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Lazy Millionaire – 8 Ways to Make a Million Dollars on 4 Hours a Day

Best Personal Finance Advice For Millionaires

There’s no point denying that we all feel the overwhelming desire to get rich! It might sound crazy if we tell you that strategic ways do exist that can make you a millionaire even if you embrace a 4-hour work schedule. It’s not about what you do or how hard you work but how intelligibly you work and allocate your funds to develop your savings portfolio.

In this article, we are not sharing any shortcut to becoming rich. However, you will benefit from these strategic guidelines that can help you maximize the value of your money and save more. From being broke to making your first million dollars can be a success story that would inspire others to save. However, how do you plan to proceed with your finances?

  • On average, the 100 richest individuals across the world earned their first million dollars at the age of 37.
  • In the US, there are 22 million millionaires, constituting 8.8% of the country’s adult population.
  • The average age of millionaires in the US is 57.
  • Between 2016 and 2020, around 1,700 individuals turned into millionaires each day.

Sounds inspiring? Given that the average age of millionaires in the US is 57, maybe you’re still young enough to commence your savings journey!

How Can You Make a Million Dollars Even After Limiting Your Work Time?

Hard work pays well when it comes to streaming your income. However, when you think of accumulating your assets and growing them, you need a strategy along with your diligence. Most of the millionaires who made a fortune for themselves started by investing wisely. We are going to discuss some powerful tactics that can help you make your first million without toiling the entire day!

Embrace A Passionate Career

Your career would be the key force spearheading your financial portfolio. Whether an employee or into business, indulge in something you are passionate about. Working in an industry you love from the core of your heart would drive your commitment to work.

With a progressive learning curve, professionals can focus on streamlining their respective careers. Of course, this calls for a boost in your income that you can strategically channel into different savings accounts. Professional excellence continues to be the key to success on the financial front.

Map your progress in your career every few years. Also, evaluate how your peers and colleagues progressed professionally in the respective period. When you consolidate your career, your primary source of income significantly strengthens your financial stature.

Create Passive Income Sources

Do you know that most millionaires have multiple sources of income? If you are solely counting on your primary source of income to grow your assets, you are at the edge of poverty. What if you lose your job during the upcoming recession or your business takes an unexpected blow? A typical millionaire has around seven income sources. This helps them stabilize their careers and grow their income correspondingly.

Suppose you take away a few hours from your work every day. What about starting a side hustle or strategizing passive income streams? Investing in real estate, for instance, can help you capitalize on your rental income. Apart from saving money in your CD, high-yielding savings accounts, IRAs, and mutual funds, why not purchase dividend-paying stocks?

As you think of diversifying your income sources, you will come across virtually limitless opportunities. It pays to build a stable wealth portfolio by consolidating your income from multiple sources as you march toward your millionaire goals.

Put A Brake On Expenses

Often, it’s easy to get carried away on a spending spree as you fall for impulse purchases. The snob effect habitually robs people of their savings, as they end up making useless purchases.

Now that you know how to stream in multiple sources of income, try to accumulate the funds by blocking the paths of wealth drainage. Why squander your hard-earned money on things that don’t matter to your lifestyle?

Refrain from spending time in premium coffee lounges, and eat out fewer times each week. Slash your utilities as much as possible, and don’t fall for luxury items. Well, when you stride towards your first million dollars, you do need to make some sacrifices. Simply cut down the expenses on your car and count on public transportation as you commute to work.

Curtailing unnecessary expenses doesn’t mean embracing misery or poverty. You’re simply identifying your financial priorities and allocating your funds strategically to save for the future.

Bank On The Power of Compounding

 Albert Einstein regarded compound interest as the world’s eighth wonder for a reason.

If you are yet to invest in accounts yielding compound interest, you have lost half of the game! The power of compound interest can help you maximize your savings. Whether you save for your mid-term or long-term goals, it’s wise to capitalize on the power of compounding. This serves as one of the strategic hacks to win your millionaire status.

Whether you are planning for your retirement or want to put aside funds for your kid’s education, explore the best investment avenues. The younger you start investing, the more profitable would your investments will be. This explains why financial experts recommend young people start saving in accounts with compound interest as early as their twenties.

 Talking of compound interest, here are certain accounts that you should try and invest in.

  • The 401(k) account of your employer
  • High-yielding savings accounts
  • Certificates of deposits (CDs)
  • Money market accounts
  • Bonds and bond funds

Evidently, you would be putting your earnings to good use as you diversify your portfolio in the coming years.

Take All Your Tax Advantages

Have you taken advantage of your tax credits and deductions? Well, you might feel overwhelmed as you proceed to a higher tax bracket. However, this doesn’t necessarily imply that being honest with your tax payments will throw you off your millionaire journey.

Financial literacy on tax implications will help you legally save your taxes worth millions of dollars. So, make sure to know all the viable tax deductions and credits that you can qualify for.

To maximize your tax benefits and grow long-term assets, contribute maximum amounts to your retirement accounts. This includes your 401(k) account, Thrift Savings Plans, and 457 and 403(b) plans.

Depending on your job profile, you may also take advantage of your IRA and Roth IRA accounts. Don’t overlook tax savings through your HSA or FSA accounts too. Also, check out the tax credits you might qualify for and strategize your tax planning.

With the latest norms governing energy-saving appliances, taxpayers can also claim credits worth $1,200 a year by installing eco-friendly appliances.

Often, individuals overlook possible tax deductions on their side hustles and businesses. Likewise, maximize your tax benefits if you are contributing to your 529 college savings.

Saving on tax payments simply puts a brake on your financial outflow, translating to long-term savings.

Diversify Your Investments

Developing a well-balanced financial portfolio is where most investors stumble. Now that you know how to stream in a higher income and manage your taxes, be diplomatic with your expenses. With inflation, recession, and several other perils lurking, how do you secure your savings? As you strengthen your line of defense against inflation and rebalance your portfolio, try to diversify your investments.

Millionaires habitually allocate their savings to these accounts while building a well-balanced financial portfolio.

  • Real estate
  • Stocks
  • Bonds
  • Mutual funds
  • ETFs
  • IRAs
  • 401(k)
  • Precious metals
  • Commodities

Try to diversify your investments as early as possible in your career so that you enjoy the privilege of rebalancing the mix later in your life. Also, try to automate your savings to cultivate this healthy habit.

Diversifying your asset portfolio will also protect your savings from getting eroded if any one particular investment avenue gets affected.

Unsubscribe From Emails

One of the strategic means to stay on track with your savings journey is to unsubscribe from retail newsletters. As you move closer to a humble lifestyle, eliminate all possible avenues where you might end up making costly expenses. Unsubscribing your retail newsletters will close a window through which you might have been leaking your savings. 

Do you know that as much as 88.6% of Americans fall for impulse purchases? Well, you would like to see yourself on the other side of this massive bracket. Whether it’s grocery or stylish apparel, it’s easy to end up purchasing things that matter little in your lifestyle.

The most effective approach to prevent your savings from draining away is to keep impulse purchases at bay. When you eliminate things that you might fall for from your sight, you remain emotionally resilient.

Often, online retailers promote their merchandise by bombarding your email inbox with offers. So, if you have subscribed to their email or SMS for updates, simply get yourself away from the mess.

Own a Home To Build Equity

Well, coming to the owning vs. renting debate, it’s wise to own your home rather than live in rented accommodation. Even if you find your monthly rental amount to be the same as your home loan EMIs, there’s a strategic benefit to owning a property. When you aim for a million dollars, you’ve got to count on all your assets. This is where the value of real estate comes in.

Real estate investments are lucrative when you consider obtaining a recurring rental income. Moreover, real estate isn’t as volatile as stocks and goes a long way in stabilizing your asset portfolio. One of the most overlooked aspects of investing in real estate is that you can build equity with real estate. This can significantly leverage the assets at your disposal and help you fund emergencies in case you find it tough to secure loans as you near your retirement.

Owning a home simply requires a decent credit score and a sizable down payment. Being strategic with your finances, you might consider accumulating these funds as a part of your short or mid-term financial strategy.

The Smart Way of Getting Rich!

In the end, you need not become a punter to earn your first seven figures! Rather than gambling or buying lottery tickets to win a million dollars, you have plenty of proven avenues to bank on. Saving up your income by preventing it from unwanted drainage defines the principle of becoming a millionaire. Start investing early and intelligibly, and try to excel in your primary career. By translating our guidelines into real life, you can stride ahead toward your million-dollar financial portfolio


Why Do People Want To Be Millionaires?

People love their financial freedom, which sparks their intention to become millionaires. Being a millionaire, you would have greater control over how you use your money or spend less time on your work. Some people want to be millionaires as they wish to take out time and travel. Being generous, some millionaires also believe in the virtue of benefitting their community.

What Are Some Practical Ways To Become A Millionaire?

One of the most practical ways to become a millionaire is to be logical with your expenses. Once you start making money, try to save at least 15% of your monthly income in accounts generating compound interest. Try to do away with extravaganza in your life and lead a frugal lifestyle. Also, try to excel in your profession and stream in multiple income sources.

Can I Become A Millionaire Even If I Don’t Have Ancestral Property?

Of course, people without any inheritance of ancestral property have shown the path to becoming millionaires. Being self-made, you might strategize your savings intelligibly and try to diversify your asset portfolio. Try to expand your business or embrace a progressive career path while being tactical with your savings and investments. The earlier you start saving, the faster would your wealth accumulate.

What Is Preventing Me From Becoming A Millionaire?

Poor investment habits, inability to save money, and entertaining debt are some of the key hurdles to becoming a millionaire. Investing the right proportion in the right financial avenue on a timely basis takes you closer to being a millionaire.

Can You Retire As A Millionaire?

Retiring as a millionaire is the dream for most individuals. However, you need a practical and achievable retirement goal in place. Be prudent while handling your retirement savings accounts, and stick to your long-term plan as you rebalance your portfolio from time to time.


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CEO at Due
John Rampton is an entrepreneur and connector. When he was 23 years old, while attending the University of Utah, he was hurt in a construction accident. His leg was snapped in half. He was told by 13 doctors he would never walk again. Over the next 12 months, he had several surgeries, stem cell injections and learned how to walk again. During this time, he studied and mastered how to make money work for you, not against you. He has since taught thousands through books, courses and written over 5000 articles online about finance, entrepreneurship and productivity. He has been recognized as the Top Online Influencers in the World by Entrepreneur Magazine and Finance Expert by Time. He is the Founder and CEO of Due.

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