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Steven Michael McClelland is an attorney and owner of McClelland Law Firm, P.A, an estate planning, probate, and elder law firm in Arkansas.

staked coins with toy houses on the top and stack with a dollar sign

Millennials can follow a steady, proven path to becoming millionaires without needing unique skills, specialized knowledge, or taking excessive risks. In fact, Americans who have built multi-million-dollar wealth using this strategy typically took an average of 32 years, with some achieving millionaire status in as little as 18 years.

These disciplined individuals are often called saver-investors. At first glance, they may not seem wealthy, but their consistent financial habits set them apart.

Who Are Saver-Investors?

Saver-investors are usually everyday people without extraordinary advantages. They often do not come from wealthy families, nor do they hold elite degrees or possess advanced skills that command high salaries. Many did not inherit wealth or own luxury cars or homes. Instead, their success stems from adhering to two fundamental financial principles:

  1. Save at least 20% of your income and live within the remaining 80%. This requires intentional budgeting and strong discipline.
  2. Consistently and prudently invest your savings. This involves researching investments thoroughly, diversifying across vehicles like 401(k)s, stocks, and real estate, and regularly monitoring their progress.

    “Wealth is largely the result of habit.” – John Jacob Astor

Why Isn’t Everyone Rich?

While the formula sounds straightforward, the real challenge lies in developing and maintaining the right financial habits. Becoming a successful saver-investor demands strong fiscal discipline and long-term commitment. It often requires sacrifices such as working side jobs or launching small businesses.

Key Insight: Consistent, disciplined financial habits over decades build lasting wealth, not luck or inheritance.

Key Financial Habits to Build Wealth

  • Eliminate distractions. Learn to say no to activities or purchases that don’t align with your financial goals and dreams. Say yes only to opportunities that support your progress.
  • Commit to daily learning. Continuously grow your financial literacy by reading, taking courses, and honing skills relevant to money management and investing.
  • Save regularly. Building savings increases your options, empowers your financial decisions, and provides freedom to seize future opportunities.
  • Surround yourself with like-minded individuals. Your social circle shapes your mindset, habits, and behaviors around money.
  • Manage your time effectively. Plan your day in focused blocks dedicated to activities that support your journey to financial independence.
  • Practice patience. Wealth creation takes time. Stay committed through challenges and remember: persistence often beats luck.

Living Modestly to Build Wealth

Living on 80% of your income usually means adopting a modest lifestyle. For example, Warren Buffett still resides in the same house he bought in 1958.

“Drive average cars, wear simple clothes, and invest in your future.”

Choosing public schools for children and supplementing education with free or affordable online courses can also help reduce expenses. Thanks to the internet, there has never been a better time to acquire knowledge on wealth-building.

Take Control of Your Financial Future

If you want to build wealth, focus on developing strong financial habits, living beneath your means, and following the saver-investor approach consistently. The next crucial step is to protect your growing wealth through proper legal planning and asset protection strategies.

We have offices in Sherwood, Searcy, Benton, and Little Rock, ready to assist you with estate planning and protecting your financial future. Contact us today or call 501-834-2070 to schedule a consultation.

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