5 Financial Planning Secrets of Millionaires
You might be surprised: Most millionaires don't feel rich. But you might if you adopt these five key habits that could help you reach millionaire status.
Millionaire. It's a word that is a source of envy for many and now a financial indicator for a comfortable retirement.
According to Northwestern Mutual's 2026 Planning & Progress Study, Americans believe they'll need $1.46 million to retire comfortably. That rising retirement number is showing no signs of slowing down. This year's figure is up more than 15% since 2025.
While becoming a millionaire might seem elusive, it isn't out of reach. The wealthy practice five financial habits to build and preserve their wealth that everyone can use to make inroads toward greater financial security.
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1. Focus on the big picture
When it comes to wealth, millionaires look beyond today's challenges and plan for a brighter tomorrow. As the saying goes, it's not timing the market, it's time in the market. Patience and the willingness to weather financial storms are essential.
Right now, 27% of Americans believe it's likely they'll live to 100. As life expectancies continue to rise, millions of Americans will live longer, so most financial experts agree that financial plans should be designed to last accordingly.
Wealthy people plan for what lies ahead. Many economic changes will likely occur over a long lifetime, including recessions, periods of high inflation, higher taxes and rising healthcare costs.
By anticipating and planning for key financial risks, as well as the big picture, people can position themselves for long-term financial security.
2. Act, but don't overreact
Despite having money, wealthy people aren't complacent about their finances. They know the value of a sound financial plan, have specific financial goals and act on the steps required to achieve them. The financial rigor they adopt is a key component of their success.
Despite this, only 19% of Americans consider themselves "highly disciplined" financial planners, compared with more than a third (36%) of American millionaires who say the same. That discipline can be what separates a millionaire from the rest of the pack.
A financial plan can help people assess where they are today, identify goals for tomorrow and take the necessary steps to achieve them.
Along with an experienced financial adviser, people can build a comprehensive financial plan.
By following it and working with their adviser, they can ensure they stay on plan to achieve long-term wealth-building objectives.
3. Don't take chances and unnecessary risks
Millionaires don't take chances when it comes to money, and financial advisers help ensure their financial plans address situations that could expose them to risk.
Meanwhile, 73% of Americans who invest in or are considering high-risk, speculative investments say they're doing it because they feel financially behind.
In other words, some might be looking for faster ways to catch up, which can increase the risk of chasing losses.
For millionaires, a comprehensive financial plan is vital and should include an emergency fund, healthcare costs and long-term care.
A plan should build in a savings amount of three to 12 months' living expenses (depending on a person's situation) to give the flexibility and financial security needed if facing financial uncertainty.
If a health emergency results in permanent disability, insurance can help protect people's most valuable asset: Their ability to earn an income.
4. Stay optimistic about what can't be controlled
Inflation, the economy and Social Security: Wealthy Americans tend to stay optimistic about these issues because of their well-thought-out financial plans, which can withstand key risks.
Even if people can't control the future, a good financial plan can help them anticipate and look forward with confidence, no matter what's going on economically or politically.
Most Americans are worried about the big what-ifs of the future, but more than half haven't incorporated strategies into their long-term planning to address them. Proper preparation is the best way to gain peace of mind.
5. Seek professional finance advice
Seventy-one percent of millionaires work with a financial adviser, compared with 37% of the general population. Wealthy people consider financial advisers to be their most trusted source of financial advice, more than four times any other source including a spouse or friend.
With an experienced financial adviser by their side, people are more likely to take the strategic actions necessary to achieve their long-term goals.
For most, they say "feeling like a million bucks" is less about believing they're rich and more about exuding confidence and clarity about the future.
Money alone doesn't create clarity — financial habits and a solid financial plan do.
When people have a comprehensive plan that's custom-built for their life and an adviser who helps them see their opportunities and blind spots, feelings of anxiety fall and feelings of security rise as they create wealth and protect what they've already built.
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