The average net worth among U.S. households in 2022 was $1,063,700, according to the Federal Reserve. However, the median net worth was only $192,900, suggesting that most Americans are not that close to being millionaires.
That being said, millionaires tend to have similar money habits to everyday Americans that helped them get to where they are today.
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For example, they usually avoid spending their entire paycheck, invest money they aren’t using and create clear financial goals instead of leaving things to chance.
There are also certain things that millionaires tend to own — and some may surprise you.
1. Appreciating assets
Millionaires tend to own things that go up in value after you buy them. A good example is real estate.
Consider this: In the first quarter of 1995, the median U.S. home sold for $130,000. By the first quarter of 2025, the median jumped to $416,900 — almost three and a half times as much. That’s a notable increase in value.
Good news for homeowners, but not so much for those looking to buy. If that’s you, it’s important to find an affordable mortgage rate for your means.
One option is Mortgage Research Center (MRC). MRC can help you quickly compare rates and estimated monthly payments from multiple vetted lenders. By entering basic details — such as your zip code, property type, price range and annual income — you can view mortgage offers tailored to your needs and shop with confidence.
Not only are millionaires homeowners, but according to a Ramsey Solutions national survey of millionaires, the average millionaire pays off their house in just 10.2 years. Paying off a home ahead of schedule means that you spend less on interest, allowing you to grow your wealth even more.
Another way to spend less on your home is by shopping around for home insurance providers. With OfficialHomeInsurance.com it takes just two minutes to comb through over 200 insurers, for free, and find the best deal in your area. The process can be done entirely online and can save you an average of $482.
2. Reliable used cars
Houses are a prime example of an asset that tends to appreciate in value over time. Cars tend to do the opposite, losing value the older they get.
This may be why a chunk of millionaires skip picking up the latest land rover, according to The Millionaire Next Door by Thomas J. Stanley. Buying a used vehicle instead of the latest model can lead to significant savings, from the purchase price to operating costs like insurance and maintenance. Spending less on cars is part of what allows people to grow their wealth. The trick is to then invest whatever you save, not spend it as fun money.
Once you have a car, it’s worth sticking to that mentality. OfficialCarInsurance.com helps you switch to a more affordable auto insurance option within minutes. Simply provide some information about yourself and your vehicle, then compare quotes from trusted brands like Progressive, Allstate and GEICO — with some offers as low as $29 per month.
3. Degrees from state schools
It may not surprise you that most millionaires have attended college, with 88% having a degree compared to 38% of the general population, according to Ramsey Solutions. But most don’t hold degrees from fancy private schools.
Only 8% of millionaires attended prestigious private colleges while 62% graduated from a public state school.
Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it
Attending a less expensive college could help you start adulthood with far less debt. Like with mortgages and insurance, the less money you have to pay toward student loans the more you have to invest.
But it’s not a lost cause even if you do have student loans. Refinancing options, such as those offered through Credible, could help you.
Typically, refinancing a student loan means lowering your payments and increasing your term, but you can also do the opposite if you want to try and aggressively pay a loan down. Credible lets you compare student loan refinancing rates from up to 10 lenders without affecting your credit score, and all for free.
4. 401(k) plans
Next up: investing. You may have noticed that the end goal of saving money for a millionaire isn’t to have extra funds laying around. It’s having more cash to invest for growing your money over your time.
Ramsey Solutions’ survey found that 80% of millionaires invested in their employer’s 401(k) plan. Doing so could be a great way to become a millionaire — even on an average salary, especially if combined with the other tips in this article.
Say you contribute $350 a month to a 401(k) plan over a 40-year period. At a yearly 8% return, you’re looking at accumulating nearly $1.1 million while only contributing $168,000.
Best of all, you don’t need to be an investing genius to grow your 401(k). With platforms like Acorns, all the research and heavy lifting is already done for you. When you make a purchase on your credit or debit card, Acorns automatically rounds up the price to the nearest dollar and places the excess into a pre-built, ETF-driven smart investment portfolio. This way, even the most essential spending translates to money saved for the future.
Acorns is also a great way for young investors to get started. When you sign up for a recurring deposit Acorns will kickstart your investment journey with a $20 sign-up bonus.
Another pro 401(k) tip? Take advantage of your employer match every year, if you have one available. That’s free money you can invest in your retirement.
5. Paid-off credit cards
Credit cards can be helpful, but carrying a high balance can become an instant wealth-zapper due to the high interest rates.
Most millionaires pay their credit cards in full every month. In fact, Ramsey Solutions found that nearly 75% have never carried a credit card balance in their lives. This isn’t to say you should cut up your credit cards and never use them.
Charging everyday expenses on a credit card can be a great way to earn valuable traveler cash back rewards. Just make sure to pay those balances in full every month so you don’t lose money to interest.
There are also alternative ways to secure borrowed funds, like through a Home Equity Line of Credit (HELOC).
A HELOC is a secured line of credit that leverages your home as collateral. Depending on the value of your home and the remaining balance on your mortgage, you may be able to borrow funds at a lower interest rate from a lender as a form of revolving credit.
Rather than juggling multiple bills with varying due dates and interest rates, you can consolidate them into one easy-to-manage payment. The results? Less stress, generally reduced fees and the potential for significant savings over time.
LendingTree’s marketplace connects you with top lenders offering competitive HELOC rates. Instead of going through the hassle of shopping for loans at individual banks or credit unions, LendingTree lets you compare multiple offers in one place. This helps you find the best HELOC for your situation.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
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