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# Three Steps To Turn A Millennial Into A Millionaire

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<!-- video src="https://cdn.jwplayer.com/manifests/szAoInL7.m3u8" -->
## Video: Three Steps To Turn A Millennial Into A Millionaire

[Watch (HLS stream): Three Steps To Turn A Millennial Into A Millionaire](https://cdn.jwplayer.com/manifests/szAoInL7.m3u8) (0:49)

![Three Steps To Turn A Millennial Into A Millionaire](https://cdn.jwplayer.com/v2/media/szAoInL7/poster.jpg?width=720)

_Published 2015-09-14. Three easy tips for millennials should use if they want to become millionaires._


---

Jul 27, 2023 6:48 PM UTC

---

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### How to Become a 401(k) Millionaire

[Do Millennials Want to Get Married?](/video/hRuGlMZS/)

### Do Millennials Want to Get Married?

---


## Transcript

Listen up, millennials. Here are three tips for the easiest way to go from pinching pennies to being a millionaire. First, even if you're saving more than you're spending, you might be paying too much for things like rent. A business analyst told Money the average millennial spends 40 % of their paycheck on rent. Meanwhile, she says, reputable calculators Suggest spending 30 % or less. Tip # 2. Don't let student debt keep you from investing in your 401k. In some cases, if you are paying the minimums every month on your student loans and you are in a loan repayment program. If you are investing in your 401k at work, in your job it actually lowers what your requirement is every month to pay.

And finally, boost the percent of your paycheck you put into your 401K. Experts suggest increasing that percent gradually if you have to, but eventually you should reach 15 %.

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