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GOBankingRates’ editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services – our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines<\/a> and our products and services review methodology<\/a>.<\/p>\n 20 Years Trusted by Many people have unrealistic ideas about millionaires and believe their chances of becoming wealthy are unlikely. <\/p>\n However, a video<\/a> from expert Rachel Cruze clarified that becoming a millionaire doesn\u2019t happen overnight and common indicators of wealth<\/a> are quite boring. Here are seven signs you\u2019re on track in building wealth<\/a>.<\/p>\n 1. Investing Consistently in Retirement<\/p>\n A Charles Schwab survey<\/a> found that 26% of U.S. investors started investing to build up their retirement savings<\/a>. While funding an IRA or 401(k) might not sound exciting, Cruze explained that contributing consistently can pay off.<\/p>\n \u201cFund 15% of your income into retirement after you\u2019re debt-free and after you have a fully funded emergency fund, and do it consistently month after month, year after year,\u201d she said.<\/p>\n<\/p>\n 2. Paying Off Your Home Early<\/p>\n A paid-off house boosts your net worth and frees up cash. You can then use that money to invest and build wealth.<\/p>\n If you already have a mortgage, paid off other consumer debt and built up emergency savings, Cruze recommended making extra mortgage payments. If you\u2019re renting and considering buying, Cruze recommended a 15-year fixed-rate mortgage.<\/p>\n 3. Working To Escape Debt<\/p>\n According to an Allianz Life study<\/a>, 22% of Americans were unhappy not paying off debt<\/a> fast enough. Having debt hurts your flexibility and usually involves interest.<\/p>\n If you\u2019re planning to reclaim your income and not just make minimum payments, you\u2019re on a\u00a0good path. Plus, you\u2019ll eventually have more income to invest. <\/p>\n 4. Not Cutting Corners on Priorities<\/p>\n Unless you\u2019re extremely lucky, becoming a millionaire will take effort. Cruze discussed being willing to grind and staying consistent. Also, prepare to adjust to the busier and slower times in life.<\/p>\n \u201cYou\u2019re going to have seasons specifically with working that maybe you\u2019re working a ton and you\u2019re like maybe trying to get the promotion \u2026 but you don\u2019t want to work your whole life and just be a workaholic by any means,\u201d she said.<\/p>\n 5. Using a Shopping List<\/p>\n![\"\"](\"https:\/\/cdn.gobankingrates.com\/wp-content\/uploads\/2023\/11\/icon-20.svg?webp=1&quality=75\"){kind=icon}
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