How to Make Your First Million Dollars
383: Step by step playbook to saving your first $1M
Morning gents.
Today as the title implies — we’re going to be covering how to make a million dollars (or more specifically how to achieve your first $1M in net worth).
This is timely considering growth assets are having a fire sale (all of you striving for this benchmark should be excited).
If you check online there’s going to be so much noise and cap about when people make their first million dollars. Some will say it should be by 22 some will say by 25, by 30 by 35, etc. etc.
According to relatively recent Empower study — the average net worth of Americans in their 30’s is $317,000 — while the median is about $35,000. Kiplinger says average net worth in the 30’s is $310,000 and $35,000 for the median.
In 2025, the median net worth of a U.S. household was $192,700, according to the Federal Reserve spanning all age groups.
It’s not lost on me that many of you are likely worth much more than $1M, and probably reached it at a young age. Of course we all want to be in the .01% and get fat stacks of bandos — but various sources say even $1M by age 35 is a stretch for the majority of people (and the data reflects this).
People can argue about what “good” net worth is by whatever age until the cows come home but $1M by 35 in my mind is a good rough benchmark because chances are if you implement the strategies and behaviors required to achieve this, you are likely going to surpass $1M AND do it well before you are 35 (see the quote below)
“Set a goal to become a millionaire for what it makes of you to achieve it, do it for the skills you have to learn and the person you have to become”
— Jim Rohn
Is $1M “make it” money today? No unfortunately not. Is it enough to do whatever you want in 2025? Also no. That number’s probably closer to $3M or $5M depending on where you live and your lifestyle. Is getting to $1M setting you on the right path to real wealth AND helping solidify behaviors that will continue to make sure that wealth grows? Absolutely, especially if you don’t have a head start in life.
A couple caveats to note before I get hit with the reply guy mafia — of course if you have a trust fund or substantial head start in life this doesn’t mean much. You also have the snobs who scoff at any number you put out — “bro OnlY $2M bY 32 ArE you PooR?” or “BrO YoU thiNK thAt’S AloT?!?!”.
I’m not interested in semantics — this guide is for anyone who wants pointers and tips on getting to that first $1M as quickly as possible.
I want today’s post to be applicable to a wide range of people. The truth is — achieving this goal is simple, but it’s not easy.
With the recent pullback in crypto and global markets, we all have the unique opportunity to acquire cheaper growth and risk assets, which you will see today, is an absolutely critical part of saving your first million. I would argue it’s non negotiable.
Today we will cover:
The general mindset required to get to $1M
The roles and jobs that help build the base for starting this journey
The side hustles and business effects that accelerate and speed up this goal
The market and investment decisions that can rapidly cut down how long this takes and get you to subsequent millions
The majority of people enter their 30’s and maybe even their 40’s with simply not enough saved. Without a base early on — you are setting yourself back many years. We’re going to get specific today in terms of how the journey to $1M can actually happen and what exactly you need to be focused on to see it through.
I think this guide is timely given what we are seeing play out in financial markets and the general economy. While $1M is nice, the skillsets ad behaviors that you hone on that road will pay you for the rest of your life AND ensure that you are able to operate comfortably for the rest of your life regardless of what markets, the Federal Reserve, inflation, your boss, or the global macro landscape does.
I view this more as table stakes — while everyone has their own number they want to hit, in order to be competitive, remove stress from your life, and get the things you want today’s blueprint should be considered the bare minimum for any sensible person with dreams of achieving financial freedom.
Pumped for this one — let’s get it.
“Someone’s sitting in the shade today because someone planted a tree a long time ago.”
—Warren Buffett