4 Money Behaviors You Need To Change Now To Build Your Wealth

Amid what seems like out-of-control inflation, becoming a millionaire seems like a dream. However, as of 2024, there are about 22 million millionaires in the U.S., according to Millennial Money. It’s even possible to become a millionaire in your 20s.

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CNBC spoke with Vivian Tu, a former Wall Street trader-turned expert, educator, podcast host, and founder of the financial equity phenomenon Your Rich BFF. Amazingly, she made her first million by age 27.

Tu grew up in an immigrant household that focused on frugality. Then, she started her career on Wall Street and realized the wealthy focus less on saving and more on earning and finding ways to grow their wealth.

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4 Tips To Build Your Wealth

Here are four tips Tu suggested to help you become a millionaire yourself:

1. Focus on the Long Term: Becoming wealthy means developing patience when it comes to growing your wealth. Investing your money and holding it for many years before selling your assets typically results in much more growth. For example, if you sock away thousands of dollars per year in your retirement account, not touching it until at least age 59 and half will mean significant wealth later on.

2. Stop Trying To Impress Others: Instead of spending money on designer clothes, luxury vacations or a fancy apartment, wealthy people invest in assets that pay them back. Investing to earn passive income is the true way to build long-term wealth and have financial freedom.

3. Network With Others: Networking with other wealthy people can help you build wealth. Rich people often lean on other rich people to get financial advice, recommendations and job opportunities. Running in rich people’s circles could help boost your ability to reach the 1%.

4. Be Sure To Have an Abundance Mindset: A scarcity mindset results in scrimping and saving, the idea that you have to save as much as possible because you could lose your money if you spend too much. On the other hand, most wealthy people have an abundance mindset. Rather than saving every penny, wealthy people understand you have to spend and invest money to make more money. The person who invests in a duplex home and rents it out to earn passive income will likely see greater long-term wealth accumulation than the person who leaves all of their cash in a high-yield savings account for the rest of their life.

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This article originally appeared on GOBankingRates.com: I Became a Millionaire by 30: 4 Money Behaviors You Need To Change Now To Build Your Wealth