Money can’t buy happiness (but it sure can help)


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“Money can’t buy happiness.” That is a common phrase, but it’s not exactly true.

I say that, because- Yes, money cannot make you happy on its own. But money can help with the things that bring us joy in life.

Money can be used to purchase experiences and material goods that we enjoy – like traveling or owning a home – and these are all important aspects of living well.

Money can also provide security for ourselves and our loved ones. This gives us peace of mind as we face uncertainty about what lies ahead in this changing world.

This post explores the notion of money not buying happiness in its own right but how it can significantly aide us in reaching our optimal way of living and figuring out how to live like no one else.

What Does It Mean by Money Can’t Buy Happiness?

Money can’t buy happiness. Period. Let’s just get that out of the way upfront.

To the point: money doesn’t bring a person joy in and of itself.

When someone says, “Money can’t buy happiness,” they mean that money doesn’t cure all your ails and fill your life with everlasting happiness.

Not from a health perspective, but from a sense of fulfillment and general satisfaction with your life.

As an aside for the health sense, money can buy happiness if it means it pays for your health insurance and not having money meant you couldn’t get coverage.

The idea behind the phrase is that money only makes people happy when it’s used to buy things they enjoy (experiences, material goods) or provides security for themselves and their loved ones during difficult times.

The main point being made here is that money can’t make someone unconditionally happy on its own-but then again neither does anything else!

So, this should be seen as an observation rather than some sort of moral lesson about what we should do with our lives to work toward our goals.

If you earn $40,000 a year$50,000 a year or even six figures a year, you can still find equal levels of happiness.

The type of work we do can also bring us differing levels of happiness. You might work in manual labor and come home smelling to the high heavens but have the biggest smile you can’t manage to wipe from your face.

Likewise, you might enjoy poring through spreadsheets to understand how a freelance finance content marketing writer side hustle has added to your bottom line.

Just the same, you might hate doing either or both of these and instead seek happiness in other lines of work. You should work in a field you like because you want to and not just for the pride that comes from having a big paycheck.

Working for bragging rights isn’t what should bring you happiness, even if some think success is the best revenge. You might think that no one can say money doesn’t buy happiness when you’re earning six figures per year.

But if your work isn’t bringing you any joy, it’s time to think about what might make you happy and do that instead. You’ll be surprised how much more fulfilling life can be when the things we love are aligned to the things we do.

7 essential Monday money moves

Didn’t get your new year off to a great start? Don’t worry. There’s always Monday. The start of a new week is a popular time to turn over a new leaf. (You’ve no doubt heard the expression “the diet starts on Monday.”) And, no, you don’t need to take time off work to start working on your financial fitness.

There’s plenty of smart stuff you can do simply by logging onto your human resources portal, and a few things you can just as easily address once you’re off the clock. Here are seven money moves to make on a Monday.

Alternate option: Sign up for a newsletter that gives you one money thing to do each week. You’ll be feeling better about your finances in no time!


A health savings account helps anyone with a high-deductible health care plan cover out-of-pocket medical expenses, including copays for doctors’ visits and prescription drugs. If you have an HDHP and you don’t have an HSA, you should look into opening one. (Here’s a guide to get you started.) 

If you do have an HSA, make sure you have enough money going into the account. Contribution limits tend to change year-to-year. In 2019, individuals can put up to $3,500 in an HSA, while families can contribute up to $7,000.

401(k) contributions limits also rose in 2019. Consider adjusting the percentage of your paycheck going into that employer-sponsored retirement account. It’s best practice to max out. For 401(k), 403(b), most 457 plans and the federal Thrift Savings Plan, you can now contribute $19,000 a year.

If that number feels lofty, verify the amount of money your employer will match and aim to contribute at least that much to your 401(k). If you can’t meet either number right away, see if you can up your contributions by 1% over the course of this year. Most employers give employees the option of setting up automatic increases at different intervals. 

Olena Yakobchuk/shutterstock

Check in with your certified financial planner, robo-adviser or fund account manager to make sure your portfolio has the right mix of low- to high-risk investments.

Most people have their paycheck directly deposited into their checking account, but you can usually ask your employer to divert funds into more than one banking account. Consider rolling some money over into a high-yield savings account with an online bank. It’s a great way to build a rainy day fund. Here’s a primer on high-yield savings accounts

Credit: Jirapong Manustrong / istockphoto

Everyone has something they’re still paying for that’s long past its use case. Cancel a zombie membership. Get rid of that annual fee credit card you don’t even use. Cut ties with your renters insurer now that you own a home and a new property and casualty policy (Hey, it happens).

Thanks to the internet, getting a will written is easier than ever. Online sites like Trust & Will, LegalZoom and can help you draft a legal and comprehensive estate plan. 


Take the first step to getting the financial protection your family needs by filling out a life insurance application. You can do so if you have your driver’s license, proof of income, proof of residency and Social Security number on hand. Make sure to shop around to make sure you’re getting the best deal possible. 

This article originally appeared on Policygenius and was syndicated by


Is it True Money Cannot Buy Happiness?

I won’t argue against the point of money not equaling happiness, at least not outright.

But money can be used to take care of the people and things that you love. It does change how you can live your life and experience happiness.

In fact, I’ll readily support the idea that money shouldn’t be the end-all-be-all in your life.

Though, that doesn’t mean you should ignore money altogether. Having enough to maintain financial security and peace of mind should be important financial goals to have for yourself.

Money is important for survival, security, and taking care of loved ones. And it’s hard not to conclude at least some happiness comes from having money in all those areas.

You’ll have peace of mind knowing your children are cared for if something were to happen unexpectedly.

By having things to save up for like your family’s financial security both now and in the long run, you can easily see how money can lead to at least some baseline level of happiness.

Maslow’s Hierarchy of Needs states you need your necessities met before ever proceeding to self-actualization at the top of the pyramid. This requires some money in today’s world to realize.

You can save up enough money and grow your nest egg over the long term. Until you get there, you’ll also want to purchase life insurance online where your family could go on without you supporting them.

In sum, money allows you freedom from worry about basic needs like food or a roof over your head which will make life more enjoyable overall.

Why Money Can’t Buy Happiness Directly

Now, let’s walk through some of the main reasons why money can’t buy happiness directly.

Each situation speaks to how money can’t meet some core need in your life and how non-monetary success or fulfillment is ultimately your goal.

Having More Stuff Doesn’t Make You Happy

Having more stuff won’t make you happy. Material possessions don’t meet our needs.

You need to achieve your own success and not directly tie it to money when measuring progress on your goals. Motivating yourself to be better, be grateful for what you’ve got and what you’ve accomplished are key.

In other words, buying new things is a temporary high that will wear off after the purchase wears out or becomes outdated. Retail therapy only gets you so far.

But this doesn’t mean we should never buy anything again! It’s just important not to get too caught up in materialism if happiness is truly the goal here.

What you should keep in mind is that if you look to material possessions to make you happy, their luster will eventually (often quickly) fade and you’ll look to replace that quick dopamine hit with something new.

This will also eventually fade and you’ll then move on to your next craving. It’s a self-defeating cycle that feels very Sisyphean.

Adding to this complication is that each purchase adds worry to your life, constantly being fearful that it might break, get lost or stolen.

Further, it also costs us more time and money through maintenance and protection. Save that time, money and mental headspace for things that matter.

You’re much better off focusing on what you can control and being grateful for what you’ve got.

It’s easier said than done, but a worthwhile goal if happiness is truly your end-game here.

Related: How to Stop Hemorrhaging Money and Get Back on Track

7 fun ways to save money

Whether you’re building your emergency fund or putting a portion of your paycheck away for you and your family, chances are you’re saving money. It’s possible this all-important financial habit can feel tedious and boring, but with a little creativity and determination, saving can be interesting, dynamic and exciting.

Related: 50/30/20 rule demystified


Not sure how to make saving money fun? You could start by identifying your goals. Are you saving up for a big purchase, like a down payment on a house? Are you saving for your child’s future education?

Once you’ve figured out what you want to accomplish, you could determine a target amount of money you’d like to save. While this number might change over the course of your savings journey, you can always readjust your plan.

If you have an idea of how much money you’d like to work toward saving, you can consider diving deeper into your finances to pinpoint realistic objectives. 

Once you’ve reviewed your individual financial circumstances and have a better idea of your savings goal(s), you could try these fun ways to save money.

With the right company, even the most mundane tasks can be enjoyable. You could talk about your savings goals with your friends and family members to potentially identify a saving buddy with similar objectives.

An ideal saving buddy will be supportive of your financial goals, flexible about changing plans in order to accommodate your specific savings needs and have a positive money mindset.

Checking in with your buddy regularly could help keep you both on track and you can celebrate each other’s accomplishments. If you’re stressed about how to make saving money fun, you could brainstorm creative tactics with your saving buddy and implement them together.

Saving money does not have to be synonymous with missing out on exciting opportunities around you. You could enjoy free activities offered in your area.

Perhaps your local park offers free theater performances or concerts in the summer, or your area bookstore hosts interesting literary panels and author discussions with no attendance fee. Think about the resources provided by your local library, such as book clubs, language exchange programs, craft nights and movie screenings.

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A potential hands-on and fun way to save money is adopting a DIY (do-it-yourself) attitude. You could create things using materials you already own instead of buying new products. When meal-prepping for the week ahead, think about recipes that incorporate ingredients you already have in your pantry.

You could make your own household cleaners out of vinegar, lemon rinds and herbs or face masks and toners using fresh ingredients like avocado, tea, honey and oatmeal. There are ways to reuse materials that might otherwise be thrown out or recycled: Newspapers and coupon booklets could make great wrapping paper, and old cereal boxes might be repurposed into desk organizers.


If you’re looking to break up the monotony of saving, you could consider incorporating games and challenges into your overall savings plan. A friendly competition with your saving buddy could be seeing who can save the most money every week, month and/or year.

Creating small rewards for reaching your goals might be an incentive, too. (Bonus points if these rewards are free!) No-spend weeks, where you refrain from spending any money for seven days, also might help with saving. You could make it fun by taking out a $20 bill from the ATM at the beginning of each month, for example and not spending it.

Getting serious about saving money doesn’t mean you need to give up “luxuries” such as exercising, new clothes and accessories, or home goods. Trading skills and swapping goods are two potential examples of how to make saving money fun while not depriving yourself of the things you want.

You could go to your favorite yoga studio and ask if they have a work-trade program where you can clean or complete administrative duties in exchange for classes. A clothing swap with your friends could refresh your closet at no cost. You might also consider an informal exchange with skilled friends.

For example, if you’ve been eyeing an original painting from your artist pal but don’t have the funds to pay her, you could offer your website design services (or some other helpful skills) for the painting.

Sometimes, cutting down on expenses might not be the most effective way to reach a savings goal. It might be easier, in some cases, to make a bit more money than to reduce costs, especially if you are spending more than 50% of your income on non-discretionary expenses like groceries and debt payments.

A financial advisor can help you determine if increasing your income is an appropriate action based on your individual financial profile.

If so, you could reflect on your particular skills and/or hobbies to see if there is a way to translate one of them into an income stream.

For example, if you love to knit, you could start an online store for your yarn creations. If you have a knack for stringing words together, you could offer your writing or editing services in a freelance capacity. A successful side hustle could help bring additional money into your bank account and add more fun and enjoyment in your life.

Photobuay / istockphoto

Putting away money for your future does not need to be a boring task; there are countless fun ways to save money that could be customized to your specific financial needs and wants.

Starting to save today—even in small amounts—might help prepare you for even more fun in the future.

Learn more:

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The More You Have, the Less Time You Have to Enjoy It

It’s a simple numbers game. If you only have so much time to dedicate to your current possessions, by adding more to the mix, you dilute the amount of time you can spend enjoying each thing on average.

You’ll also take away from other things you could do with your time and money. By spending more of your life buying things, it could jeopardize your ability to:

  • travel
  • learn a new skill
  • spend time with your pets
  • pick up an enjoyable hobby
  • spend time with family and friends
  • establish financial security for you and your family

There is a limit to how many things you can do in life. And each thing you buy only limits your potential for leading a more fulfilling life.

Some purchases undoubtedly lead to good impacts on your life and should be pursued. Having money to do what you enjoy is absolutely a necessity.

But the important takeaway is that it’s not about money, it’s about what money allows us to have and enjoy without sacrificing other opportunities that may be more important to our emotional and physical well-being.

You’ll Always Want More

Short-term dopamine hits only go so far to satisfy you. Once the dopamine dissipates, you’re left wanting another hit.

Instead, you should focus on what delivers long-term happiness in your life. Something that sustains you and instead of releasing dopamine in your brain- an indicator of a quick win or enjoyment- having serotonin fill your head.

Serotonin is a neurotransmitter that plays an important role in regulating the mood. It’s present when you’re feeling good and is responsible for your general level of happiness, or lack thereof.

We know money can’t buy happiness, but it does help with stress management- lessening levels of cortisol (stress hormone) in the body.

By not needing to worry about money, you can have a greater sense of control and thus experience less stress than you otherwise might.

Avoiding stress altogether is impossible nor should it be a goal. Meeting stress and overcoming it can instill a healthy sense of success and accomplishment.

These can positively impact your mental health by providing a sense of security and stability.

The key to remaining happy is to find your motivation- something that ignites the fire in you.

Buying things time and time again only delivers a short-term sense of happiness, one that never sustains itself for long. You’ll always want more.

Changing the Consumer Mindset into the Saver’s Mindset

Once you’ve come to the understanding that buying things doesn’t fill some need in your life and you’d like to get your money working for you instead of against you, you’ve got simple steps you can follow to get started.

These require work upfront to get your finances sorted but ultimately lead to automating your money in the background and breaking free of the consumer mindset and transitioning to a saver’s mindset. With enough time and dedication, you can make money while you sleep as you turn money into more money.

Create a Budget

You’ll need to start by creating a budget in Excel, by hand or some other budgeting app (for couples if you’re in a relationship). Figure out where your money is going every month and if there’s anything you can cut.

Figure out what the bare minimum of expenses are that will cover mortgage/rent, utilities, internet and cell phone bills, food (groceries), gas for car, groceries with some cash left over monthly to save or invest in something else like a retirement account.

Once you’ve accounted for all your necessities (including emergency fund and retirement account contributions), the leftover money can be spent on things you want.

Instead of thinking about physical things to buy, you could instead opt to think of investments you can buy. This way, it satisfies the need to purchase something but also places you on a financially-secure path.

Automate Your Finances

The second step is learning how to automate your finances in the background. Paying your bills and other fees automatically ensures you’re never forgetting a necessary bill or fee.

Here is where automation comes in handy: it’s all about setting up the process so that money flows without having to think about it.

Automating your finances means:

  • paying bills on time
  • keeping track of what money is coming in and going out each month
  • saving for retirement by putting away enough every month into a retirement account (either through an employer-sponsored plan like a 401(k) or otherwise)
  • investing cash into low-risk investments such as index funds (the best assets to invest in for beginners and experts alike)
  • ensuring you have emergency savings set aside at least three months’ worth of living expenses should something happen to disrupt your income stream

Automation also helps with budgeting because you can have your money work for your future.

Automation can also help with your credit score, which will be important when purchasing a home or car because lending institutions use it to assess how risky of an investment they are willing to make in you.

So for example, if you have set up automatic payments from checking into savings each month, the automation will ensure that money is safe and sound as well as earning some interest over time.

Likewise, you can invest money in free stock apps to build up your net worth. Making these steady contributions can establish good wealth building habits to get ahead.

Many of these best stock apps for beginners also offer free sign up bonuses as a way to get you started. Learn how to get free stocks and work toward building your investment balance.

Why You’re Feeling Empty and How to Fill that Void

The best way to be happy is still a mystery for us, but we know that money can’t buy it.

Money alone isn’t the answer. You need something more than just cash in your pocket – you need purpose and meaning behind what you’re doing with your life.

If you feel emptiness in your life, it might be because you are holding on to too many things that lose their value or meaning over time and not enough of the good stuff that sustains you.

The emptiness you feel can be filled with non-material objects. Things like gratitude, a sense of accomplishment, or simply by enjoying what you already have: time for yourself, people who love you unconditionally, your health.

The key to happiness and filling that void? Be grateful for what you’ve accomplished so far on whatever goals are most important to you right now and down the road.

Feel empowered by them! Success doesn’t have to be linked directly with money when measuring progress on goals.

Ultimately, the key is appreciating what you have and what you’ve accomplished without tying your worth or progress on goals solely to money.

We’re better off focusing our time, money and mental headspace on things that truly matter- whether they be material possessions or self-improvement habits like meditation.

Focus on your own needs, quit worrying about how much we have in comparison with others and find what makes you happy. The quality of life doesn’t rely on quantity alone.

Money Doesn’t Buy Happiness, But It Helps You Experience It Differently

Many of us have heard the old adage that money can’t buy happiness, but it’s not entirely true.

With more money comes a better quality of life and being able to achieve what we want in our lives faster than those if we struggle financially.

That doesn’t mean that just having money will make you happy- you need to be grateful for everything else in your life as well including family, friends, and job security.

If you find yourself working hard day after day without seeing any progress or just making ends meet then there might be a financial problem on top of other issues going on with your personal life.

Take some time out from work to think about how much wealth and money you already have in your life and how grateful you are to have those things.

It might be a good idea for some people to experience having less so they can appreciate what they had before and take more time out of their day just enjoying the simple things that other people might not even stop for.

Money is nice, but it isn’t everything.

Money can’t buy happiness.

It doesn’t matter what your income is, if you’re not happy on the inside then money won’t make you any happier.

You’ll always want more and never be content with what you have. This leads to stress, anxiety and even depression in some cases.

The key to happiness is finding success internally, practicing gratitude and appreciation and not relying on money to measure your happiness.

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25 millionaires share their top money secrets

It’s common knowledge that millionaires handle their money differently than many, but what’s their secret? Does education have anything to do with it? Some say that you have to work hard, and others suggest saving every penny.

But which one is right for you?

In this article, I interviewed these 25 millionaires and asked them a very basic question: “As a millionaire, what is your number one money secret that could help others on their way to financial independence?”

And, to my surprise, the answers were all different! 25 different money secrets from 25 millionaires! Let’s dig in and find out what they know!

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A lot of people want to be good at everything. Marc Andre from Vital Dollar says a better and more profitable approach is to focus on what you do best and continue to improve your strongest skills. 

Being extremely good at one thing is likely to help you generate a lot more income than being pretty good at a lot of different things. Your weak areas really don’t matter all that much if you have transcendent skills in a particular area.

Think about a highly talented coder, a world-class athlete, a skilled musician, or a great salesperson. Their best skill is what matters and what makes them so valuable. It doesn’t matter if that’s the only talent they have.

Some skills are more valuable than others, so it also pays to do some research. If you’re not sure if a particular skill is worth honing, check to see what experts in the field are able to make.

Dr Jeremy Britton DFA SAFin DD, and CFO, says his money secret is “invest where you spend.” It’s a phrase he coined back in the early 2000s and featured heavily in his 2006 book, “Who’s Taking Your Money? (and how to get some of it back!).” Britton didn’t realize it was such a revolutionary concept until thousands of readers told him so.

Dr Britton adds, “I used the same telco for years with my mobile and office phones and had stock in them. When their service turned sour, I switched providers and switched to owning stock in the new company. The former company continued with bad service, their stock went down, and stock in the new company soared.”

#InvestWhereYouSpend saved both Britton and his clients from losing money in the 1999 ‘tech wreck’ as the majority of the new and hyperinflated companies were not making profits. 

They prospered by investing in companies that had regular cash flow: suppliers of food, fuel, phone services, power, etc. 

If you trust the bank with your savings, buy their stock. If you trust the energy company, grocery store, etc, buy their stock. 

Britton adds, “Remember to sell the stock when you are no longer financially supporting them. When COVID19 hit, nobody was spending money on rental cars or airfares (sell Hertz and airline stock). Everyone was working from home (buy Zoom, Microsoft, and home office suppliers).”


Think of getting out of debt and into financial freedom like deciding to finall get into shape:

  • Reduce excess spending
  • Tone up your credit score
  • Consume healthy habits
  • And then stay strong (by investing)

“Think of this project like you are BUILDING the MUSCLE of your FINANCIAL LIFE. And, by the way, another great benefit of being physically and financially fit leads to stress reduction”, says Cary Singleton, founder of’s bite-sized entertainment and tools to start your financial fitness plan. 

Just like you are the CEO of your physical body, you are the CEO of your financial life.  

Don’t be afraid to ask for coaching. And perhaps you’ll want to pay a trainer who is a Certified Financial Planner. You can even build a team of friends and family members who motivate each other by breaking the taboo about talking about money.

Want to become a millionaire sooner than later? Michael Quan, Author of “The F.I.R.E. Planner,” explains how he saved upwards of 70% of his income and didn’t feel like he was sacrificing his livelihood. 

First, Quan focused on saving and investing as early as he could. Quan started out investing just $20 per month into a brokerage account. And, this was an important first step to begin the momentum of saving and investing. 

Next, here’s the secret of how Quan accelerated his savings rate

“I anticipated my future raises before I earned them. Then every time I had a salary increase or bonus, I would take a portion of it (15%) and spend it on something nice to reward myself. The remaining 85% I would put away into savings and investments like ETFs. I made it easy for myself by automating the savings with free banking tools. And, I set up my investment contributions to be auto-deducted each pay period into my 401K”, adds Quan.

Related read: 19 Ways to Use Your Tax Refund to Build Wealth


“Margin is my single financial secret weapon. It has a bad reputation” says Michael Jacob, Co Founder of Filter King.

Jacob offers three pieces of advice related to using margin:

  • Use less than 25% margin; that is a safe amount to always avoid a ‘margin call’ if / when your securities drop in price. 
  • Only use margin on assets that can appreciate (more stocks and real estate).
  • Make sure your broker is giving you a competitive rate on the debt. Interactive Brokers offers margin rates of around 2%.

Like all things margin must be used properly, when abused or misused it will lead to issues. However, when used properly it offers a land of prosperity. 

Related read: How to Sell Covered Calls for Monthly Income

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“Don’t work for money, let money work for you, the biggest secret of them all”, says Harvey Raybould, owner of Freedom Via Property

The earlier in life folks adopt this principle, the quicker they will become a millionaire. When we trade our time for money, our earning potential will always be limited to the physical number of hours we can work in a day. 

“All millionaires and billionaires leverage other people’s time and build their own assets to give them limitless hours of earning capacity. They make money even when they’re sleeping”, adds Raybould.

Rayboulds’ three keys to becoming a millionaire are to build cash flowing assets, build a great team around you and build multiple streams of income. During his own journey to becoming a millionaire, Raybould had to make many sacrifices and went through hard times. 

“I remember when friends of mine were out partying or going on amazing holidays and I couldn’t go because I didn’t have any money”, adds Raybould.

But gradually, during his 20s, things started to turn around. Rayboulds’ business started to make money, he bought his first property and became more financially literate. He stopped buying things he didn’t need, especially on credit and store cards and started saving and investing all his spare cash.

Fast forward to today, Raybould now has a multi-million-dollar property portfolio that is looked after by his team. 

“I recently sold a business for hundreds of thousands of dollars. I have angel invested in nearly 30 companies, I have stocks and shares in pension funds and a cryptocurrency portfolio. Plus blogs I am building an income stream from and a real estate development business” says Raybould. 

Indeed, there’s something to be said about having multiple sources of income.

Related read: 19 Blue Chip Stocks for Incredibly Reliable Dividends

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“When you are just starting out, focus on building your primary income stream”, says Ryan Maestro, Investment Strategist with

Many people want success to happen quickly and start working on many different side hustle projects hoping that something will stick and the money will start rapidly flowing in, but that often distracts from the golden opportunity right in front of you with your career progression. 

Side hustles can bring in extra money, but often your entire work effort is spread thin across too many projects leading to a mediocre result on everything. You want to get recognized early on in your career as a go-getter, so distractions from that image won’t help. Feel free to experiment with side hustles once you’ve tended to your primary source of income.

Secondly, “don’t succumb to lifestyle inflation spending everything you’ve earned. Utilize your retirement accounts and immediately start investing in S&P500 index funds or passive income streams where more money is made with money” adds Maestro. 

Indeed, the more you invest, the higher the probability of becoming a millionaire sooner. Similarly, the longer you wait to invest, the much larger the monthly contributions are necessary to reach the millionaire goal. Start young and you won’t miss the lifestyle you never had.


Income diversification may sound like very old advice but, according to Ryan Scribner, “Diversifying my income helped me climb the top of the ladder faster and maintain that status.”

Scribner decided to build an online business in 2016. His first venture was a Youtube channel which now provides him a $30,000 monthly revenue. It was not an easy journey though. Like most business owners, they have their own share of struggles, but it can be worth it. 

“As soon as I earned thousands of dollars from my Youtube channel, I began to look for other baskets to put my eggs in” adds Scribner. 

His next venture was a blog called Investing Simple, which he built together with a business partner in 2018. “With the Youtube channel and blog earnings combined, they are bringing in $40,000 – $50,000 revenue in total!” says Scribner.

But Scribner didn’t stop there. He looks for other platforms to diversify his income. He’s invested in real estate, bitcoin, blue chip stocks and bonds and other trading platforms.

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The biggest secret Steve Oliverez has learned is to stay focused on the big picture and things that are really going to move the needle. 

“I’ve seen a lot of advice about cutting out spending on things like $5 coffee from Starbucks. Sure, overspending can get you into trouble, but that coffee isn’t preventing you from being wealthy. I’ve watched someone spend 4 hours just to save $10 on an oil change.” says Oliverez.

Instead of focusing on ways to save a dollar here and there, Oliverez refocused his energy where it would have the greatest impact. He spent time every week working on his resume and researching job opportunities. 

Then, he put together all the reasons he should get a raise and asked for one, and ended up doubling his salary! Then, when it came time to buy a house, he researched and negotiated until he got a great deal and the best interest rate he could get on the mortgage.

 “In the meantime, I started a side hustle that eventually let me leave my day job entirely. The net result was more money than I ever could have possibly cut from my budget”, adds Oliverez.

By focusing on the big picture items, Oliverez never had to give up the small luxuries like an evening out with friends or the occasional caramel macchiato.

“I’m always looking to alchemize my active income into passive income, specifically into reliable, high-return, tax-sheltered passive income sources,” says Dave Mason, an author. 

Indeed, Mason’s primary income currently comes as the owner of an ecommerce business called However, e-commerce can be volatile. it can go up and down with changing trends and Google algorithm updates.

Furthermore, Mason also earns income as a novelist through books such as “The Cash Machine” and through running courses that teach about goal setting and understanding financial fundamentals, but these income sources require tremendous time commitments. 

Thus, he’s developed the practice of reinvesting the majority of his income from his business and writing. Indeed, the proceeds get invested into vehicles that will generate steady income without any close attention or effort.

“My two favorite passive income vehicles are real estate and the purchasing of small businesses. I like to invest as part of a larger, private equity ownership group, otherwise, I run the risk of winding up with another business to manage,” adds Mason.

Mason has also invested in a number of nursing homes. He is involved with a private equity group that buys failing nursing homes and uses its expertise and economies of scale to increase their profitability. 

“I like these investments because they are both real estate and small businesses,” says Mason. 

Indeed, the advantage of real estate is that it can generate tremendous tax advantages through depreciation. But since the homes are also small businesses, they can generate a greater return on investment than real estate alone.

Every six months or so, Chrissy Randall, a Wealth Coach with Reimagining Wealth Inc. sits down to realign her vision of wealth. 

“I examine where I am currently and get clear on what I want to create moving forward.  This can be to increase my stock portfolio, invest in more real estate, or spend a month with my family in another country. Then I commit to taking at least one step towards this new vision every single day”, says Randall.

Randall says she wakes up every morning and asks herself, “What am I going to do today that will get me closer to the wealthy life that I want?” 

This question opens up her brain for possibilities and forms a habit of creating wealth. 

“I don’t let myself off the hook, I make sure I do something every single day. Sometimes I involve a friend that has the same wealth mindset and we keep each other accountable”, adds Randall.

“When my income jumped, I was suddenly surrounded with people who had ‘opportunities’ for me. Some were friends, and others were introduced to me. I understood it was good for me to ‘diversify’, so I listened to their advice”, says Ali Brown, founder of The Trust.

Within a year Brown says she was invested in high-priced real estate, a hot new restaurant that was opening in L.A., and a business venture in a category she was completely unfamiliar with. All went bust or became a mess within a few years. The good news is she smartened up, and from that point on, made a rule to never invest in anything she didn’t understand.

“Another fact I now understand is no one — no one — will ever care as much about your money as you. That includes even people who you put in charge of your money,” says Brown. 

Indeed, you can be surrounded by the best accountants and financial team, but rule No. 1 is to look out for No. 1, and that’s you.


The phrase “I don’t know….” is a common limiting belief that Dean Graziosi, Success Coach had to overcome. “I didn’t go to college and I barely finished high school, I struggled with dyslexia and had teachers and friends tell me I wouldn’t amount to anything. But instead of using my lack of experience as an excuse and focusing on the doubt in my mind, I became innovative,” adds Graziosi.

Graziosi says he wasn’t always the smartest person in the room but always had enthusiasm. He says he wakes up every day and puts positive thoughts at the forefront of his mind. Be enthusiastic about your motivation, your innovation, and your ability to surprise the competition and from there success will come.

Graziosi says he also had teachers and friends telling him “You can’t do that.”

But he didn’t let it limit himself. Instead, Graziosi took that negative feedback and turned it into energy and the wind behind his sails.

“When I had negative thoughts going through my head, I asked myself ‘What is my Why’? I acknowledge the energy, I prove that the negative thoughts are wrong, and I harness the power of that thought to make what I really want to happen,” adds Graziosi. 

Indeed, all that matters is to remember that your purpose is greater than any challenge you’re facing.

Related read: Best Jobs For Millennials Without A Degree

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By living overseas, I grew my net worth from $600,000 to $1,100,000+ in 6-years, all while in retirement,” says Marco Sison, Retirement Coach at Nomadic FIRE.

Outside of investing to take advantage of compound interest, Sison’s most impactful financial strategy was leveraging Geographic Arbitrage. By jumping on a plane to live overseas, he cut his monthly expenses by over 60%. 

Previously, Sison lived in a medium-cost city in the US, where Sison says his modest lifestyle cost was ~$3,700 per month. Today, Sison lives in Split, Croatia, where his total expenses are ~$1,400. 

“I save over $27,000 per year on lower healthcare, rent and other living expenses,” says Sison. 

Could he be on to something?

Sison’s retired life abroad is not only cheaper but also better. For example, he rents a large two-bedroom furnished apartment that is a 15-minute walk from the beach in Split, Croatia. Sison’s rent, including utilities, is just $600 per month. A similar-sized apartment in a medium-cost city in the U.S. would cost $1,800, with no beach included. 

“Not only are my expenses lower, but I can afford a fuller lifestyle. Last year, I lived in the Philippines, spending ~$1500 per month, including an active social life, an apartment in a trendy neighborhood, frequent dining out, and maid service- all luxuries I could not afford in the U.S.,” says Sison.

“I have been passionate about gemology since I was eight, and have been in the gem business for over 30 years. As an aesthete, I admire beauty and luxury. As a trained economist and 8-figure serial entrepreneur, I tend a well-rounded investment portfolio that prioritizes solid and steady yields,” says Dr. Thomas Schröck, CEO, The Natural Gem.

For Schröck, Gemstones such as sapphires, rubies, and emeralds, in particular, have shown significant promise over the past 30 years. Surely, it’s also an effect of two recent major economic crises. 

While white diamonds have remained fairly stable, the value of natural, untreated gemstones has more than tripled since 1995. Rubies- since they are also the rarest of the three- have even grown by more than 8% annually.

“I have myself collected a plethora of gemstones throughout the years, first for pleasure, then for investment purposes– and they have since become a way of storing my wealth in something small, beautiful, and durable. All in all, you could say that it has been my love for gemstones that has gotten me to the level of success of where I am currently at,” adds Schröck.


“My top money secret to becoming a millionaire is to have backup streams of income streams”, says Michelle Schroeder-Gardner, Blogger & Writer at Making Sense of Cents

Diversifying your income streams is important because it allows you to not be too reliant on one source of income. For example, consider what would happen if you were to have a bad income month with your main source of income. Having a backup plan is always great for the mind.

It also makes reaching your money goal faster, as you’ll be earning income from multiple sources instead of just one. 

“There are many sources of income that can be more passive than others so that you aren’t always working a ton of hours, such as rental real estate or building dividend income,“ adds Schroder-Gardner.

Related read: How to Ensure Financial Security

Johannes Larsson, CEO & Founder, Financer offers his top millionaire money secret: “Anything you do in life – don’t nitpick. Nitpicking is detrimental to your money, but also to your time and focus. The two most precious resources a millionaire has.”

“Financially, this comes down to focusing on making millions of dollars, not saving pennies. Wherever you put your time and focus, you will get results, so be aware of the results you really want. If you focus on saving pennies, then you will have pennies,” adds Larsson.

Many people are dollar-foolish and penny-wise. To be a millionaire, it’s important to reverse the mindset. Be dollar-wise and penny-foolish. If you want to go to a restaurant and pay $200, do it. That’s not what will stop you from becoming a millionaire.

“Instead, I focused my time and money on creating a business that solves significant problems. It was 2015 when I made the decision that made all my previous decisions irrelevant. I sacrificed a percentage of my revenue and gave it to my team members. 

“I started paying them with a commission, as well as per task, and it was an essential step that I had to do to grow my business. And, I stopped focusing on saving pennies from my employees’ salaries and started focusing on the bigger picture. In return, our revenue grew from €0.4M to €1.7M, so I would say it was a good choice,” adds Larsson. 

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Charlie Chang, a real estate broker & YouTuber with over 350,000 subscribers suggests that for anyone who wants to build wealth is to start doing side hustles. 

“People that want to take advantage of the tax code and be able to stop trading time for money, it’s essential to start making 1099 income,” adds Chang.

Indeed, 1099 income is treated differently than W2 income by the IRS. After college, Chang started doing things like tutoring, photography, videography, and modeling. While he doesn’t do those things today, they gave him valuable skills and contributed to his success in his current businesses.

“The way I look at it is, trading time for money results in a cap in a person’s income, and if you want to start scaling to 7 figures and beyond, there are very few W2 jobs that pay $500/hour or more,” says Chang. 

Start doing side hustles, those will lead to real businesses that are scalable, and that is when big wealth can be achieved. Last, Chang reminds me that he always tells people to not be scared to fail! Indeed, he has started dozens of businesses and almost all of them have failed or fizzled out. Just start, don’t overanalyze, and good things will come from it.

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“One of the biggest drivers to building wealth for me was to marry smart,” says Jon Dulin, Founder of Side Hustling Money

Dulin wanted to be with someone who shared many of the same values as himself, both financially and non-financially.

Financially, Dulin has always been a saver and investor and needed a spouse who not only was a saver but also had similar goals to himself. This included retiring early and living life on their own terms. 

“By having a partner on the same journey with you, you not only get enjoy everything more, but you get there faster too in many cases,” adds Dulin.

This isn’t to say they agree on every aspect of money and don’t get into disagreements about spending money. They do. It’s part of life. But the key is they agree on the bigger picture, the long-term goals. 

“If we didn’t there would be a lot of arguing and unhappiness,” says Dulin. 

And this type of arguing can potentially turn into a divorce, which means you lose a good portion of what you both worked so hard for.

Of course, divorce can happen at any time and for many reasons. But finding someone on the same page as me when it came to the bigger things in life, has made my life that much better. And being happy helps Dulin to be motivated to reach his goals.

Related read: How to Start Investing Online in 2021 – A Complete Guide

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Jacqueline Relke, founder of the JW Method offers a rather controversial millionaire money secret: Make access to your energy a privilege.

“When I say this a lot of people think this is in arrogance or ego — but it is actually the exact opposite. It is rooted in confidence and ambition,” says Relke.

Indeed, Relke learned early on in her career that energy is power. That the million-dollar value her energy holds was the key to her success. 

“When I realized that being a millionaire didn’t start once I had the 000,000’s in my bank account — it was game over. I shattered the glass ceiling by deciding to be a millionaire in mindset, confidence and ambition — and the 000,000’s followed,” says Relke.

TJ Sayers, owner of Birmingham Homebuyers, LLC says his best tip for becoming a millionaire is to invest in residential real estate (single-family homes and multi-family apartment complexes). 

“I began investing in single-family homes in 2015. Between 2015 and 2018 I had purchased 8 single-family homes and one 14 unit apartment complex. With the rising market over the last several years, those single-family homes I paid $60k for are now worth $120k each. The apartments have also increased in value substantially,” adds Sayers. 

Now his net worth is well over $1 million.

While there are some challenges with investing in real estate, Sayers has ridden the market up to millionaire status. This is in addition to the rent he’s collected thus far. 

“Real estate is a time-tested way to become a millionaire over time, and you do not have to have a ton of money to start out. In fact, when I first started out I had a negative net worth,” adds Sayers. 

Indeed, finding deals in today’s market is tough, but it only takes a few good deals per year to really supercharge your net worth. 

Related read: How to Buy a Rental Property

Monica Eaton-Cardone, COO of Chargebacks911 says, “I believe that passion and innovation are the twin pillars of financial success, and the former feeds the latter: Passion fuels innovation.

“When you truly, wholeheartedly love what you do — when you’re passionate about your industry, your job, and your profession — innovation is inevitable.  It becomes what you think about, dream about, talk about and read about.  

“You love it so much, it would be unimaginable not to constantly daydream about how to make it even better!  It’s who you are, and your career is a labor of love.  In my own experience, innovation is actually an emergent property of passion.  One begets the other.” 

So, if you want to be a rich, successful, multimillionaire businessperson, Eaton-Cardone advises you to choose a profession that aligns with your heartfelt passions.  Otherwise, you’ll be competing 24/7, 365-days-a-year against those who are genuinely passionate, and it just won’t be a fair fight.

Wealth isn’t generally created without planning.  Robert R. Johnson, PhD, CFA, CAIA, and Professor, Heider College of Business, Creighton University knew that when he started his career, he had to make wealth accumulation a priority and that meant financial planning was essential. 

Johnson was fortunate to grow up in Omaha, Nebraska, and to have been exposed to Berkshire Hathaway’s Warren Buffett at an early age.  

Mr. Buffett is often quoted as saying, “If you want to make saving a priority, take a look at how you budget. Do not save what is left after spending; instead, spend what is left after saving.” 

Johnson realized that if he truly wanted to make savings a priority, it could not be a residual — what is left over.  

“Savings has always been a line item on my budget,” adds Johnson.

Too many people fail to build wealth because they simply save what is left after expenses. In all areas of life, you accomplish what you prioritize. 

“I prioritized savings and invested those savings in a diversified portfolio of stocks. The result is that I have been able to achieve financial freedom,” says Johnson.


“There are two types of millionaires – self-made or generational wealth. No matter which category they fall into they appreciate their financial security and wish to pass on that knowledge to their own children.

“How do they do that? By talking about it. Wealthy people understand that money conversations are no longer a taboo topic in the household. Where older generations grew up never talking about money, today’s parents understand that to give their child an advantage in the world, it is vitally important to help them develop their own financial literacy.

“This accomplishes two things. 

“First, it improves the chances that their offspring will be aware of successful money habits right out of the gate after college graduation. That awareness improves their likelihood of making good money decisions early on. Clearly, making the right decisions early on can have tremendous future outcomes – think, the miracle of compound interest.

“Secondly, and more selfishly for these parents, providing the launch pad for their child’s future financial success eventually lessens the financial burden on these parents. If their children are not in need of The Bank of Mom/Dad, that gives the parents more of their own financial security in the future. 

“As the saying goes, ‘You pay now…or you pay later…but you pay.’ 

Wealthy individuals know that it is better to pay now by taking the time to make their children money smart as opposed to not doing that, rolling the dice, and potentially needing to keep a child on the payroll throughout their adulthood as they constantly need to financially bail them out.”

– Thomas J. Henske, CFP, CTS, ChFC, CFS, CLU, CLTC, CES


Violette de Ayala, Founder & CEO of FemCity says her top money secret to becoming a millionaire and maintaining the status is to “continuously create additional forms of revenue that are in alignment to the work I already focus on that are also connected to making a big positive social impact. 

“I am always seeking ways to add value and creating win-win scenarios that benefit others and add more money in my pocket. I am constantly looking for ways to add multiple streams of revenue that make a big positive social impact in benefiting others.”

“When I started FemCity and was able to sustain a strong revenue stream with our membership, I focused on adding a secondary stream of revenue through advertising. 

“Once that component was strong, I scaled our membership model to grow exponentially, added group coaching, then private consultation, speaking, writing and recently added corporate leadership training.  

“I have also revamped our membership model to create various levels based on the needs of the women we serve and created online courses from repurposed content,” says de Ayala.

Creating products and services that are priced for everyone is her constant intention and purpose making sure it’s always aligned to how it improves their lives and/or business. By making products and services accessible to many based on pricing, it assisted de Ayala’s company and revenue streams greatly as we entered into the pandemic. 

“Even though I have lost revenue from most areas, I am still financially strong because I have so many streams of revenue that add value to the lives of others,” says de Ayala. 

At times, she launched revenue streams that weren’t successful but always attempts them in “pilot mode” so she can opt-out easily if she sees the idea is not sustainable and nor scalable. 

Reinvesting revenue into new and more diverse ways to create more income while staying focused on helping others has been a great way for de Ayala to achieve and maintain the millionaire status.

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Rich people spend less than they earn and invest the difference. Week after week, month after month.

There is no one secret to becoming a millionaire. Becoming a millionaire requires that one lives below their needs, and invests their money until such time they become financially independent.

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Many millionaires see debt as a tool, and in fact, do use debt. Millionaires borrow to invest, buy real estate, and other assets that provide income, or have a good chance of appreciating. Furthermore, these loans often get negotiated with very low interest rates.

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Both millionaires and billionaires in the United States do indeed have credit scores.

Most millionaires get rich in one of two ways. Either investing over a long period of time, or its passed down through the generations. Very few win the lottery.


Rich people invest in all sorts of things. For example, aside from the usual stocks, bonds and ETFs, rich people also invest in private companies, limited partnerships and incoming producing assets.

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Investing in quality stocks and ETFs over the long haul is a generally accepted method to become financially independent.


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