How To Become A Millionaire in 2026

7 steps to become a millionaire, even if you have nothing to begin with

Becoming a millionaire is mathematically possible for basically any New Zealander with the right habits and mindset who starts early enough. How do we know?

We see firsthand how ‘regular’ Kiwis steadily accumulate wealth over long periods of time.

So, how do you become a millionaire with no, or only a little money, to begin with?

The idea of being a millionaire often feels like a distant dream, reserved only for the lucky few born into privilege. It’s a common misconception, perpetuated by media portrayals, that wealth is primarily inherited. But here at Become Wealth, we see a different reality every single day. We witness ‘regular’ people, with regular jobs, meticulously building their fortunes and achieving millionaire status. And frankly, if they can do it, so can you.

While it certainly requires dedication and smart choices, the statistics and, more importantly, our lived experience with clients, paint a much more optimistic picture.

Millionaire Defined

A millionaire is generally defined as someone whose net worth is equal to or exceeds one million New Zealand dollars. There are a few things to note here:

• Net worth means assets minus liabilities. For example, if you own a home worth $1 million dollars, and have a $600,000 mortgage, and no other assets or debts, your net worth is $400,000.
• It’s measured as an individual. So, to continue the example above, if you own the home jointly with your spouse, your net worth would be $200,000.
• Sometimes, especially for the purposes of international comparison, millionaire will be measured in a ‘high value’ currency such as US Dollars (USD) or the Euro.
• Some people might distinguish between a "net worth millionaire" who meets the definition by including things like home equity and a "liquid millionaire" who has $1 million or more in readily accessible investments such as shares, and cash.

Regardless of the definition used, being a millionaire still signifies a significant level of wealth and financial independence.

Here are seven practical steps that you can take to become a millionaire, even if starting with no money. The real question is, are you ready to put in the work?

1. Adopt A Millionaire Mindset

Of all the steps on this list, this is the most important.

Once your mindset is mastered, the other steps should steadily fall into place.

Before you even think about bank accounts, investments, or balance sheets, you need to cultivate the right mindset. Mastering your mind is your crucial first step, and arguably, your mind is your most valuable asset. Becoming a millionaire is less about what you have and more about who you become. It's about taking ownership of your financial destiny and focusing on what you can control, rather than fixating on external factors like the economy, fluctuating investment markets, or what someone else has (or hasn’t) got.

Think of the wealthiest person in the world, Elon Musk, or the wealthiest New Zealander, Graeme Hart. Their paths were vastly different, but a common thread runs through their stories: an unwavering belief in their vision, an insatiable drive to solve problems, and a relentless pursuit of their goals. They didn't blame circumstances or wait for opportunities to land in their laps; they created them. This isn't just about entrepreneurship; it's a philosophy applicable to any career or financial goal. It’s about being proactive, adaptable, and resilient. After all, if the path to wealth were a straight line, everyone would be walking it. It's the twists and turns that define the true millionaires.

Embrace The Fact Most Millionaires Are Self-Made

What do Elon Musk and Graeme Hart also have in common? They’re both self-made.

Part of mastering your mindset is understanding the data, which includes addressing elephant in the room: the myth of inherited wealth.

Many believe the vast majority of millionaires are merely trust fund beneficiaries. But the truth is far more inspiring. Fidelity Investments, one of the world's largest money managers, found that a staggering 88% of millionaires built their wealth themselves. This isn't an isolated finding.

A 2019 study from Wealth-X revealed that of the global population with more than USD$30 million, "over two thirds of UHNW [Ultra High Net Worth] fortunes were predominantly self-made." Empower, another financial giant, noted that approximately 60% of those with a net worth of at least $30 million are "self-made," meaning they earned their money through entrepreneurship, investments, or their own salaries instead of inheriting it.

Fun fact: seventy to eighty percent of billionaires are mainly self-made, too.

Embrace The Fact New Zealand Economic Equality Is On The Rise

And for those who think inequality is always on the rise, consider this: inequality has fallen in New Zealand for over 10 years.

This is by the most common economic measure of inequality, called the Gini Coefficient. Our nation is becoming more financially equal, not less.

But if you turn on a mainstream media source, you might form an entirely different opinion based on what any given politician, journalist, or anyone with an agenda might say. Despite whatever you hear, the data is irrefutable: the rich aren't getting richer relative to the poor at all. In fact, New Zealand is one of the most equal developed nations worldwide. This underscores that the pathways to wealth are not closing off; they’re still waiting for those willing to walk them.

This means the journey to a million dollars isn’t about being born into the "right" family or striking it rich overnight with a lottery ticket. It’s about a deliberate, consistent effort over time, driven by a powerful mindset.

For some readers, changing mindset may require drastic and repeated action. This may include if you are still a young adult and were raised in a household where negative or limiting beliefs were common, and you now need to reprogram some core beliefs. For other readers, to break free of an old mindset you may have to change your friend circle, colleagues, spend less time with some relatives, or even reconsider your spouse! Only then, once your mindset is calibrated for success, you can build upon that foundation with actionable steps.

Learn more:

• Wealthy habits
• Why the rich get richer, and the poor get poorer
• Habits of the poor
• Chill out about the economy

2. Earnings Matter: Boost Your Income Power

It may sound obvious, but your ability to generate income is the absolute foundation of building wealth. While millionaires don't necessarily earn six-figure salaries their entire careers, earning more allows you to save and invest more. Look for ways to bolster your earning power:

• Skill Up: Invest in courses, certifications, or higher education qualifications which enhance your value in the marketplace. This could be a formal degree or simply learning a new, in-demand skill.
• Negotiate & Advance: Seek out promotions, progression, bonuses, and new roles that offer greater financial opportunities.
• Side Hustles: Explore ways to earn extra income outside your primary job. This could be freelancing, consulting, or even turning a hobby into a profit-generating venture. The internet has opened up a plethora of possibilities.

In some case, you may even have to make a drastic change, such as changing career-path entirely and take a short-term drop in income, to maximise your long-term earning potential.

Learn more:

• ‍Earn six figures, the how-to guide
• High income skills
• New Zealand’s best side hustles
• How to get promoted

Millionaires Add Value in Some Way

Wealth is often a reflection of the value you provide to others. Whether you're an employee, a business owner, or a service provider, focus on becoming indispensable. Identify problems and offer solutions. The more value you add, whether to; your customers or clients, your employer, your organisation, or society at large, the more opportunities you'll create for financial reward.

Though this isn't just about monetary gain; it's about adding value to society.

3. Invest in Yourself: The Ultimate Return on Investment (ROI)

Beyond just increasing your earnings, truly investing in yourself means nurturing your physical, mental, and emotional well-being. A healthy body and a sharp mind are crucial for sustained effort and decision-making. This includes:

• Continuous Education: Stay curious. Read books, listen to podcasts, attend workshops, take micro-credentials. The world changes rapidly and staying informed is key to staying ahead.
• Network: Build relationships with mentors, peers, and others who can offer guidance, support, and offer new perspectives.
• Health and Wellness: Prioritise sleep, nutrition, and exercise. You can't perform at your best if you're constantly running on empty. Remember, all the wealth in the world means nothing if you’re not healthy enough to enjoy it!

In the digital age educating yourself is free. You will be surprised at the ideas that start to percolate when you start nourishing your brain, and body. ‍

Learn more: How to have an awesome life

4. Millionaire Risk Management

Building wealth isn't just about accumulating assets; it's also about protecting what you're building or have built. Risk management is non-negotiable. Depending on your phase of life, this could mean any number of things, including:

1. Diversification. Don't put all your eggs in one basket. Spread your investments across different asset classes (stocks, bonds, real estate, etc.), industries, and geographies. This mitigates the impact of a downturn in any single area.
2. Insurance. Adequate insurance (life, health, income protection, property, etc.) acts as a crucial safety net, preventing unforeseen events from derailing your financial progress. It's the boring but vital guardian of your growing wealth.
3. Contingency Funds. While often considered basic, the size and accessibility of an emergency fund become even more critical as your wealth grows. If an unexpected expense and market downturn occurs, a robust emergency fund means you won't be forced to liquidate investments when their value is depressed.
4. Bad-Debt Avoidance. Not all debt is created equal, but high-interest consumer debt (like credit card balances) is a severe impediment to wealth creation. It's like trying to fill a bucket with a hole in it. Prioritise paying off these "wealth killers" before you invest.
5. Quality Relationships. Whether it’s in business, property, and most-especially your personal life, poor partnerships can be financially devastating. Ensure your values are aligned, then back that up by always documenting expectations with contractual agreements.
6. Estate Planning. A will, enduring power of attorney, and basic estate documents ensure your assets are protected and your wishes are followed.

Learn more:

• ‍Why you need a will in New Zealand
• Financial red flags to watch for in your spouse
• How to diversify
• When you shouldn't diversify

5. Invest Early and Consistently: The Magic of Compounding

This is perhaps the simplest yet most powerful principle. The earlier you start investing, the more time your money has to grow through the miracle of compound interest. As Benjamin Franklin famously said,

"Money makes money. And the money that money makes, makes money."

It’s like a financial snowball rolling downhill, gathering more and more mass. Even modest, consistent contributions can accumulate into a substantial sum over decades. For instance, investing just $500 a month consistently for 40 years, assuming a reasonable return of 6.5% each year, could make you a millionaire. The key is to automate your savings, pay yourself first, before you have a chance to spend it.

6. Live Below Your Means: Defeating Lifestyle Inflation

This might sound like a relic from your grandparents' era, but it's timeless wisdom. No matter how much your income grows, if your expenses keep pace, you'll never build significant wealth. This phenomenon, known by names such as lifestyle inflation or lifestyle creep, is a silent wealth killer. Cultivate frugality and contentment with less. Ask yourself: "Do I want this more than I want to become a millionaire?" Most millionaires live on less than they make and are incredibly disciplined with their spending, usually by using simple tools like grocery lists and even coupons. It’s not about deprivation, but about intentionality with every dollar.

Learn more:

• ‍Live within your means and still enjoy life
• Lifestyle creep

7. Patience and a Long-Term Vision

Building substantial wealth is rarely an overnight phenomenon. It's a marathon, not a sprint. Many self-made millionaires don't reach that status until their 50s or later. The "get-rich-quick" schemes you might see online, including the most modern versions on polished social media accounts, are almost always pathways to getting the person selling you something rich, not you.

Resist the urge to constantly tinker with your investments or chase every fleeting trend. Consistency, patience, and unwavering adherence to your long-term plan will yield far greater results than chasing quick wins.

Have a Wealth Vision 

Take the time to sit down and work out some goals and then actionable steps you can take to reach them. These plans you draft may change, but without a plan in place, you could find yourself floundering around without direction. 

Think about why you want to be a millionaire and what is it that will make you do whatever it takes to get there.

Then have a think about what your life would look like if you didn’t achieve your goals. This bleak-looking future is sure to inspire you to start chasing your them!

Having a financial vision propels you by attaching a purpose to your wealth and the effort spent in accumulating it.

Learn more:

• How the rich spend their money
• Stealth wealth
• ‍Do you really need a financial adviser?
• How wealthy New Zealanders invest
• The proven way to become wealthy

The Bottom Line: How to Become A Millionaire

“The qualities that you need to develop, qualities on the inside to become a self-made millionaire, are incredible qualities that make you a vastly better person. Not only better in terms of character, determination, discipline, decision-making, strength, and so on, but they make you a far better person. They round out your character in a far better way.” Brian Tracy

At Become Wealth, we've seen firsthand how ordinary individuals, through disciplined application of these principles, transform their financial future and transform their lives. It's not about magic formulas or insider secrets. It's about empowering yourself with knowledge, making intentional choices, and staying the course.

We understand that the journey to becoming a millionaire can seem daunting, especially with the distractions and pressures of modern life. But remember the wisdom of the world's most successful investors and entrepreneurs: your destiny is largely within your control. Focus on what you can influence – your mindset, your earnings, your savings, your investments, and your habits.

This pursuit isn't just about accumulating money; it's about building security, creating opportunities, and achieving the freedom to live life on your terms. It’s about being self-reliant and taking ownership of your financial future, no matter what economic headwinds may blow.

Ready to start your millionaire journey? Our financial health check is free, so if you want to be a millionaire, get in touch and we can guide you to achieving this goal.