How to Become a Millionaire Overnight

Is It Really Possible to Become Rich Overnight?

Truthfully, it’s not possible to become rich overnight. Unless you win the lottery or have a massive inheritance – there is no reliable and proven way to get rich overnight.

If you want to become rich, you’ll need to shift your money mindset.

In personal finance, slow and steady wins the race.

Growing your net worth and building wealth will come with consistent action taken over the course of months and years.

For example, there are many things you can do to become a millionaire in 10 years – but they aren’t always easy. This might mean you have to pickup a side hustle and start working more or eating out at your favorite restaurant less.

You can also check out my post on how to get rich from nothing for more ways to become wealthy!

Can I Become Millionaire Overnight?

The only way to get rich rapidly is to win the lottery or another huge prize, inherit a fortune, or get a big surprise. Gaining riches in a day is unlikely in other settings. Ultimately, pursing this ambition may cost you more money.

Rarely is it viable to get wealthy in one day. Even if this is viable, it is unlikely to occur.


Keep Cash in Interest-Bearing Accounts

To build wealth, you should be investing the majority of your funds, but you will of course need access to cash during this time. Moore said to be mindful of where you keep this cash when you’re in wealth-building mode.

“The national average interest rate for savings accounts is .06%, which means your cash is actually losing money,” he said. “Consider taking advantage of online banks, which are also FDIC-insured but pay higher yields. Remember that the rates often change, so you should revisit where your cash is held regularly to make sure you’re earning the highest possible rates.”

Liquidity needs and time horizons

Group cash balances into three types based on your liquidity needs and time horizon.

Day-to-day Balances

  • 0-9 Months
    • Cash typically used for daily needs; may be subject to unforeseen expenses
    • Requires preservation of principal
    • Same-day liquidity

Reserve Liquidity

  • 9-18 Months
    • Fairly static; same-day access not reached
    • Cash set aside for possible investments, large purchases

Investable assets

  • 18+ Months
    • No short-term forecasted use

Talk to your J.P. Morgan Advisor about planning around your liquidity event and about a longer-term investment plan

© 2021 JPMorgan Chase & Co. All rights reserved. 

Take your time

If you have sold a business, you may have been able to live off of—and fund your family’s lifestyle from—your salary or profits from the business. Now you have to fund those expenses from your portfolio. At the same time, you need to think about how you would like to spend your time—will you travel? Spend time with family? Take on other jobs (e.g., join one or more boards of directors, teach, etc.)?

Part of your decision about long-term investing will depend on your spending and on how much of that spending you need to fund from your portfolio or other income you may have (including employment income from a new job)—and you may not know what your spending habits in this new phase of your life will be.

The most important thing to remember is that there is no urgency to put an investment plan in place right away. While you may miss an immediate opportunity, at least on the investment front, others will present themselves, especially when you invest for the long-term.

Although this is less true with opportunities to purchase unique assets (e.g., certain real estate or collectibles), you should not rush into anything. Believe it or not, it is our experience that clients who receive significant liquidity quickly are best off when they take some time to get used to having liquid net worth (as opposed to having a business, which is “only” paper net worth). Get used to having a significantly sized account without feeling the need to “do something.”

How can I be a millionaire in 5 years?

To become a millionaire in five years, you’ll need to do a few key things:

  1. Pay off all high interest debt
  2. Limit your spending
  3. Start investing as much as you can immediately and consistently
  4. Boost your earnings, including by developing multiple streams of income
  5. Create short term financial milestones alongside your longer term one
  6. Monitor your finances and adjust as needed

If you’re starting from zero, it’s not going to be easy but it’s definitely doable.

For instance, if you invest all your money in broad market index funds that track the S&P 500 (which is actually how I invest my money, as it’s low-cost, reliable and easy to simply set and forget), the average annual return is 8%.

Not sure how to start investing? The Simple Path to Wealth is the book I recommend to everyone for this. It literally shows you everything you need to do to build your net worth from zero to seven-figures. In fact, it’s the exact strategy I follow for investing my own money.

To become wealthy in five years by becoming a millionaire through investing in this way, you’d have to invest $157,830.05 per year – yes, don’t forget the five cents!

Clearly, that won’t be possible for everyone. And there’s no reason why you can’t take a few extra years to do the same.

(If you want to see how much your investments will be worth in future, this simple, free compound interest calculator does the job.)

But people have done it – like this person, for example, who followed the exact steps outlined above to reach that point.

BOOST YOUR INCOME TODAY Need to make more money but don’t want to waste your time? See what 7,800+ people said were their top ways to make money – so you too can earn extra cash as fast as possible. Get it free for a limited time! You’ll also join our mailing list to get updates on how to make and save money – unsubscribe at any time at the end of each email.

Make Savings Automatic

To ensure that you keep up with your savings goal, automate the process.

“Setting up automatic direct deposits from your paycheck into a savings or brokerage account and increasing your withholding into a company-sponsored 401(k) helps put those goals on autopilot,” said Michael Fischer, director and wealth advisor at Round Table Wealth Management. “Automatically allocating these resources via direct deposit or withholding simplifies the process and ensures you don’t overspend.”

Advice: 6 Ways To Start Building Generational Wealth for Your Family

How to become a Millionaire Fast?

There are several legal ways on how to become a millionaire fast in a single year, including stock options. Individuals have been able to do this by investments in various business portfolios and other legal means, such as this. Every member of this group is willing to assume the risks associated with company ownership.

You cannot find ways on how to become a millionaire overnight unless your family contributes. You will not be able to if you are unwilling to take some reasonable risks. The fact that individuals may become a millionaire fast in the United States does not imply that it is simple. To do this, you would need the necessary abilities and, in certain circumstances, technical training.

This implies that in the United States, you may begin with a million dollars. You may then reinvest that money in the firm to ensure a constant stream of income in the future. Here are several ways on how to become a millionaire with no money for someone interested in becoming an entrepreneur or investor.

Surprisingly Simple Ways to Become a Millionaire

Simple tasks are not always easy tasks. If I were to hand you a spoon and ask that you dig a hole nine feet down into packed soil, that’d be pretty straightforward and simple but it certainly wouldn’t be easy.

Likewise, you’ll find some of these simple ways to be just that – simple but not easy. But come on, you’re tenacious enough for the job, right?

Jaime Tardy, author of Eventual Millionaire who has interviewed hundreds of millionaires has this to add , “One of the main traits of a millionaire is perseverance. The ability to KEEP GOING in the face of adversity even when the finish line is very far away.”

One last thing. Remember that many of these tips are surprisingly simple, don’t underestimate their effectiveness just because you’ve “heard that one before.” Put these babies to good use and watch your millionaire potential soar!

1. Work smarter and harder than your competition

Identify your competition. How hard are they working? What are some differentiators you can bring to your workplace or market?

Start by working smarter. There’s no use in working harder if your work isn’t effective at producing income – you’ll be spinning your wheels.

There’s no sense in selling ice cream cones on your front lawn in the dead of winter. Instead, set up a booth at the park in the sizzling summertime – you get the idea! Simple, commonsense changes can greatly improve your effectiveness.

Work harder than others are willing. We’ve all seen the guy or gal at the office who works harder than anyone else. Maybe they’re a little nerdy or a little too interested in their job – or are they?

Maybe they’re onto something. After all, aren’t they the ones getting the promotions? Aren’t they the ones who become the office linchpins?

I remember when began my career with A.G. Edwards & Sons in 2002, I was in a training class of around 55 people. After completing training a year later, our class was reduced to less than half. My fifth anniversary mark? Only five of us were left.

Most failed. Why? Because they weren’t willing to put in the hard work required.

I beg you to not be afraid of hard work. Not only will your boss feel better about what you’re doing for them – you will too.

I’m not afraid to die on a treadmill. I will not be outworked. You may be more talented than me. You might be smarter than me. And you may be better looking than me. But if we get on a treadmill together, you are going to get off first or I’m going to die. It’s really that simple. I’m not going to be outworked. – Will Smith, Actor

2. Learn from your mistakes and move on

Everyone makes them. I do, you do, we all do.

And believe me, I’ve made some pitiful mistakes.

Would you get suckered into two multi-level companies that go nowhere? Would you throw $8,000 into an online business venture only to lose it all? Those are just a couple of several investment mistakes I’ve made with my money.

Mistakes are difficult to swallow. I think our first gut reaction as human beings to the realization we messed up is to shift blame – to others or to circumstances.

The very best way forward is to admit we fumbled the ball. Are you willing to admit when you make mistakes?

Some people, when faced with their own inadequacies, beat themselves up. And you know what that does? It paralyzes them from making the decisions they need to make to achieve success.

It’s important to remember that . . . .

Only those who are asleep make no mistakes. – Ingvar Kamprad, Founder of IKEA

So, take the simple step to fess up and move on. Yes, it’s simpler than you think – especially once you have practice.  If you are still in the middle of a debt mistake one of the best things you can do is to stop paying interest by transferring your balance over to a 0% APR credit card.  This will free you up to hammer down on that debt instead of paying big interest payments.

Millionaires don’t give up because of a few silly mistakes. They press on toward the goal.

3. Build something new that you would love – and be sure to experiment

You can read book after book about how to research what your customers will love, and by the time you deliver it, they’ll already be bored with it.

If you’re the entrepreneurial type – I know I am – make sure to work on projects you can get excited about!

Chances are, if you create something that you’d use and love, others will too.

Millionaires understand that some of the best ideas don’t come out of costly research, they come out of a passion for making the world a better place.

Also, remember to experiment. Have fun! Some of my best ideas come out of experimentation.

In 1945, Percy Spencer experimented with a new vacuum tube while doing research for the Raytheon Corporation. He popped popcorn and melted a candy bar, and saw the great potential for this process which eventually culminated into the advent of the microwave.

Tim Cook, the CEO of Apple recently explained in an interview with Charlie Rose that it’s more difficult to edit than it is to create something entirely new. But I’ve learned that sometimes creating something new can be the best way forward to becoming a millionaire.

One of the things that I’ve been most excited about building  is my blog.  My financial planning practice was growing at a steady rate but after I launched in 2008 my practice and revenue have grown significantly. Some of that is a direct result of getting new clients to my practice while the other more surprising revenue source has been directly from the blog.

A combination of advertising revenue and introduction to new business opportunities (because my name and face are all over the web) have been a huge blessing.

Here’s the thing you have to realize though:  I KNEW NOTHING ABOUT BLOGGING.

That’s right.  The launching of my blog was a total experiment and still is today.  I’m always testing different ways to monetize and build my brand.  Experimenting is the fun part!

You can’t just ask customers what they want and then try to give that to them. By the time you get it built, they’ll want something new. – Steve Jobs, Former CEO of Apple

4. Learn to budget – or at least get help doing so

You know that I hate budgeting. Thankfully, my wife budgets like a pro.

Here’s a tip from one of the financial greats (a millionaire, to say the least):

Rule No.1: Never lose money. Rule No.2: Never forget rule No.1. – Warren Buffett, CEO of Berkshire Hathaway

If you don’t budget, I promise you’ll lose money to overspending.

Want to make yourself sick? Count up how much you’re spending on eating out, clothing, gadgets, and other delights and write it down. Then, start budgeting. After a year, look at how much you’re spending and compare with your initial count.

Yikes. Try not to lose your lunch.

A hugely important part of budgeting is ensuring you’re spending less than you’re making. And the only way to do that friends, is to track everything.

If you’re not a spreadsheets-kind-of-person, that’s okay. Just make sure you have some help.

6. Don’t believe discouraging people

As soon as you accept that you’re not going to become a millionaire, you probably won’t – you’ll settle for the ordinary.

Your beliefs about your future matter a whole lot, and will – in part – help determine your future.

After all, your beliefs affect your actions, and your actions affect your outcomes.

When you listen to discouraging people, you’re letting them accomplish their goal – to drag you down and ensure you don’t surpass their success. No good.

Instead, I suggest you prove them wrong – but be humble about it. Your results will speak louder than your words, I promise you.

I just love it when people say I can’t do it, there’s nothing that makes me feel better because all my life, people have said that I wasn’t going to make it. – Ted Turner, Founder of CNN

7. Save some of your income for a rainy day

If you’ve lived on this planet for any considerable number of years, you know that bad stuff happens.

Not only that, sometimes several bad things happen all at the same time. Talk about knockout power!

That’s why I recommend that you save some of your income for a rainy day.

Medical emergencies can last years.

Trees go through roofs.

Jobs can be lost.

Don’t get caught without an emergency fund. You hear?

What does this have to do with becoming a millionaire? I’ll tell you.

If you have an emergency and don’t have some liquid cash saved up in a savings account like one from Capital One 360, you’re likely to either go into debt (bad idea) or borrow from family members (very bad idea).

Don’t be the guy that owes his parents.

Don’t be the couple that drowns in debt.

Think of debt as the polar opposite of investing. Instead of you investing in companies, companies are investing in you – looking to make as much profit as possible by pulling it out of your wallet. It’s bad news people.

According to many experts, you should have around three to six months of expenses in your emergency fund – in bad times, I recommend you shoot for eight months.


Having enough money to enjoy and creating memories is the motive after how to become a millionaire overnight. However, having long-term financial stability is considerably more crucial. To acquire a seven-figure net worth, you need to plan long-term. Consider your future and how crucial it is to have money to be secure.