The world of billionaires and millionaires, measured by wealth, remains a predominantly male club. Of the nearly 2,500 billionaires in the world, only 294 (around 12 percent) are women, according to Wealth-X, a research firm.

The number of female billionaires is growing only half as fast as the male billionaire population, Wealth-X says. And women may even be losing ground in the millionaire population: Worldwide, the number of women worth $30 million or more declined in 2015, even as the equivalent male population grew.

Women are still making inroads among the rich, however. By some measures, there are more wealthy or high-earning women than ever, both in the United States and around the world. In 2000, there were 11 female billionaires on the planet, according to Forbes; by 2016, there were 190.

Of the nearly 27,000 women in the world worth $US30 million or more, one third are self-made. And there are reasons to think that those numbers could rise, as wealth becomes more global and women in countries such as China start to prosper.

In 2015, more than half of the female billionaires in Asia were self-made, compared with 19 per cent in the United States, according to a report from the Swiss bank UBS and the consulting firm PwC.

In order to become a millionaire, you have take action yourself and create a plan to become one.


The first step in becoming a millionaire is – to decide you want to become one and believe you can be. You have to make that commitment and also believe you can be one. Most people don’t think like this because they don’t think they can actually become one.

Becoming a millionaire has nothing to do with your background, your family, your age, your skin color, your intelligence, your location, or any other excuse you might have for not building wealth. Becoming a millionaire is not something that happens to you — it’s something you make happen.

Steve Siebold, author of How Rich People Think says most people have a lottery mentality and have been brainwashed to believe that the only chance to get rich is by picking winning numbers or playing slot machines.

“What the wealthy have taught me over the years is to look at your beliefs around money, success, prosperity, and rich people,” he says. “Ask yourself: ‘Is that helping me develop more wealth and build my net worth, or is it holding me back?’ I think 95 percent of the population, in even the richest country in the world, have negative beliefs about money. After a year or two of interviews [for this book], I realized why I was broke.”

The average American needs to stop looking at money from a fear and scarcity point of view, and start seeing money through the eyes of freedom, possibility, opportunity and abundance, Siebold says.Want to become a millionaire? Making it happen in the next five years doesn’t have to be a fantasy.

“Look at your beliefs and look at the beliefs of the wealthy and how they think about money,” he says. “They see it as a game. They’re just playing a game, and they’re having fun. They’re moving things, and they’re creating value for society, and they’re getting richer all the time. It’s more about thinking about money in terms of abundance and opportunity and freedom and all the good things, such as good health. Money can save your life if you have enough of it, because you can pay for treatment for whatever you have.”

Siebold has failed with businesses over the years but has learned more from those failures than he has from his successes. Failure, he says, makes you analyze what you did wrong. Worrying about failure, however, holds people back from taking a chance and being successful. We shouldn’t be our own worst enemies – look at the rich; they’ve brainwashed themselves with positive belief so they’re not as afraid to take the chances and risk.

“What holds people back is more a lack of belief,” Siebold says. “It’s the fear that ‘I won’t recover. What if I start a business and I fail?’ I’ve done that, and a lot of people have done that. You start over. You find a way to make it work. One of the things I saw from wealthy people from the beginning is that they had this unwavering belief that no matter what they did or if they failed, they would find a way to recover. Most said that’s a belief they had to build in themselves. They had to tell themselves, ‘if I lose everything, I’m not going to die. I’m going to make it. I will make it all back and more.’ And that’s what they do. They’re not born with this. They talk themselves into it while the rest of us are talking ourselves out of it.”

“Most of these millionaires that I’ve interviewed are normal people like you, me and everybody else,” he says. “They’re not Rhodes Scholars. They’re average people who changed their mindset and went to work. Most are not living in giant mansions. They’re living quietly. They’re our neighbors, but they have millions of dollars in the bank. They never worry about money and never have to worry about it again.”


Most people get stuck as soon as the first problems come up. They are not connected enough to the goal of becoming a millionaire and give up as soon as things get tough,” says life coach, speaker, and author Lukas Schwekendiek. “But this determination comes in different forms. It is not as simple as to say that they do not want it bad enough, or that they aren’t willing to work hard for it. Most of it boils down to the internal struggle.”

And he adds, “Becoming a millionaire isn’t about collecting $1 million from some place or through hard work. Becoming a millionaire means you go on a journey to change yourself into a person that can handle a million dollars.”


Now that you believe you can actually become a millionaire by changing your beliefs, the next step is to create a detailed plan. Most millionaires didn’t get there by chance or dreaming. They created a detailed, written plan to become a millionaire. One of the main reasons why someone can never become a millionaire is because they haven’t written a financial plan. Developing a financial plan forces you to take action, instead of just talk. It also guides you in making the right decisions in order to achieve all of your dreams and goals.

Financial planner Scott D. Hedgcock says that “when planning for a more secure future there are two inputs that are indispensable:” 1. how much money you have and 2. how much money you spend. “The basic point I want to stress about these two inputs is that they are absolutely fundamental to all financial planning regardless of how large either of them is,” he says.

“In my experience, the biggest difference between those on the right path vs. those on the wrong path was the amount of time and effort they put into devising a plan for their finances.” When you take the time to create a plan and see it through, “is the one thing all financially successful people have in common.” Hedgcock also says that “the success experienced by those who do this occurs regardless of their relative wealth. Likewise, the failure of those who do not follow a plan is unrelated to their wealth.”

Create a written financial plan that includes your goals, your net worth, your debt-to-income ratio, your savings and investing plans, and your monthly budget. Your plan should be measurable with target dates and dollar amounts, broken down into smaller steps. Commit to putting time into your plan and reviewing it everyday. That plan is your path to becoming a millionaire so it should be of the utmost importance to you.


Saving is the key to financial security. I know many people think saving is hard. However, when you see your account grow and compound over the years, it becomes exciting. You realize it wasn’t that hard, and saving actually gets easier over time. You just need to take the first step.Thomas Stanley and William Danko, authors of “The Millionaire Next Door,” studied the traits of millionaires. They found that millionaires save at least 15 percent of their earned income and live well below their means. In addition, 80 percent did not receive an inheritance (they are self-made millionaires).

The authors coined the term “high-consumption lifestyle” to describe people who spend all their money, never save and never get wealthy. This describes many people, because there is constant pressure to overspend and keep up with the Joneses.

If wealthy feels out of reach, it should not. Many people come very poor backgrounds, but by saving throughout their working years, they became millionaires by age 55 or 60. Some of them are astonished their net worth because they never expected to become millionaires. They exemplify the benefits of saving for the future.

Per Motley Fool’s article, How Much You’ll Need to Save Annually to Become a Millionaire, to demonstrate the importance of time and saving early and often, they determined how much you’d need to save on an annual basis to become a millionaire by the time you hit 65 years old, the upper-end of the traditional retirement age range.

Using Bankrate’s investment calculator they assumed $0 initial investment, a 7% rate of return, a contribution frequency of once a year, and a compound frequency of once-yearly. Also assuming that all taxes will be deferred, so keep in mind that tax implications aren’t reflected in the eventual $1 million.

With these criteria in mind, here’s how much you’d have to save annually to reach $1 million by age 65:

Age 20: $3,500 annually
Age 25: $5,010 annually
Age 30: $7,234 annually
Age 35: $10,587 annually
Age 40: $15,811 annually
Age 45: $24,394 annually
Age 50: $39,795 annually
Age 55: $72,378 annually
Age 60: $173,891 annually

A great place to start budgeting and saving is by following the 50/20/30 Guideline.

“The 50/20/30 guideline can be easy to follow because instead of telling you how to break down your budget across 20 or more different categories (who could possibly keep track of that?), it splits everything into three main categories,” writes Laura Shin for LearnVest.

These categories include:

Fixed costs, like rent and utilities. It’s suggested “that you aim to keep your monthly total no more than 50 percent of your take-home pay,” Shin says.
Financial goals, such as saving towards retirement or an emergency fund. Shin recommends that you put 20 percent of your take-home pay towards these contributions.
Flexible spending, like grocery shopping, entertainment, and hobbies. You should budget no more than 30 percent towards flexible spending.


Only a third of American households in a 2013 Gallup poll admitted to keeping monthly budgets; and if you aren’t sticking to a budget, it can be very difficult to understand your cash flow and optimize your ability to save. One of the easiest motivators is to automatically transfer money from your checking or savings account to an investment account on a weekly, bi-weekly, or monthly basis. Doing so will hold you accountable for your spending habits, and encourage you to continue saving and investing for the future.

If you want to become a millionaire, then you absolutely need to get into the habit of saving by contributing to your 401(k), Roth or traditional IRA, and an emergency fund that’s been placed in a money market. However, the way to make this is by automating your savings. This will automatically withdraw a percentage of your salary and place it into your contributions without you ever seeing it. It’s suggested that you should put 10 percent towards investments and 5 percent towards savings.

If your financial plan isn’t on auto-pilot, change that immediately, encourages self-made millionaire David Bach. Automating your finances — sending your money automatically to investment accounts, savings accounts, and creditors — allows you to build wealth effortlessly.

It’s “the one step that virtually guarantees that you won’t fail financially,” Bach writes in “The Automatic Millionaire.” “You’ll never forget a payment again — and you’ll never be tempted to skimp on savings because you won’t even see the money going directly from your paycheck to your savings accounts.”


It’s widely known that the wealthiest people in the world are frugal. They don’t spend excessively on designer and luxury items. They use coupons. And, they’re known for living below their means by purchasing modest homes and vehicles. The 86-year-old billionaire, Warren Buffet, still lives in the five-bedroom home in Omaha, Nebraska, that he bought in 1958 for $31,500. And he never spends more than $3.17 on breakfast.

“Ninety-five percent of the poor in my study did not save, and most accumulated debt to subsidize their standard of living,” writes Tom Corley in Change Your Habits, Change Your Life. “Consequently, they have no money for retirement, for their kids’ college, or for pursuing opportunities that present themselves.”And he adds, “Not saving and spending more than you make creates long-term poverty, with no hope of escape.”

The wealthy, on the other hand, avoid overspending by living within their means and investing in the future. And they accomplish this by making their spending and budgeting a habit. The wealthy don’t just spend their money, they spend it purposefully.

Jim Rohn, one of the county’s leading authority figures in business, has a simple formula for accumulating wealth: “After you pay your fair share of taxes, learn to live on 70 percent of your after-tax income. These are the necessities and luxuries you spend money on.”

Rohn goes on to say that it’s then “important to look at how you allocate your remaining 30 percent.”

He suggests giving a third to charity, a third toward capital investments, with the final third being placed in a savings account. You probably won’t notice much in the beginning, but “let five years lapse and the differences become pronounced. At the end of 10 years, the differences are dramatic,” he says.

Even better, learn to live on 50% of your income. That will speed your path to becoming a millionaire a lot faster. One easy way to automate this is, for example, if you get paid bi-weekly, pay your expenses out of one check and have the other check automatically deposited into your investment and savings accounts.


Millionaires are also known for keeping their debt under control by using credit sparingly. Take a cue from T. Boone Pickens, who only carries around as much cash as he needs for what he intends to buy. Debt can ruin your credit rating and your future.


Grant Cardone, who went from being broke and in debt at the age of 21 to becoming a self-made millionaire by 30, says, “The first step is to focus on increasing your income in increments and repeating that.

“My income was $3,000 a month and nine years later it was $20,000 a month. Start following the money, and it will force you to control revenue and see opportunities.”

Lobby for higher salary, sell something on eBay, become an affiliate or network marketer. Whatever it takes, increasing your income will jumpstart your path to becoming a millionaire.


After studying millionaires for five years, author Thomas Corley discovered that 65 percent of self-made millionaires had three streams, 45 percent had four streams, and 29 percent had five or more streams. This could include starting a side-business, working part-time, investments, and renting everything from your home to your car to household items. In case of a job loss, a large unexpected expense and to become a millionaire sooner – multiple streams of income provide security and a faster path to wealth.


Invest now and take advantage of compound interest. Over many decades, the stock market has averaged annual gains near 10%.

You can invest in stocks is via a simple, low-cost broad-market index fund, such as the Vanguard 500 Index Fund (NASDAQMUTFUND:VFINX), which distributes your assets across 80% of the U.S. market. The Vanguard Total Stock Market ETF or the Vanguard Total World Stock ETF will, respectively, have you invested in the entire U.S. market, or just about all of the world’s stock market.

If you have the time, skill, and interest, you might invest in individual stocks, too, as some of them will grow at a faster clip than index funds. Finding the long-term winners is easier said than done, though. You don’t need to find exciting new companies in order to profit — established, familiar names can serve you quite well.

It’s smart to take advantage of Roth IRAs, too, as they promise tax-free withdrawals in retirement. A Roth IRA offers no upfront tax deductions, but it gives an even greater gift to investors. All investment gains earned within a Roth IRA are free of taxation for the life of the account. Furthermore, there are no age requirements dictating when people can or can’t contribute, and no minimum distribution requirements, meaning you can let your money continue to grow if you’d like. It’s by far the most flexible and savings-packed retirement tool available.


To become a millionaire you must learn how wealth is built. Building wealth is not a mystery. It’s not something you stumble into. It’s not something you find. Instead, wealth building is a process that can be studied, learned, and mastered.

This is why you’ll often hear highly successful people say, “The first million is the hardest.” Like riding a bike, once you learn it, you can repeat it over and over for the rest of your life.

Successful investors take the time to study key financial concepts, learn the dos and don’ts and stay abreast of current trends. They take advantage of opportunities to strengthen and expand their understanding and expose themselves to financial information on a daily basis. Take a cue from them and subscribe to The Wall Street Journal, watch CNBC, pick up Fortune Magazine, instead of a gossip magazine and follow financial experts on Twitter. Become a devoted student of money, and you can master the science of getting rich.

Once investors have committed to increasing their knowledge of what to do with their money, there are a multitude of options to expand their education. Brokerage firms like online shops E*Trade Financial, TD Ameritrade and others, have turned their websites into virtual classrooms, offering everything from basic explanations of different types of investments to video tutorials.


Your time is your most precious resource in your quest to be a millionaire. The more time you devote to becoming a millionaire, odds are you will become one. The wealthy allocate their time to something that will build their self-development. Tom Corley, author of Rich Habits says, there are 1,440 minutes in each day. Rich or poor, time does not discriminate. How you choose to use your 1,440 minutes each day, the choices you make with respect to your time, will dictate your financial circumstances in life. You have to be focused and strategic with your time. What you focus on most will determine your outcomes. Continually focus on your goal of becoming a millionaire and on your plan to get there.


You can start with a side gig or let it remain one, but one of the fastest ways to become a millionaire to have your own business. In 2015, the number of women-owned firms increased again. Women now own about 30 percent of U.S. businesses and employ nearly 8 million workers.

According to Robert Kiyosaki, author of Rich Dad Poor Dad, “the biggest mistake people make is that they work too hard for money,” said rich dad. “Most people do not get ahead financially because when they need more money, they take on a part-time job. If they really wanted to get ahead, they would keep their day job and start a part-time business.”

Having your own business allows you to control your life and your financial destiny, and is a much faster path to becoming a millionaire. Just don’t quit your day job until you are financially secure.

#WealthIsFreedom – Follow Wiser And Wealthy on Twitter