REVEALED: SECRETS TO FINANCIAL SUCCESS ... HOW YOU CAN BECOME A MILLIONAIRE!
Have you ever wondered how Australians are turning their financial dreams into reality? According to Finder’s Wealth Building Report 2024, 13% of Australians—around 2.8 million people—are now millionaires, and the secrets to their success may be closer to home than you think.
While skyrocketing property values have pushed many into millionaire status, Finder’s new report reveals the habits and strategies that separate successful investors from the rest. For everyday Australians, the path to financial freedom doesn’t require a massive windfall—just a few smart moves and consistent effort.
What Sets Millionaires Apart?
The report found that budgeting (38%) and frequent investing (12%) are the two most common strategies among Australians growing their wealth. Additionally, 9% of those making money from investments cited paying off debt as their most effective wealth-building habit.
An overwhelming 85% of millionaire investors earn passive income, such as interest on savings, compared to just 48% of non-investors. This highlights the importance of having multiple income streams to maximise financial growth.
More than half (58%) of investors believe their wealth will grow even further in the next 12 months, showing the optimism and confidence that drives this group.
The Road to Wealth Isn’t Always Smooth
The journey to financial success isn’t without challenges. Over 1 in 5 (21%) investors admitted to suffering investment losses—the most common financial setback. Interestingly, these setbacks didn’t hold them back. Investors who experienced losses had a higher median net wealth ($1.1 million) than the overall median of $913,000.
“Building wealth is a marathon, not a sprint,” says Sarah Megginson, personal finance expert at Finder. “When you get knocked down, it’s about getting back up and continuing to make smart financial choices.”
What Everyday Australians Can Do to Build Wealth
Ms Megginson encourages Australians to start small and focus on consistent habits rather than comparing themselves to others.
“Many millionaires started with nothing,” she says. “Investing just $10 a week in accessible options like ETFs, taking advantage of salary sacrificing, or setting aside a little extra each week can compound into significant wealth over the years.”
Finder’s Wealth Building Report shares four key steps for Australians looking to grow their fortune:
Reduce Expenses: Cut unnecessary costs, like renegotiating household bills or cancelling unused subscriptions, to free up cash for saving and investing.
Create Additional Income Streams: Side hustles and passive income sources, like dividends or rental properties, can accelerate wealth building.
Set Financial Goals: Clear objectives provide motivation and keep you focused on your wealth-building journey.
Invest Regularly. The power of compounding can lead to substantial returns over time, even for small, consistent investments.
Why Mindset Matters
Ms Megginson stresses that a growth-oriented mindset is crucial to wealth creation.
“Money can be a source of stress, but understanding how to take control of your finances is empowering," she said.
"The habits of the wealthy—like budgeting, reinvesting, and staying focused on long-term goals—are accessible to everyone, no matter their income level.”
Learn from the Experts
To help Australians get started, Finder will host a free online Wealth Building Masterclass on December 3.
The session will examine the findings of the Wealth Building Report 2024 and provide actionable tips on how to prevent money leaks, set investment goals, and lay the foundation for financial freedom.
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