Some folks think building wealth means taking wild swings, like launching a startup, flipping houses, or throwing cash into the latest crypto coin.

But for many millionaires the secret’s a lot more… boring.

In fact, Fidelity reported that in 2024, the number of 401(k) millionaires jumped 27%. These aren’t lottery winners or tech founders. They’re everyday workers who built wealth paycheck by paycheck, without even trying hard.

If you’re looking for a safer path to wealth, here are four smart (and surprisingly chill) moves millionaires rely on.

1. Park your cash in a high-yield savings account

When it comes to keeping cash safe, high-yield savings accounts (HYSAs) are the go-to move.

They offer up to 10x the interest of a regular savings account — and they’re FDIC insured, meaning your money is protected up to $250,000 per depositor, even if your bank goes belly-up.

Millionaires don’t leave cash sitting idle. They make sure it’s earning a strong return, even when it’s just waiting for its next job.

Top accounts right now are paying up to 4.50% APY — an easy win for anyone who wants safety and growth.

2. Stick to a consistent investing rhythm

Trying to time the market is a losing game. Millionaires prefer a steady, repeatable strategy called dollar-cost averaging (DCA).

With DCA, you invest a set amount on a regular schedule — rain or shine — in the markets. That means you’ll buy more shares when prices are low and fewer when they’re high, smoothing out the ride over time.

This is the backbone of most 401(k) and IRA plans. It removes the emotion, keeps you consistent, and helps build serious momentum without the stress of guessing when to jump in.

3. Use index funds and target-date funds to grow on autopilot

Ask a 401(k) millionaire how they invest, and odds are you’ll hear about index funds or target-date funds.

These options offer instant diversification, low fees, and long-term growth without the need to micromanage your portfolio.

Index funds track major markets like the S&P 500 — giving you exposure to hundreds of companies in one move.Target-date funds automatically shift your allocation as you age, dialing down risk the closer you get to retirement.

From 1926 through early 2025, the S&P 500 has averaged around 10% annual returns. It’s a long-term game, and it works.

Most online brokers (and workplace retirement plans) offer both fund types. If you’re unsure which to choose, you can also connect with a fee-only financial advisor to help steer the ship.

And there’s no harm in running your investment plans by a professional. This short questionnaire from our partner, SmartAsset, helps match you with up to three fiduciary financial advisors, each legally bound to work in your best interest.

4. Build multiple income streams (even small ones)

Wealthy people love income diversity.

If one income source dries up, the others keep flowing. It’s like having backup engines on a plane — you don’t crash if one goes out.

Here are a few ways millionaires build multiple income streams:

Collecting dividends from stock investmentsEarning rental income from propertyStarting side hustlesTurning a hobby into cash (think: photography, writing, woodworking)

Even small amounts add up. Personally, when I bought a rental in Texas 10 years ago, it barely broke even. But over time, the rent rose while the mortgage stayed flat. Now that property nets me about $800/month on average.

The bottom line

You don’t have to gamble big to build wealth.

Millionaires prove that low-risk strategies, repeated consistently, can quietly grow into something huge.

The hardest part is ignoring the hype and taking the proven, boring route to riches.

Looking to start investing but don’t know where to begin? Check out our list of the best brokers for beginners — each one makes it easy to start with confidence.