For most people, becoming a millionaire is a decades-long rather than an overnight process. It will also require a structured process that goes beyond earning a six-figure income or accumulating a large bank account balance.
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In a recent video, money expert Jaspreet Singh outlined three phrases you can expect on your path to building wealth and becoming a millionaire.
Get Money
To become a millionaire, you’ll need to make enough money so you can invest consistently. If you don’t make much now, you might need to seek a new career or promotion or consider starting a side business.
You also need a plan so you don’t just spend all that money. Singh recommended this system for your income: Spend no more than 75%, invest at least 15% and save at least 10%. Also, use automated transfers to separate accounts for those three purposes.
The portion you invest can surprisingly add up over time. According to Singh, investing $750 each month at a 10% annual return can leave you with around $1.5 million in 30 years. However, your situation will vary, so experiment with a compound interest calculator.
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Grow Your Money
When investing, many people stick with an IRA or a 401(k), which offer tax perks based on whether you use pretax or after-tax dollars. Plus, 401(k) plans often offer employer matches.
While Singh described these as good starter options, he explained that fees could cost you many thousands of dollars and that your investments might underperform. So, understand your particular IRA and 401(k) investments, including returns and expense ratios.
Singh also recommended self-investment options with solid historical returns. For example, he said funds like VTI, SPY and QQQ let you invest in a specific index or the entire stock market. You can also invest in a rental property for a stable cash flow and tax breaks.
Some other popular investments, such as startups, crypto and gold, are “speculative,” per Singh, due to their higher risks and volatility. For example, while NYU Stern data showed a 66.22% return for gold in 2025, it was only 0.55% in 2022.
Protect Your Money
As you grow your wealth, protecting it from taxes, lawsuits and the government is important.
Since various taxes can get costly, Singh recommended working with an accountant and a tax attorney. They can help you reduce your tax bill in legal ways, such as credits and deductions, expense write-offs and certain investment strategies.
Next, Singh recommended registering any rental property in an LLC’s name. That way, if a tenant sues after an accident, your personal assets won’t be at risk. Plus, have a business insurance policy.
Finally, Singh recommended hiring an attorney to draft a will and estate plan so that you, rather than the government, decide what happens to your wealth.
He explained, “It’s going to cost you a few thousand dollars, but it could save you thousands, tens of thousands, hundreds of thousands of dollars in fees and heartache for your family.”
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This article originally appeared on GOBankingRates.com: The 3 Phases of Wealth Every Millionaire Goes Through, According to Jaspreet Singh
