According to the Federal Reserve, the average net worth among U.S. households in 2022 was $1,063,700. However, the median net worth was only $192,900, which suggests that most Americans are not that close to being millionaires.
That being said, millionaires tend to have similar money habits to everyday Americans that helped them get to where they are today.
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For example, they usually avoid spending their entire paycheck, they invest money they aren’t using and they create clear financial goals instead of leaving things to chance.
There are also certain things that millionaires tend to own — and some may surprise you.
1. Appreciating assets
Millionaires tend to own things that go up in value after you buy them. A good example is real estate.
Consider this: In the first quarter of 1995, the median U.S. home sold for $130,000. By comparison, in the first quarter of 2025, it sold for $416,900. That’s a notable increase in value.
Not only are millionaires homeowners, but according to a Ramsey Solutions national survey of millionaires, the average millionaire pays off their house in just 10.2 years. Paying off a home ahead of schedule means that you spend less on interest, allowing you to grow your wealth even more.
2. Reliable used cars
Houses are a prime example of an asset that tends to appreciate in value over time. Cars tend to do the opposite — they lose value the older they get.
This may be why so many millionaires own used cars. Buying a used vehicle instead of a new one can lead to significant savings, from the purchase price to operating costs like insurance and maintenance. Spending less on cars is part of what allows people to grow their wealth.
According to Edmunds, the average used vehicle cost $27,177 in late 2024, compared to $47,542 for a new car, roughly a $20,000 difference.
If you were to invest $20,000 in a stock portfolio delivering an 8% yearly return, which is a bit below the market’s historical average, it would be worth more than $93,000 after 20 years.
Opting for a used car instead of a new one a few times in your lifetime can get you closer to millionaire status.
Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it
3. Degrees from state schools
It may not surprise you that most millionaires have attended college, with 88% having a degree compared to 38% of the general population, per Ramsey Solutions. But most don’t hold degrees from fancy private schools.
Ramsey Solutions found that only 8% of millionaires attended prestigious private colleges. Meanwhile, 62% graduated from a public state school.
Attending a less expensive college could help you start adulthood with far less debt, and the less money you’re paying toward student loans, the more you’ll have to invest.
4. 401(k) plans
Investing is one of the best ways to grow your money.
Ramsey Solutions’ survey found that 80% of millionaires invested in their employer’s 401(k) plan. Doing so could be a great way to become a millionaire on an average salary.
Say you contribute $350 a month to a 401(k) plan over a 40-year period. At a yearly 8% return, you’re looking at accumulating nearly $1.1 million while only contributing $168,000.
Best of all, you don’t need to be an investing genius to grow your 401(k). Simply invest in an S&P 500 index fund, which allows you to own the 500 largest publicly traded companies in the U.S.
Another pro 401(k) tip? Take advantage of your employer match every year, if you have one available. That’s free money you can invest in your retirement.
5. Paid-off credit cards
Credit cards can be helpful, but carrying a balance can become an instant wealth-zapper due to the high interest rates.
Most millionaires pay their credit cards in full every month. In fact, Ramsey Solutions found that nearly 75% have never carried a credit card balance in their lives. This isn’t to say you should cut up your credit cards and never use them.
Charging everyday expenses on a credit card is a great way to earn valuable travelor cash back rewards. Just make sure to pay those balances in full every month so you don’t lose money to interest, money you could be investing to become a millionaire.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
