When most people hear the word “millionaire,” they imagine luxury cars, designer brands, and lavish vacations. But the reality is far less flashy—and far more inspiring.
At Bloom Advisors, we’ve seen firsthand how disciplined saving, long-term investing, and financial planning can turn everyday earners into millionaires over time. You don’t need an inheritance, Ivy League credentials, or a stroke of luck. You need time, commitment, and a plan.
Millionaires Among Us
It may surprise you to know that there are over 24.5 million millionaires in the U.S. alone—nearly 1 in 10 adults. That number jumps to more than 62 million globally, with the U.S. accounting for a staggering 41% of that figure.
But how do people get there?
The Power of Starting Early—And Sticking With It
Wealth accumulation doesn’t happen overnight. It’s the result of steady progress over decades. According to Fidelity, the average 401(k) millionaire has been saving for 26 years and consistently contributes around 17% of their income, including the employer match.
The chart below shows just how dramatically retirement savings can grow over time:
Becoming a Millionaire Can Be Easier If You Start Early
Amount of Annual Savings Needed To Reach $1 Million By Age 65
This compounding example is a hypothetical example that assumes an 8% annual return. The example doesn’t represent any particular investment and is for illustrative purposes only to show the mathematical concept of compounding. It does not account for inflation, and the rate is not guaranteed. Taxes are not included in the calculations. Investments are subject to risk, including the loss of principal. Source: Hartford Funds, 6/25.
The chart above illustrates a powerful truth about compounding: the earlier you start saving for retirement, the less you need to save each year to reach $1 million by age 65. It clearly shows that time is one of the most valuable assets when it comes to building wealth. Starting early can dramatically reduce the financial burden later in life.
Most Millionaires Didn’t Inherit Their Wealth
Contrary to popular belief, most millionaires—79%—didn’t receive an inheritance. They built their wealth through consistent saving, investing in retirement accounts, and avoiding major financial pitfalls.
They’re also not who you might expect. Most millionaires are in their 50s and 60s, live in modest homes, drive reliable used cars, and closely track their expenses. Their focus is freedom, not flash.
No Ivy League? No Problem
You don’t need a diploma from a top-tier university to become wealthy. Most millionaires are college graduates, but few attended elite schools. What they do share is a strong foundation in financial literacy, prudent decision-making, and a long-term mindset.
Many millionaires have built their wealth through small business ownership, such as owning a dental practice, a tax firm, or a local service company. About 15% of small business owners in the U.S. are millionaires today.
The Changing Face Of A Million Dollars
A million dollars doesn’t buy what it used to. Due to inflation, it takes more than $3 million today to match the purchasing power of $1 million in 1985. While hitting the million-dollar mark is still a significant milestone, retirement and wealth goals today must reflect the rising costs and longer lifespans.
Giving Back Is Part Of The Plan
One of the most inspiring stats? 91% of millionaires donated to charity last year, and over half either volunteered or fundraised for causes they care about. Many use donor-advised funds to give efficiently while maximizing tax advantages.
The Takeaway: Slow And Steady Wins The Race
The journey to financial independence doesn’t require luck—it requires a plan. At Bloom Advisors, we work with clients to develop thoughtful strategies for saving, investing, and managing risk at every stage of life. Whether you’re just getting started or are well on your way, we can help guide you forward.
Want to talk about your path to becoming a millionaire? Reach out to schedule a complimentary consultation today.
