It may sound like a simple strategy, but the fact that the vast majority of Americans fall short of millionaire status proves that it's easier said than done. Spending more than you earn can put you in a dangerous hole of debt.
After graduating from college, Grant of Millennial Money moved back home with just $2.26 in his bank account. "That was a huge wake-up call for me," the now 31-year-old — who goes by his first name exclusively — told CNBC. He took a screenshot of his balance, set the goal of having $1 million in assets in five years, and immediately started educating himself. "As soon as I began this journey, I looked up the best reviewed personal finance books on Amazon," says Grant, who reached seven-figures exactly five years after taking the screenshot, thanks to a side hustle that he turned into a lucrative consulting company. Since, the Chicago-based self-made millionaire has read over 360 personal finance
Janet Yellen knows why the stock market has been on a record tear. The chairwoman of the Federal Reserve on Feb. 15 offered up a pretty clear explanation for investors’ recent elation over equities in her testimony in front of the House Financial Services Committee. “I think market participants likely are anticipating shifts in fiscal policy that will stimulate growth and perhaps raise earnings,” Yellen said, responding to a question about what is behind the markets' meltup. Read: Stock indexes close at records as Dow extends winning streak That description is what most on Wall Street refer to as the Trump rally. That is a revival of so-called animal spirits inspired by expectations that President