Building a Millionaire Dollar Net Worth
Charlie Munger used to say, do everything you can to get that first $100k. Walk to work, have roommates, eat ramen, etc. until you reach the $100k marker.
In the year 2026, we may want to make that, do everything you can to get that first million. After this you can probably let off the gas a bit.
But how do people get to that first million?
Here are 5 ways that worked for me and have worked for hundreds of thousands of millionaires.
1. Automate Investing
You see, most people say, someday I will invest when I have this much, or pay this off, or make a certain salary. Someday when the stars align I will…But that perfect day never arrives. See, the world is constantly changing and goal posts are always moving. There is a lot of good in this world, but I have rarely found the concept of “perfect” conditions for anything. Inflation, job changes, life priority changes, family formation, etc. Life is change.
The only way to get out of our own unreliable way is to automate investing. When I started working I had the foresight to start automating a certain percentage of salary directly into an investment vehicle each month such as a low cost index fund or 401k. People totally underestimate how powerful this becomes over the decades. The first 10 years seem like an uphill climb and the numbers don’t look too great. But somewhere around year 10, compounding, matches and market forces made these initial investments go to great heights. And it just continues to this day.
Ignore market turbulence
It is tempting to worry about the market going up or down, etc. But remember two critical things: First of all, when the market goes down you are dollar cost averaging into assets on sale, which helps your wealth building in the long run. Secondly, there is actually never a magical day when one should be withdrawing their entire nest egg. The idea is to create a passive income machine that you can live on later in life. So what if a million dollar portfolio is down $100k one year or up $75k the next. It will fluctuate.
2. Perseverance Through Struggle
Life will not be a success only journey. I am Gen X and have now faced my fair share of life and professional challenges. Many of us have lived our investing lives through the dot com bust, 9/11, Great Recession, Pandemic, etc. and who knows what comes next in the raging 20’s? And the reality is that there will be more, that is the nature of this existence. BUT, the amazing news comes from my late grandfather. He always said “Life is one challenge after another, but there is always at least one solution.” He was right, we will face challenges, but there are ways to deal with them.
If starting again today, make sure to develop the grit and determination to persevere through challenges. I am not saying this is easy, but through studying and living fully present, you will develop a thicker skin and ability to problem solve. To be wealthy requires this skill.
3. Learn Money Skills
Speaking of skills, managing Money is a skill that most people never develop. One of the reasons we started Money Vikings is because our financial education in the US is awful to none. People are literally never taught how to manage money, invest and grow wealth over time.
It is critical through your life journey to continue to learn money skills. Heck, it is critical to the health of our brains to always learn, but money skills will pay off. I read and watch all I can about money management and investing. I don’t do it all, but you can take the information in and decide what best aligns with your values.
4. Keep the Investing Core Fundamental
Every month there will be a new investing gimmick or guru throwing some wacky ideas your way, especially in the social media age with everyone glued and hypnotized. Do not fall for it. Stick to fundamental common sense investing. Learn to manage risk in investing and invest in sound investment vehicles. My best investments over the years have been long term holdings of stock ETF’s and real estate. I have some exposure to other investment vehicles such as individual stocks, some crypto, some bond funds, CD’s, etc. BUT the low cost diversified stock ETF’s and real estate were the real game changers.
This is why I say to have an investing core that is beautiful in its simplicity. Sure, I dabble in other stuff, but 90% of investments are just plain vanilla boring long term investments in the tried and true. For me this incudes S&P 500 based ETF’s, a bond fund, some real estate and CD’s.
5. Don’t buy luxury cars, and drive your car for 10 years
Whereas Real Estate has the potential to appreciate in value, so you could potentially make the argument for buying a home that’s a bit more expensive since you may be able to sell it at a profit.
Cars, on the other hand, depreciate in value. And if you’re able to keep your vehicle costs low, you’ll have that much more money to invest for retirement. According to Kelley Blue Book, the average price for a new car was $49,077 as of August 2025. Meanwhile, the average price for a used car was $25,393.
The rule I have used is buy something like a Toyota or Honda and drive it for at least 10 years. This will make your car costs so much lower and help you put the extra money to work in your investments.
Simple yet effective
It is never too late to begin implementing these 5 core principals. Too often I think people believe it is too late for them. Even if you are in your 50’s, you could live another 50 years. Why not start automating, persevering, learning and keeping it simple.