Wealthy people usually aren’t born that way. Most spend their lives amassing their fortunes by working hard, spending little, saving a lot and investing wisely. 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.
Then again, 11.5 million households in the U.S. boast a net worth of at least $1 million, excluding the value of primary residences, according to market research and consulting firm Spectrem Group, and their ranks are growing. So it’s totally possible.
Read on to learn what you might be doing to keep yourself out of the millionaire’s club. More importantly, find out how you can change your ways and build your own seven-figure nest egg.