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11 Steps to become a Millionaire Before You’re 65

Jack Gevertz 19th Jan 2020 2 Comments

Reading Time: 6 minutes

So, you want to become a millionaire by the time you retire?

Well, we’d all like to do that!

It’s not easy, but it’s not impossible either.

Follow these steps and you could be richer than you think:


1. Make a plan

Make a plan to help you get rich

If you fail to prepare, then prepare to fail. It doesn’t matter what you want to achieve in life – make sure you have an idea about how you’re going to get there. Becoming a millionaire isn’t easy, if it was everybody would be there, but it’s not impossible either, so have an idea about how you want to go about doing this.

What’s your time frame? Are you going to save? Where can you get financial help? Make a list of questions and see how you answer them, then put together something to make it possible.


2. Start saving

If you’re going to become a millionaire by the time you retire, you’re going to need to start saving as early as possible. Yes, there are some lucky people who can save a lot later in life or who scoop a lot of money from inheritance, but most of us will need something a lot earlier in life.

Again, make a list of questions. How much do I earn? How much can I afford to put aside after bills, food etc? Make a list of questions and again, see what you can come up with.

Also, see if you’re enrolled into a workplace pension. This is an automatic requirement for workplaces to do if they’re employing someone earning more than £10,000 per year. Know that as you put money in, so does your employer, so it’s worth continuing and asking about.



There are plenty of competitions out there, free to enter, which yield big prizes.

Pick My Postcode is one such giveaway. They give out £850 per day and have given more than £10,000 out in prizes. There’s more on how it works here. Sign up today to be in with a chance of winning.

Another competition is on the Nielsen Survey app, where you can win £30,000 just by signing up. It’s a really simple way of winning big money. You don’t have to do anything except keep the app on your computer/phone and wait for the competitions to come.

Check out a load of other competitions you can enter right here on the MoneyMagpie website.


4. Get a free financial health check

If you’re going to make big money, you need to make sure all your finances are completely in order. The best way to do this is with a professional who can advice you on what’s best to do with your money.

We’ve teamed up with VouchedFor to offer a free 30-60 minute call or meeting with a local, well-rated IFA.

With more than 4,500 independent financial advisers and over 60,000 reviews, VouchedFor is home to the UK’s top advisers.

Leave your details and VouchedFor will find the best adviser to help you.

Apply for your free financial health check here. 


5. Develop an app, book or something with a never-ending lifespan

Make your own app

You could consider developing an app for phones and computers, writing a book, or even start singing on YouTube. If these things boom, you’ll get money coming in alongside your day job, potentially for as long as you live.

All you need is your one idea to go viral and it could make you a fortune – and continue doing so for years to come.

So, get thinking of something that you can make money from now but that doesn’t have a short lifespan so you can continue making money from it for the foreseeable future.


6. Invest in bonds, stocks, ISAs or even gold

If you have savings or are waiting for them to build up, a bond could be something worth considering.

It gives you an income on your savings by paying interest regularly. They’re less risky than stocks because they’re less likely to lose money.

Nonetheless, if you want to invest in stocks, they’re another way to build up your cash.

Stocks simply are a way to own a share of a company. When you buy a share in a company, you own that share of the business. You may have to wait to buy a share because not all companies sell them all the time.

If the share goes up in value, you can sell it and make a profit. Alternatively, you may be paid a dividend. These are payments made to those who have shares. They come out of the business’s revenue.

Another option is an Individual Savings Account (ISA). You can save up to £20,000 per year in one of these without paying tax. There are many different types of ISA: cash ISAs, stock and shares ISAs, innovative finance ISAs, Help to Buy ISAs and lifetime ISAs.

The good thing about an ISA is it offers tax-free interest payments so you can increase your cash yield.

The stocks and shares ISAs present another way to increase your cash. But, it works on the trust you give your provider to invest your ISAs in the best companies. It’s also riskier as you may not get back as much as you put in because of the price of the stock market.

A different option is to invest in gold. You can do this by going to a gold seller or you can take out a Glint card and download an app, and they will store your gold (protected by Lloyds of London) in a vault in Switzerland.

Investing in gold could be a good idea because as the value of money falls, the price of gold generally remains steady. Investors say it’s one of the best investments to make as it recovers its value pretty fast following an economic downturn.


7. Find a career with rich pickings

Choose a well paid career

It’s never too late to change career, and wherever you are in your life you can consider a change.

There are plenty of career options, which, if you stick to, could see you climb the ladder and get some good cash too!

With university, you could do a degree and have it paid for by the Government (you will pay this back on any earnings over £25,000 following the completion of your studies).

You could then train to do a master’s degree and take out the master’s loan if you really want to maximise your potential.

Obviously, pick something you like and you’ll enjoy it so much you won’t realise, when you get those promotions, how you’re climbing the ladder and earning a lot of cash in the process.

Here are 10 surprisingly well paid jobs to get you started. 


8. Find a partner and help both of you become millionaires

Have you thought about looking for love? Having two wage packets coming in is better than one and you may find yourself becoming richer must faster.

With two people there’s double the option for savings, and double the potential to get rich by your retirement.

There’s also added bonuses such as the Marriage Allowance, which allows you to transfer £1,250 of your working Personal Allowance to your partner, saving up to £250 a year.


9. Ask family or friends for a small bit of help

If you need a leg-up, can any of your family or friends help? Could they help you with a deposit on a property? Or, can they help towards money for an ISA?

You don’t need to borrow big amounts but if you can get something together, that may help for the whole project.


10. Have an emergency fund

Emergency fund piggy bank

Life can throw us many unexpected things, so it’s worth having emergency reserves just in case. Build up your savings and have some money allocated left over that can be put to use if a rainy day happens: you never know!


11. Expect it to take time

One of the biggest pieces of advice in this piece is be patient. Unless you win an amazing competition or get very lucky with stocks and shares, you really can’t become a millionaire over night. Expect it to take many years, but know you’re on the right road. ‘eck, if you don’t make it, at least you’ve had fun trying. And that’s also important: have fun along the way, because that’s just as important as the money!

Have you got any tips for becoming a millionaire before you’re 65? Is it something you’d be interested in giving a go? Let us know in the comments below.


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chidera okobo
chidera okobo
4 years ago

This article is hilarious because a lot of people are doing these things but are not millionaires. Being a millionaire happens by natural selection with a sprinkle of lottery luck!

4 years ago

I do some of these things but being a millionaire isn’t looking likely!

Jasmine Birtles

Your money-making expert. Financial journalist, TV and radio personality.

Jasmine Birtles

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