How To Become a Millionaire With No Money

How to become a millionaire with no money? Did you think the answer would be: that’s impossible? Let me tell you the big news: it’s not! Check out the steps you need to take to build your wealth.

It may seem out of the question right now. You look at the meager bank account and the steep hill that awaits to make it grow, and it feels overwhelming. Or maybe you’re a young adult, and you want to become a millionaire in your 20s.

But that hill (just like any other) is climbed one step at a time. And having the steps clear in your mind (or at the very least a general outline mapped out) is key to achieving any goal.

And it’s not impossible. In fact, many people have done it. Oprah was born into poverty in a rural household to a single teenage mother. Yeah, she might be an extreme example, but chances are you’re not starting off that low, and you certainly don’t need her net worth to call yourself a millionaire.

Unfortunately, there’s no secret, no magic formula (if you find one, though, please let me know!), but if we look at the paths of people who have become self-made millionaires, there is certainly a pattern. It starts with this: Earn more. Spend less. Invest the rest (it rhymes and everything).

Here are some basic guidelines for how to become a millionaire with no money.

Change your mindset first

I can see you rolling your eyes from across the screen. And yes, you’re probably weary of hearing it, but mindset is everything. In fact, it’s likely the main difference between self-made rich people and yourself

Our thoughts and beliefs influence all of our decisions and actions, including those necessary to become a millionaire, especially if you’re starting out from nothing.

If you’re Googling “how can I become a millionaire with no money”, chances are you don’t have a lot of money now and you would like to get some, and that the actions you have taken so far -if any- have not been very effective, am I right?

So a change in action is needed. And that requires first a change in the way you think. The transformation needs to happen on the inside first.

Here are some mindset traits of self-made billionaires:

• They see money as something to grow, not something to spend.

• They invest as opposed to saving only – they make money work for them.

• They look for solutions instead of making excuses or complaining.

• Their actions are logical and calculated (i.e. not impulsive). They have done the background work to understand all the possible outcomes and scenarios, and act accordingly.

• They think long-term.

• They have very clear goals.

Start following self-made millionaires on social media, read their books, pay attention to how they spend their days, and try to learn from it. They know what they’re doing.

Have a clear vision

Now that the importance of mindset is clear, it’s time to think about your wishes. This is the fun part. What kind of lifestyle would you like to have in the future? Take some time to think it through. Write it down. What would you like to add to your life and what needs to go in order to live out that vision? 

Think long-term. This is going to be your true north and the thing you come back to when the process gets a little blurry or confusing. It’s important to remember where you’re going and why you want to do it.

Now, what actions can you take to get there? Think about your short and long-term goals. Write it down. People who write down their goals are around 40% more likely to achieve them. Every day from now on, make small actionable steps towards those goals.

Create a budget and financial plan

Sorry, but there’s no way around it. Millionaires have a very clear financial plan, and so should you. 

Let’s start with your budget. Take a good look at what you’re making, how much you’re spending, and how much there is left that you could save or invest every month. Can you lower your expenses and/or increase your income? There are many benefits of budgeting, and one is creating more disposable income.

Now set your SMART financial goals, both short-term and long-term goals. What do you want to achieve financially in the near and far future? An example would be to be debt-free in the next two years or create enough passive income in the next 5 years to be able to pay rent. 

Think about what you need to do to get there (how much you need to earn/spend/save/invest/etc). Break the plan into smaller steps if the goals look too big or unattainable. 

When you know what your starting point is, you can figure out how much you will need to acquire to achieve your goals.

Be selective with how you spend your time

This is another common trait of successful people: they say no to almost everything. That’s called focus.

No quick money tricks here! Becoming a millionaire takes a lot of hard work, discipline, and patience. (Hey, you did not look up how to become a millionaire with no money fast. I don’t know the answer to that one!).

So you’ll need to put in the hours and keep at it over the years. That means curating more carefully how you invest your time and energy as well as your money. 

Surrounding yourself with the right people is just as important. Ditch the non-believers and be careful who you listen to. There’s a saying that goes: “hang out with people who fit your future, not your past.” In other words, have a clear vision and use your time to work on making it happen and to interact with those who share it.

Start saving early

Like, yesterday. The younger you are, the better. But no matter where you are in life, the best time to start is now. Here are some tips for saving money from your salary.

The rule to have spare money at the end of each month is simple: spend less than what you earn. Living below your means is crucial to build wealth. If you have debts to pay off, make that your priority. 

And once you have money to spare each month, start making that money work for you, which takes us to the next two points.

Build multiple streams of income

This is one of the key steps to become a millionaire. Most people are content with having one job, one source of income.  

The problem with this is that, on the one hand, the room for growth is limited, and on the other, the risk is too high: if you lose that job or source of income, it could be a huge roadblock on your way to success, or at the very least, it will delay the process considerably.

The average millionaire has between 3 and 5 sources of income, but some of them have up to 7 streams of income!

Income streams can come in different shapes and sizes: your main job, side hustles, dividends from investments, interest from savings accounts, rental properties, etc. 

You can also try to boost the income you already have, for example, by asking for a raise at work if you think you have chances, or getting training in a specific area to increase your earnings potential.


This is another crucial factor in how to become rich with no money. Investing is putting money to work instead of letting it sit there. 

There are many assets to buy to build wealth: stocks, bonds, businesses, real estate. It’s also important to diversify your investments (don’t put all the eggs in one basket!) to reduce risk, and to think long-term. You’re not investing to get quick returns but to build wealth in the long run. 

Reinvest what you make every month and, thanks to the magic of compound interest, you’ll benefit immensely in the future.

A final note: before you start investing, get educated. Warren Buffet said: “Never invest in something you don’t understand.” Read books, follow people on social media, get educated on the different investment opportunities available according to your budget. Learn first, invest later.

Keep learning

Being a life-long learner is something that self-made millionaires have in common, and is mostly driven by true desire and curiosity. It’s a mindset (ahem). 

You’re already on track by having looked up how to become a self-made millionaire with no money. You didn’t know and now you’re learning the ropes. That’s the spirit and the attitude that is needed to become a millionaire.

Many wildly successful people credit reading as one of the factors to their success. It’s one of the most common billionaire habits, and one you can easily copy too. For example, Warren Buffet reportedly reads hundreds of pages a day in the form of books, annual reports, newspapers, and industry journals. He says that knowledge “builds up, like compound interest”.

Bill Gates is an avid reader and gets through at least one book a week. Oprah has called reading “her personal path to freedom.” You get the gist.

Learn about investing, budgeting, and whatever field you want to get in. Remember that one of the traits of rich people is that they make calculated decisions, and that takes knowledge.

Say nO to lifestyle inflation

When your income starts going up, so will the temptation to spend more. Don’t. 

Adjusting your expenses to your income will limit your ability to build wealth, and that’s not what you want. Keeping your expenses low over the years while increasing your income is key on this path to become a millionaire.

You don’t need to change your car every time you get a raise. Instead of spending more just because you can, invest more. You’ll reach your financial goals a lot faster.

Knowing how to become rich coming from a poor background or starting out with no money may seem like a steep learning curve. And I’m not saying it’s going to be easy, but the basic guidelines are fairly simple. 

Take action, and learn, learn, learn so when your income starts increasing, you know how to handle it, because the truth is it can be harder to manage money than to make it. 

Start now, make a long-term financial plan, stay disciplined. It might be a slow road, but the long-term results will be worth it. 

Similar Posts