The No. 1 Rule For Becoming A Millionaire In America, According To Maria Bartiromo And This Ramsey Show Host - Will You Ignore Or Follow It In 2025?

2025-09-20 11:03:19

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Many Americans dream of becoming a millionaire, and most think they'll need to be one to retire comfortably. According to the 2024 Planning & Progress Study published by Northwestern Mutual, Americans believe they need $1.46 million to retire comfortably.

But the average amount adults saved was just $88,400 last year - $1.37 million lower than their retirement goal.

Almost 50% of Americans are not saving for retirement at all, according to Rachel Cruz, personal finance expert and co-host of The Ramsey Show.

In a Fox Business interview, Cruz said that, based on her experience, many are struggling to even find the margin to save for retirement. That's why she says the first step is to find the margin in your budget.

While it may seem daunting, you don't need to be a top executive, famous athlete or popular musician to make big bucks. The secret is much simpler - and perhaps more boring - than that. And failing to take advantage of this one money rule could impact your retirement greatly.

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The No. 1 rule for becoming a millionaire

According to Fox Business host Maria Bartiromo,“The number one thing to do on your road to becoming a millionaire is very simple: join your company's 401(k) plan. Put as much money in there as you can early on, and make sure you do not touch it.”

Cruz recommends contributing to your 401(k) up to the match your company offers if it offers one. Matching can add significant contributions to your retirement savings over time. After maximizing your employer's match, Cruz recommends contributing to programs such as a Roth IRA or Roth 401(k), which have tax-free withdrawals in retirement.

But you might be one of many Americans who don't have access to a 401(k) through your employer. According to a recent study from AARP, around 56 million Americans work for employers that don't offer any type of traditional retirement or pension plan.

Opening a self-directed retirement account like an individual retirement account (IRA) can help you in this case. The main benefit? You can grow your assets tax-free or defer paying tax until you retire.

Opting for a gold IRA gives you the opportunity to hedge against market volatility by allowing you to invest directly in physical precious metals rather than stocks and bonds.

Gold prices rose by over 26% in 2024, outperforming the S&P 500 index's 23% returns. You can invest in this asset through Priority Gold , an industry leader in precious metals, offering physical delivery of gold and silver. Plus, they have an A+ rating from the Better Business Bureau and a 5-star rating from Trust Link.

If you'd like to convert an existing IRA into a gold IRA, Priority Gold offers 100% free rollover, as well as free shipping, and free storage for up to five years. Qualifying purchases will also receive up to $10,000 in free silver .

To learn more about how Priority Gold can help you reduce inflation's impact on your nest egg, download their free 2025 gold investor bundle .

Build a financial footing and think long-term

For many younger people, retirement seems a long way off - especially when they have more immediate needs for their money. But Cruz says you need to adopt a“long-term mindset.”

You can start putting 15% of your income into retirement, starting with a 401(k) if it's available to you. She says it's important to contribute to the plan consistently and avoid pulling any money out, even if the market is down.

After maxing out your 401(k) contributions, you can look for other ways to boost your wealth. A great place to start is by investing spare change from everyday purchases through a micro-investing app like Acorns .

You can link your bank account or credit card, and Acorns will round up your everyday purchase to the nearest dollar and invest the excess into a smart investment portfolio.

For instance, if you make a $23.45 purchase at a restaurant, Acorns will round up the expense to $24 and automatically invest the 55-cent difference into a diversified portfolio of seven ETFs.

If you sign up now, you can get a $20 bonus investment from Acorns.

Another key step to building a sound financial footing is to take inventory of your goals. For instance, if you want to retire by the time you're 50, you need to plan your finances and investments accordingly.

You can build your own circle of competency with trusted advisors who bring their expertise on growing wealth - and Advisor can help you find a financial professional that's right for

Advisor is a free online platform that connects you with vetted financial advisors. Just answer a few quick questions about yourself and your finances, and the platform will match you with experienced financial professionals best suited to help you develop a plan to achieve your financial goals.

You can view the advisors' profiles, read past client reviews, and schedule an initial consultation for free with no obligation to hire.

There is also an accessible family office option for established investors with larger portfolios.

Read more: Here are 5 'must have' items that Americans (almost) always overpay for - and very quickly regret. How many are hurting you?

Invest now and stay invested

Waiting for the perfect entry point will likely cost you, according to research from Charles Schwab, and time out of the market could hurt your returns. To put this into perspective, research by Fidelity shows that if you invested $10,000 in the S&P 500 Index on Jan. 1, 1980, but missed the best five days in the following years, you'd miss out on $411,258 of potential returns by Dec. 31, 2022.

It's a not-so-secret rule that starting early and regularly contributing to your 401(k) - and not touching the money until you retire - can start you on the journey to becoming a millionaire. And, like any journey, it all starts with taking the first step.

The S&P 500 index is often a good place to start. But if you want to beat the market, identifying key investment opportunities is critical.

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