Quick Summary
Table of Contents
According to the Global Wealth Report 2024 by Credit Suisse, the number of Indian millionaires is expected to double by 2026. This might leave you wondering how you can become rich or how to become a millionaire in India, especially if you’re starting with limited resources.
Becoming a millionaire isn’t just a dream; it doesn’t require a massive inheritance or a lucky break. It’s possible with the right mindset, consistent effort, and innovative financial planning. If you’re searching for how to become millionaire or how to be rich, this guide is for you.
One of the biggest roadblocks to wealth is the belief that you need everything to be perfect before you begin. In reality, successful people learn and grow along the way. Another significant difference lies in how you manage and think about money. As Warren Buffett famously says, “Don’t save what is left after spending; spend what is left after saving.” Practicing financial discipline is a key trait of the wealthy.
So, if you’re serious about finding out how to become a millionaire in India, keep reading to discover practical steps, habits, and money strategies that can set you on the path to financial freedom.
If you’re determined to build wealth and are wondering how to become a millionaire in India, here’s a rephrased and structured guide outlining practical strategies to help you get there:
1. Boost Your Earning Potential
2. Manage and Minimize Your Expenses
3. Invest Wisely and Consistently
4. Adopt Smart Financial Habits
Learn from Successful People: Read books, watch interviews, or attend events to absorb insights from those who’ve already achieved financial success.
“How can I become a millionaire?” This thought should have crossed your mind many times. Here are a few strategies or tips that explain how to be a millionaire by 30.
The journey to financial success begins by assessing your current financial position. Calculate your net worth by subtracting your total liabilities from your assets. Assets include what you own, while liabilities are what you owe. Don’t include your income here. This is simply a snapshot of your finances.
Next, calculate your debt-to-income ratio using this formula:
Debt-to-income = Total monthly debt payments ÷ Gross monthly income
This will help you understand where your money goes and whether your debt keeps you from building wealth.
Once you know where you stand financially, set short- and long-term income goals. Consider your retirement and whether you want to maintain a millionaire lifestyle post-retirement. If yes, start planning for it now by saving and investing wisely.
Create monthly financial targets and adjust them as your income grows. Set a timeline to reach your goals and be financially independent before retirement. Avoid unnecessary spending and stick to a realistic budget.
Millionaires aren’t always born rich; many start from scratch. Study the habits of self-made millionaires to understand their approach to money and discipline.
Track your expenses and focus on living modestly, not extravagantly. Cut down on unnecessary spending and aim to save at least 25–30% of your income. The secret to how to become a millionaire lies in consistently saving and managing your finances wisely.
Once you’ve built up some savings, put that money to work. Smart investments are key to growing your wealth. Start by understanding your risk appetite and exploring options like stocks, mutual funds, or business-related investments.
Consider long-term investment vehicles that offer compound interest. These can multiply your money significantly over time. Before making significant moves, study the market, and always link your investments to your long-term goals.
Know precisely how and where your money is being spent. Create a monthly budget and stick to it. Track every transaction and adjust your budget to meet changing needs.
If budgeting feels overwhelming, consult a financial advisor. A well-planned budget is crucial to keeping your goals on track and developing a millionaire mindset.
Relying on just one income source limits your financial potential. To retire rich or live like a millionaire, you need additional income sources.
Explore side hustles, freelance work, or start a small business. You can also invest in capital assets or passive income opportunities like rental properties or dividend-paying investments. The more income streams you have, the closer you are to your goal of how to be rich.
Before accumulating wealth, you need to adopt the mindset of someone who already has it. The journey to how to become a millionaire in India doesn’t begin with a bank account — it starts in your mind. Your beliefs, habits, and thoughts are powerful drivers of your financial outcomes.
Millionaires don’t just stumble into wealth. They cultivate a way of thinking that supports bold decisions, smart risks, and long-term vision. If you’re constantly asking, “how to become millionaire” or “how can I become rich?” the answer starts with how you think, act, and respond to life’s challenges.
Here’s how to train your brain for financial success:
1. Practice Gratitude and Long-Term Thinking
Wealthy people stay focused on their goals without getting distracted by short-term temptations. They’re grateful for what they have while staying committed to their long-term vision. Gratitude keeps you grounded, while long-term thinking fuels consistent progress.
Why it matters: Instead of spending money impulsively to feel better now, millionaires focus on investments and savings that yield more significant returns later. This mindset is key for anyone on the path to how to become a millionaire in India.
2. Set Daily Intentions and Micro Goals
Millionaires are intentional with their time and energy. They often start their day clearly, knowing exactly what steps they’ll take toward their financial and personal goals whether it’s reading about investing, closing a client deal, or improving a skill, small steps compound over time.
Why it matters: If you want to know how to be rich, don’t wait for massive opportunities. Daily discipline and small wins add up to breakthroughs.
3. Let Go of the Fear of Failure
Most self-made millionaires didn’t get rich without failing. Some failed multiple times before succeeding. But what sets them apart is their ability to treat failure as a learning opportunity, not a reason to give up. They take calculated risks and adapt quickly.
Why it matters: If you’re exploring how can I become rich, understand that failure is not the opposite of success it’s part of the process.
4. Visualize Your Financial Success Regularly
Visualization is a powerful tool used by top athletes, entrepreneurs, and, yes, millionaires. Take time every day or week to imagine your goals clearly: the kind of home you’ll live in, the lifestyle you’ll lead, or the impact your wealth can make.
Why it matters: Seeing success in your mind makes it feel real and achievable. It motivates you to work toward your vision, even when challenges arise.
If you wonder if compounding is the magic trick to make you a millionaire overnight, no, it’s not. However, it’s powerful investment advice. In this method, the income you earn from an asset is reinvested. Thus, the profits from your investment also play a role in creating your income.
Simply put, compounding is the gain from your earnings. According to many financial planners, regular saving is the best way to grow your investments. The earlier you start saving, the sooner you will achieve your goals.
Regarding investment planning, the higher risks you take, the higher your returns will be. Plan out your financial goals early in life. Identify your life goals and be aware of your present economic situation.
Look for investments that will help you in achieving your goals. Plan your investment goals across a realistic timeline. With time, even your small investments can grow significantly.
| Topic | Data/Statistic |
| Household Savings Rate in India | Around 70% of GDP |
| Average Annual Income Growth Rate in India | Contribution of SMEs to the Indian Economy |
| Number of Millionaires in India | India will have 1186 millionaires in 2024 |
| Primary Investment Preferences in India | Real Estate, Gold, Fixed Deposits |
| 6.5% in both 2024 and 2025, with an upgrade from October by 0.2% points for both years | 30% of the country’s GDP, 48% of exports, and employs over 11 crore people. |
| Economic Growth Rate in India | 6.5% in both 2024 and 2025, with an upgrade from October by 0.2% point for both years |
While these steps may not make you a millionaire overnight, they offer one of the most reliable paths to wealth, provided you’re willing to stay consistent and committed. You don’t need to be born into wealth to achieve millionaire status.
If the goal seems too far off, start small. Every successful person began somewhere. Focus on building financial knowledge, set achievable goals, and work toward them purposefully.
Most importantly, believe in yourself and stay patient. With dedication and the right mindset, becoming a millionaire is entirely within your reach.
To become a millionaire quickly, focus on increasing your income through high-paying skills or business, live below your means, invest consistently, and build multiple income streams. Stay disciplined, set clear goals, and leverage innovative financial strategies for faster growth.
According to many financial experts and studies, real estate investing is often credited with creating 90% of millionaires. It offers consistent cash flow, long-term appreciation, tax advantages, and the power of leverage, making it one of the most reliable wealth-building tools.
To become a millionaire in a year, start a scalable business, master a high-income skill, invest wisely, and aggressively save and reinvest profits. Take calculated risks, maintain discipline, and leverage networking to accelerate growth and financial opportunities.
To be rich, focus on earning more, saving consistently, investing wisely, and living below your means. Develop high-income skills, build multiple income streams, stay disciplined, and prioritize personal growth, relationships, and purpose alongside financial success for true wealth.
To become a CEO, build strong leadership, communication, and strategic thinking skills. Gain experience across business functions, pursue higher education like an MBA, network effectively, and demonstrate consistent results and vision. Persistence, adaptability, and credibility are key.
Authored by, Amay Mathur | Senior Editor
Amay Mathur is a business news reporter at Chegg.com. He previously worked for PCMag, Business Insider, The Messenger, and ZDNET as a reporter and copyeditor. His areas of coverage encompass tech, business, strategy, finance, and even space. He is a Columbia University graduate.
Editor's Recommendations
Chegg India does not ask for money to offer any opportunity with the company. We request you to be vigilant before sharing your personal and financial information with any third party. Beware of fraudulent activities claiming affiliation with our company and promising monetary rewards or benefits. Chegg India shall not be responsible for any losses resulting from such activities.
Chegg India does not ask for money to offer any opportunity with the company. We request you to be vigilant before sharing your personal and financial information with any third party. Beware of fraudulent activities claiming affiliation with our company and promising monetary rewards or benefits. Chegg India shall not be responsible for any losses resulting from such activities.
