4 Unflashy Ways Middle Class Earners Build Millionaire Wealth
Most millionaires didn't get rich by winning the lottery or inheriting wealth? The overwhelming built their fortune from the ground up, and even then, didn't even earn huge incomes.
"My journey from middle class to upper middle class was driven by strategic decisions and hard work," said millionaire Brian Meiggs.
These are recurring themes in building wealth, but how specifically do Meiggs and others climb the socioeconomic class ladder and become millionaires?
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1. Starting a Business
For Meiggs and many others, the path to financial freedom started with growing a business from scratch.
"One of the most transformative steps was starting a personal finance website called My Millennial Guide," Meiggs said. "I have dedicated myself to growing and nurturing this brand, and it has fundamentally changed my life."
He continued, "Running this finance website has provided me with the flexibility to work from anywhere, allowing me to design a lifestyle that balances both professional and personal aspirations. The success of the website has also enabled me to earn a substantial passive income. This financial independence has given me more control over my time and the freedom to pursue other interests and opportunities," he continued.
2. Ongoing Education
"In addition to the financial benefits, operating My Millennial Guide has been a continuous learning experience," Meiggs said. "Staying informed about the latest trends and best practices in personal finance, online marketing and content creation has been crucial."
Continuing to learn new skills that boost your ability to earn remains a tried and true path to greater wealth. Certified financial planner (CFP) Robert Persichitte of Delagify Financial has seen it among his clients.
"I have a client who went from being a mechanic to a software engineer with stock options and a high salary," Persichitte said. "His story is a testament to the power of self-initiative. While formal education is a common route to higher earnings, he took a more direct path. He actively sought out classes and seminars to acquire the necessary skills and stood up for himself to secure fair pay at his new job."
3. Networking
Persichitte added that his mechanic-turned-software-engineer client had to proactively expand his network to make the climb from middle class to upper middle class.
"It took a lot of networking to make a meaningful impact with those new skills, even after he developed them," he said.
If you take the entrepreneurial route, networking becomes even more important. No business exists in a vacuum, as Meiggs knows well.
"Networking within the industry has opened doors to collaborations and business ventures that further expanded my reach and influence," Meiggs said.
4. Disciplined Budgeting
It doesn't matter how much you earn if you spend it all on gadgets, shoes and luxury cars. Your wealth comes from your savings and the gap between what you spend and earn.
Persichitte said resisting the temptation of overspending helped clients get over the hump to the upper middle class.
"He did a great job of avoiding the biggest mistake: lifestyle creep," Persichitte explained. "Many people seeing higher incomes immediately buy a new car, plan their dream vacation or get a more expensive house. The better option is to prioritize saving -- especially tax-advantaged savings. This will help propel you to the next level, which is independently wealthy."
In Meiggs' case, he funneled much of his savings back into growing his business.
"The journey wasn't easy, but the discipline in saving, budgeting and reinvesting earnings back into the business has created a compounding effect on my wealth," Meiggs said.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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