When you think of a millionaire, you might picture an entrepreneur who got creative, took big risks and hustled hard to make big money. However, the Ramsey Solutions National Study of Millionaires found that many millionaires had worked as teachers, engineers, accountants and in other traditional careers, and they usually took a slower approach to building their wealth.
Personal finance expert George Kamel is a good example since he grew his wealth on a W-2 employee salary. In a recent YouTube video, he discussed five reliable strategies for becoming a millionaire while having a regular 9-to-5 job — even if you’re not yet earning a lot.
Maximize Your Income
Rather than focusing on finding a side hustle that takes up your valuable limited time after work, focus on how you can grow your income at your main job.
“Don’t sleep on your salary,” Kamel said. “If you feel like you’re underpaid, either get clear on a growth plan with your leader, or you might need to switch jobs or careers altogether.”
He also suggested ways to show your value to improve your chances of raises or promotions. These include volunteering, building skills and showing you’re open to learning from others.
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Leverage Your Benefits
Kamel explained that your company’s employee benefit offerings support your millionaire goal since they can help you save or even get free money.
One example is an employer’s 401(k) match, which averaged 4.6% of an employee’s earnings in 2024, according to Vanguard’s How America Saves 2025 report. If your employer offers a match, try to contribute enough each year to maximize that free money for your retirement.
Other money-saving benefits to take advantage of include various insurance programs, tuition or student loan repayment assistance, flexible spending accounts, and available employee discounts on products and services you usually purchase.
Avoid Lifestyle Creep
Regardless of your salary, lifestyle creep can easily destroy your chances of becoming a millionaire. Many people fall into this trap and allow their spending to creep up with their growing incomes.
This might look like upgrading to a more expensive house or car, going to fancier restaurants, or buying luxury clothing. Since this kind of uncontrolled spending leaves you with little money to invest, you should adopt the more moderate approach that many true millionaires do.
“I’m not saying you gotta live like a Franciscan monk, but stick to a budget, live well within your means and use the difference to build wealth,” Kamel said.
Invest Consistently
Whether your salary is $50,000 or $100,000, consistently contributing to your retirement account is a reliable way to grow your wealth. Kamel advised investing 15% of your income in retirement accounts, which you can do using your work’s 401(k) account alongside IRAs and other options.
Since your income will likely grow significantly over the decades, you should be able to contribute more as time goes on. Continuing your contributions and taking advantage of compound growth will be key.
Pay Off Your House
The money in your investment accounts is just one component of your net worth. Your home also contributes to your millionaire status.
Kamel recommended becoming mortgage-free early since it reduces the interest you’ll pay and frees up a large chunk of your monthly income. You’ll increase the home equity you have, which boosts your net worth, and be able to use your extra cash to invest or pursue other goals.
While you’re at it, pay off any other debt you have. Kamel recommended the debt snowball method, and you can use this calculator to estimate your payoff date based on how much extra you can afford to pay each month.
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This article originally appeared on GOBankingRates.com: George Kamel: How Working a 9-to-5 Job Can Make You a Millionaire
