10 Things You Must Know About Becoming a Millionaire

Think you are a millionaire in the making? Read on to see what it takes to be truly destined for wealth.

(Image credit: Getty Images)

Being a millionaire isn't a ticket to mansions, yachts and caviar like it once was, but the goal is more reachable than ever.

According to 2020 data from Phoenix Marketing International, a firm that tracks the affluent market, 6.71% of U.S. households (or 8,386,508 out of 125,018,808 total U.S. households) have investable assets of $1 million or more.

Note well that to be considered a millionaire by the standards of wealth research, a household must have investable assets of $1 million or more, excluding the value of real estate, employer-sponsored retirement plans and business partnerships, among other select assets.

That's only one way to measure if someone's a millionaire, of course. A net worth of $1 million also qualifies; subtract liabilities, including mortgages and car loans, from assets, including home equity and retirement savings, to determine your net worth. (Use our Net Worth Calculator to get your number.) Either way, hitting the million-dollar mark is no small feat.

Keep reading to see if you have what it takes to become a millionaire.