How To Not Become A Millionaire

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This “How To Not Become A Millionaire “ post details some of the actions that people do that negatively affect their chances of reaching their goal of amassing a million dollar or more during their lifetime.

Who wants to be a millionaire? I know I would.

This is not the game show you see on the television everyday where people have a chance to win a million dollar just by correctly answering a ton of questions.

Almost all the blogs that I have visited and blog posts that I have read and came across with have a ton of ways on how to become a millionaire. I am always glued to this type of articles because someday I want to be a millionaire or close to that. I’m not being greedy or close to being one. I just want to have a good chunk of money that my wife and I can have during our retirement years.

I’m probably not alone in the boat when I say I want to be a millionaire someday. I bet a lot of people have that aspiration too even though the purpose or reasons for wanting to have that money may or may not be different from the reasons I have.

Easy Ways To Not Become A Millionaire

Truly, a lot of people have been preparing or attempting to reach that goal but in reality most people are interested in not becoming a millionaire. They exhibit signs and show actions that will hinder them from reaching that million-dollar-or-more goal. Here are some of the ways that people do that negatively affect their chances of becoming millionaires.

Not Become A Millionaire Tip#1: Don’t understand money

Money is not a complicated subject but people make it a complicated issue. Many people don’t know how money works. When it comes to money, you need to know the basics on how to make, handle, invest, and use it. If you don’t know these, then, you will have a hard time achieving your goal of a million dollars or even a couple of thousand dollars.

There are resources you can use to educate yourself. You don’t need advanced education to understand about money. You just need to take time researching and understanding the concepts behind it. Earning millionaires doesn’t happen overnight unless you win in a lottery or already have money and money works for you. It takes time, research, education, and some luck to get your million dollars.

Tip: Be proactive. Research and understand money as much as you can. If you’re stuck or confused, you can always ask your friends, family, colleagues at the workplace, among others.

Not Become A Millionaire Tip#2: Spend more, earn less

If you look into all my blog posts, I almost always say that in order to save money, you need to spend less than what you earn. The math is simple and straightforward. When you spend more money than what you earn, you will always have a deficit (i.e. expense is more than income). Your next question may be in the form of “If I don’t have enough money, how do I even overspend?”

There are a couple of sources that you use, which will contribute to your overspending. You may be using your credit cards or taking out loans just to meet your wants and needs. You may also be selling your assets to address your lifestyle. These are just a few examples that show how you can spend more than what you earn.

If you are on the trend of spending more than what you are earning, you may never reach that goal of having a million dollars.

Tip: Just don’t spend more than you earn. If you can spend way less than what you earn, that’s even better.

Not Become A Millionaire Tip#3: Forget the value of compounding interest

Not all people are knowledgeable when it comes to investing. Not all people want to invest especially when the stock market is fluctuating crazy from time to time. This group of people should not include you.

You need to learn that if you just stick your money in your bank account, you will never get to accumulate or earn a million dollars unless you’re sticking in a massive amount of money. But if you are an average Joe who earns an average income with average or above average expenses, you will not be able to stash enough money into your account to give you a million dollars.

The law of compounding interest is power and alive. You may be scared to invest in the stock market and you should be because stock market returns are not guaranteed. But if you are a long-term investor, your invested money will have a better chance to grow, thanks to the compounding interest.  According to Investopedia, compound interest is the interest calculated on the principal amount (initial) plus the accumulated interest of previous periods of a deposit.  You can use this compound interest calculator to figure out how much you would earn given an amount, a return rate, and time period.

Tip: It’s better to try than not try at all and think about what could happen if you did try. The same saying goes with investing. You’ll never know what you’re going to receive (or lose) if you don’t try and jump into the world of stock market investing. You just need to make sure you do your research first before you invest.

Not Become A Millionaire Tip#4: Don’t value education

Ok, you are busy and that’s understandable. However, that doesn’t mean that you should stop from continuously educating yourself. Wealthy people still learn even when they are super successful and busy. They never stop learning. They use the small free time they have to learn.

Some go back to school to get advanced education such as Marketing MBA online to further their career and experience. Some of them take professional development courses to improve their craft, leadership and communication skills, among others.

If your desire is to make millions, then, you may need to make time to educate yourself.

Tip: Even when you are an experienced professional, you can always educate or re-educate yourself for your betterment and for the betterment of your bank account(s).

There are professional development courses that you can participate in your time and availability. Coursera and UdemyHow To Not Become A Millionaire 1 have courses to suit your needs. Whether you need to improve your management or technical skills or want to learn new skills, hobbies, or profession, Coursera and UdemyHow To Not Become A Millionaire 1 offer a wide variety of courses to suit your needs.

Not Become A Millionaire Tip#5: Avoid getting promotions or salary increases

A lot of people are satisfied with what they have. They rather spend their lives in the same position and not grow their career because they don’t want to have additional responsibilities along with pressure and a ton of headaches. They may also just want to be in their positions because they just love working in those positions. These are perfect reasons.

Having said that, if you belong into this group of people, you may want to tweak your overall outlook (not that it’s bad). If you stay within your salary or you are in a position that doesn’t have any salary growth, your salary will be valued less in the future. This can or will happen because of inflation. If your salary is $50,000/year, that value of your salary 10 years from now at 3% inflation would be $37,204.70, according to

Tip: If you just dreaded the idea of being promoted, you may consider applying for another job with the same level of responsibility and workload but with higher pay. If you’re in your position and haven’t reached your maximum salary yet, it’s best to stick with your current job and find other similar opportunities but with higher pay when you’ve reached your max salary.

Not Become A Millionaire Tip#6: Don’t avail your employer’s maximum matching contribution

If your employer offers 401(k) and/or other investment vehicles with matching contributions, the funds that your employer puts into your account are free money. A lot of companies will match up to a certain percentage of your pay or an exact dollar amount. If this is the case, make sure that you maximize your contribution to get that maximum matching contribution from your employer.

For example, if your employer matches up to 5% of your salary and practices dollar-for-dollar matching, then, you need to contribute 5% of your pay. If you only contribute 3%, then, your employer will only contribute 3%. This means that the 2%, which is free money, is not credited to your account. You’ll be surprised that not all people take advantage of this matching contribution opportunity.

Tip: Always try to maximize your contribution so your employer can put in the maximum contribution as well. If you like to contribute more than what your employer will only match, that’s ok too. There is always opportunity for your money to grow, thanks to the compounding interest. But of course, you should always study what investment options your employer has to ensure you pick the right options for you.

Not Become A Millionaire Tip#7: Buying products at full price

If you are buying products at full prices, you really are just wasting money. Are there important reasons that you can’t hold off from buying them? You can definitely save money if you wait and purchase these products during the holidays or when there are ongoing promotions. You could use the money that you save for other purposes like investments, education, among others.

I’ve seen a lot of people who buy products when they just come out from the market. From what I can tell (this is just me), it’s all about (social) status, lifestyle, and/or immediate fulfillment of wants. Why not just wait for a couple of months until the product demand has leveled and promotions start to come out.

You’ll likely receive benefits from waiting and buying the products later on. First, you could potentially buy the same products at discounted prices. Second, when the products have been in the market for a couple of months, you can search for consumer reviews about the products you intend to buy. When you do this, you allow yourself to see if the products really meet your requirements, needs, and/or satisfaction.

Tip: Never buy products at full prices. Always take your time researching the products through consumer reviews to make sure that they meet your requirements.

Not Become A Millionaire Tip#8: Give up even before starting

A lot of people especially elder ones tend to give up saving even before starting because they think that it’s too late to invest. They may also say that they would start tomorrow but never do and sing the same song every day until they feel that it’s too late to start saving. What I can say is that, regardless of your age, it may only take one, two or a few good decisions to start or build your wealth.

Some people start taking control of their finances in their 40s and still manage to get back on track on their goals. Some elders start building businesses and become successful in just a few years. The truth is there are endless possibilities and opportunities you can leverage to build your wealth. The best time to take advantage of them is yesterday or today.

I always say to myself and to others that it’s always best to start and try than not start and think what could happen if you did try.

Tip: Learn to change your attitude. You’ll never know what will happen until you try doing it. Use your experience and wisdom in making better financial decisions. I bet you may have more knowledge and experiences in finances than a person just starting.

Not Become A Millionaire Tip#9: Fake it so everyone believes you

I’ve seen a lot of people who buy expensive products to impress other people or people who like to feel rich. However, this practice may be hurting them. They would rather spend their money towards products that don’t provide long-term benefits for them. When these people spend all their funds towards buying products intended to make them look rich, they may not have enough money to invest and save.

Remember that being rich is different that looking rich. There are a lot of rich people who dress up simple and buy products that only meet their needs. Some rich people don’t feel the need to show off so everybody can adore them.

Tip: Buy what you need and don’t impress other people. People can or will know when you are faking it or not. Better focus on saving and investing so you can reach the status you desire.

Not Become A Millionaire Tip#10: Invest in wrong investments

People have different definitions of investments. However, in its simplest definition, investment is something that will make you money.

A lot of people think that expensive cars are investments. I can say that it could be an investment if you are working for a car company and need to advertise your car as a product. Other than that, I don’t think buying expensive cars is an investment.

A lot of people also think that buying a big house is an investment because house prices tend to go up. This reasoning may be true but not always. During the Great Recession, a lot of people lost their homes to foreclosures or were under the water (meaning they owed more than what their houses were worth at that time).  Apart from what happened during the Great Recession, there are significant costs with big houses, which are higher utility and maintenance costs, homeowner’s association (HOA) fees, property taxes, and home insurance.

Tip: When investing, always sit down and assess what your needs are. It’s always best to understand your goals and needs before investing. Investing is not for the faint of heart. To avoid investment remorse, it is in your best interest to take time and use resources to learn about what investment options you have and how they fit your goals and needs.

Not becoming a millionaire is easier than becoming one. If you ever desire to become a millionaire, you need to understand that becoming one takes patience, dedication, discipline, practice, trials and errors, time, and some luck.


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