to $200 
  4. Ibotta – Get paid for uploading your receipts 
  5. InboxDollars – Earn cash for watching videos
  6. Toluna – Get paid for your opinions
  7. Swagbucks – Earn gift cards for taking surveys
  8. Coinbase – Earn up to $167 worth of Crypto while learning about Crypto
  9. BlockFi – Get up to a $250 bonus in Bitcoin with a deposit

The First 3 fundamentals of becoming a millionaire are to earn money, save money and invest money. Let’s go through these fundamentals in detail below so you can be a millionaire by 40.


Ways to Earn Money

The easiest way to start earning money is to work for someone else hence your first step is to get a high-paying job.

You need to skill up yourself as quickly as possible. Some of the highest-paying jobs are in the medical industry. For example, Anesthesiologists, Surgeons, Orthodontists, Dentists.

If you do not want to be in the medical industry and you have great communication skills, then you should consider jobs in Sales that pay commission and move up to a sales manager role.

You need to always push for more money! You need to ask for things like health insurance or retirement packages.

If you are starting a new job, you could also ask for a higher starting salary or even a signing bonus to help ease the transition into your new position. Your employer might say no the first time around- but after some negotiation and flexibility on both sides, they may agree!

If you don’t have the skills to earn money in a 9-5 job or you don’t want a 9-5 job then you can work at a building site, grocery store, coffee shop, or even for yourself by driving for Uber or Lyft. Remember the more you work, the more money you’ll make and this is just a start!

You can also find ways to make money on the side like selling your stuff online, reselling items on sites like eBay, or tutoring students in subjects they need help with. These are great ways to earn extra cash when you’re not working full-time.

You can also start getting paid for taking surveys on platforms like Survey Junkie and Swagbucks, get paid for uploading your receipts using sites like Ibotta, earn cash for watching videos InboxDollars, Get paid for your opinions on Toluna,

If you have knowledge about a certain topic, then you can also start creating blogs ( just like this one) or become a social media influencer to start earning money.

If you have skills and some spare cash, another option is to start your own company that will provide products and services people want at a price they’re willing to pay that allows for profit margins.

For example, you have done extensive research on an app that will change the world but if you don’t know how to code it yourself, there are ways around it. You can hire a CTO (Chief Technology Officer)/ app developer either by paying a salary or you can hire someone from Fiverr just to work on specific tasks.

Tip: If you think you have a million-dollar idea and you don’t have money to spend, you can always get a loan as long as you know you can pay it back.

Other options include getting creative and coming up with ideas like selling homemade crafts or home goods on websites like Etsy or Bonanza.

You could also create marketing materials for businesses who lack the expertise necessary in this area and offer them at a discounted rate in exchange for them mentioning your name when promoting their business.

Ways to Save Money

Now that you know how to earn your money, it’s time to start saving some. You should start saving money as an emergency fund or investing the money that you desire in the future like a home or a luxury car. Here are some of the ways you can start saving money to reach your goal to become a millionaire.

1) Find discounts– Sign up for online newsletters so you can find the best deals.

2) Budget for what you use– Don’t pay for services that you don’t need or want. You can automate this task by using Truebill that helps you track your spending and lower your bills.

3) Do your research– Compare prices with other companies to see who has the best offer.

4) Buy used– If you’re looking to buy something, buy it used, rent it, borrow it, or share it with someone before buying new.

5) Get a second job– Sell items on eBay or Craigslist or do freelance work like tutoring or dog walking to make extra money.

6) Have a monthly budget and stick to it – It is important to plan your household budget and you need to stick with it. Read more about how to stick to a budget.

Ways to Invest Wisely

Investing is key to financial success. You can invest in many places, but it’s important that you be smart about where you put your money.

If you’re looking for a way to make more money, there are plenty of options, like playing the stock market or starting your own company. But if you don’t have the time or expertise to accomplish this, then you might want to consider investing in stocks and bonds through an advisor or broker.

But before you start throwing your money around, it’s important that you invest wisely. Here are a few tips for doing just that:

1) Get educated – Before investing in any asset, you should get educated. There are many ways to get educated these days. Listen to podcasts, watch videos on YouTube, read books, or buy a course from a reputable writer.

You may hear people getting rich quickly however you shouldn’t always trust what you hear or see. There may be a small percentage of people who have become rich quickly but there have been more who have lost money in the process of becoming rich. If you are not investment savvy and you get starting out you should get professional help or get a mentor.

2) High-interest savings account – You should start as soon as possible. If you are in your 20s or your 30s, you should start as soon as possible to be a millionaire by the age of 40. One of the ways you can invest your money is to put at least 20% of your income towards a high savings account.

Investment is risky, however instead of keeping your money in the bank with a near-zero interest rate, you should look at investing your cash. Depending on your age, you should look at higher-risk high-reward assets like crypto or lower-risk assets like property and stocks.

Remember, if you’re not taking some risks then you’re settling for too little.

3) Invest in a startup – One of the most overlooked opportunities for increasing your wealth is investing in new products and services before they hit the market.

It’s not as difficult as you might think to find these opportunities. You can sign up for email updates on new products and services, watch industry news and blogs, and be active on social media by following companies and influencers on LinkedIn and Facebook.

Though it takes some time to research each opportunity, this level of effort has the potential to pay off by helping you invest in something that will increase your wealth exponentially. This is because you’re able to buy at a time when demand is low (when it first hits the market), which means you’ll be able to sell goods for a higher price later on down the line.

4) Buy stocks – It is a safe investment, but for some people, it can be too risky. For others who want something low-risk, there are other investments that offer higher returns on the money they put into it. Below two platforms are a great way that you should check out.

RobinHood – Get a free stock worth up to $200 

5) Buy cryptocurrencies – Cryptocurrencies have made several millionaires. You should invest some of your cash in cryptocurrencies. However, you should think of it as a long game. People get into cryptocurrency for a quick profit but if you don’t know the market inside out, you will get rekt.

You can get started using the below platforms.

Coinbase – Earn up to $167 worth of Crypto while learning about Crypto

BlockFi – Get up to a $250 bonus in Bitcoin with a deposit

6) Buy properties – Properties are a great investment. They are tangible assets that will grow in value over time. However, you must pick the right property in the right location. Don’t just look at the price of the property, look at the history of price growth in the area, demographics, and if you have an opportunity to grow the value of the property through strategies like renovation.

7) Buy or start a business – You should look at starting or buying a business. Businesses provides cash flow that no other way could provide. Whether it is an online business like eCommerce or a physical store, you should consider this option to grow your wealth. However, you need to prepare to work hard.

You will hear about passive investments but buying or starting a business will not be passive. You will need to put your time, effort, and money to grow your business and you will be rewarded in the future.

Looking for more ideas:

How to invest more than $20k

Invest $100 to make $1000

If you want to be a millionaire, you should start some of these habits soon:

Spend less than you earn

It’s tempting to go out and spend your entire paycheck, but this is a recipe for disaster. Not only will you find yourself living paycheck to paycheck and in debt, but you won’t have any money saved up for investment or emergencies.

The best way to spend less than you earn is to automate your savings. Sign up for an account that automatically deducts a percentage of your income from each paycheck and puts it into a separate savings account. Then you’ll never miss the money because it’s already gone before you get paid.

If an automatic account isn’t possible, set up a plan with yourself so that when payday rolls around you don’t touch the money at all. Put it in an envelope and don’t let it out of your sight until you’ve put in away in the bank or in a safe spot at home.

There are other ways to spend less than you earn which include buying things on sale, baking your own bread instead of buying pre-made loaves, and getting groceries when they’re on sale instead of paying full price when they’re not on sale.

Buy assets that appreciate not depreciate

In today’s economic climate, it is wise to diversify your investments. One of the most popular strategies is to invest in things that appreciate rather than depreciate.

Some of the most valuable assets people hold are items that appreciate in value over time, not depreciate. For example, purchasing property is an excellent investment that can grow in value or be rented out to make money. Another example is buying art ( NFT or non-NFT) because these pieces usually increase in price over time.

If you invest in an expensive car, that is a bad investment as it is a depreciating asset.

Understand good debt and bad debt

Ever heard the phrase, “don’t live beyond your means”? But if you’re in business, how can you not live beyond your means? But don’t worry- it’s possible to live within your means and still grow.

The trick is understanding good debt versus bad debt. Good debt is when you are investing in things that are going to make your company grow or give you a return on investment. Bad debt is when you’re spending money on things that just aren’t going to do anything for your business.

For example, let’s say you need to purchase new equipment for your company. That will help increase sales but it isn’t an immediate return on investment.

Or let’s say that one of the employees has left unexpectedly so you need to hire someone new. The employee won’t be able to start immediately so there’s no immediate return on the investment but they’ll be working for months or years in the future so hopefully, their work will pay off in the long run!

Good debt is also investing in property that will appreciate in the future however bad debt is buying a luxury car that will depreciate in value. Always buy things that will appreciate in value.


In conclusion, there are a variety of factors that will play into whether or not you’re able to become a millionaire by the time you’re 40 years old.

There are less than 10% of the population in developed countries who are millionaires.

If you’re currently struggling with debt, there’s no shame in starting there and cutting back or going without until your balance is paid off. Once you’ve cleared up your debt, it can be easier to chip away at other goals, such as saving for retirement and property ownership.

It is possible for anyone to become a millionaire by the age of forty. With this information, make your dreams a reality!

Remember, it’s never too late to start a journey towards financial independence!

We hope this article has given you the necessary knowledge to become a millionaire by 40. Make it happen!