4 'Get Rich' Habits Self-Made Millionaires Have That 93% of Americans Don’t—‘It’s Not Just Luck’

The gap between the wealthy and the average American isn’t about luck, inheritance, or even high salaries. According to a groundbreaking 2025 study by Ramsey Solutions, 93% of non-millionaires fail to adopt the habits that self-made millionaires rely on to build wealth. Meanwhile, 93% of millionaires credit their success to hard work, discipline, and a mindset that defies conventional financial wisdom. Let’s dissect the four overlooked habits—and why they’re the real keys to long-term prosperity.

1. Consistent Saving and Investing: The Power of “Time in the Market”

Self-made millionaires don’t wait for the “perfect” moment to invest. Instead, they automate savings and invest 20% or more of their income, regardless of market conditions. Why? Because “time in the market” outperforms “timing the market.”

Consider this: Between 2010 and 2025, the S&P 500 grew by over 400%, even with corrections like the 2020 crash and 2022 dip. Those who panicked and sold during downturns missed out on the rebound.

The study reveals that 80% of millionaires invested in their employer’s 401(k), leveraging compounding. Compare this to the average American, who holds $4,500 in retirement accounts—a fraction of what’s needed to retire comfortably.

2. Multiple Income Streams: Diversify or Perish

Most Americans rely solely on their primary job—a risky bet in an era of AI and automation. Millionaires, however, build at least three income streams, such as:
- Rental properties
- Dividend stocks
- Side businesses
- Freelance work

The study found that 79% of millionaires have never carried credit card debt because their diversified income covers expenses without borrowing. Meanwhile, the average American carries $6,800 in credit card debt, paying 16%+ interest—a silent wealth killer.

3. Opportunity Cost: The Hidden Cost of “Small” Decisions

Millionaires ask themselves a simple question before spending: “What could this money become?”

Take a $60,000 luxury car versus a $20,000 used car. The $40,000 difference invested at an 8% annual return would grow to $130,000 over 10 years—enough to fund a down payment on a rental property.

This mindset isn’t about austerity—it’s about strategic prioritization. Millionaires spend on assets (like stocks, real estate) that appreciate, not liabilities (like depreciating cars) that drain cash.

4. Unwavering Self-Belief: The “Wealth Is Earned” Mentality

The study’s most striking finding? 93% of millionaires believe their wealth stems from their actions, not luck. They reject the myth that only heirs or high-earners can amass wealth.

• 80% came from middle- or lower-income families.
• 52% hold advanced degrees, but 88% have at least a bachelor’s—a far cry from the 38% of the general population.

This belief fuels risk-taking, like starting a business or investing in volatile markets. For example, 75% of millionaires attribute their success to long-term, consistent investing, not “get-rich-quick” schemes.

The 93% Divide: Why Most Americans Stay Stuck

The data is stark:
- 93% of non-millionaires don’t save aggressively, diversify income, or think in terms of opportunity cost.
- 79% of millionaires built their wealth from scratch, with only 3% inheriting over $1 million.

The global context? The U.S. has 24.5 million self-made millionaires, but 93% of Americans still believe wealth requires a high salary or “being in the right place at the right time.”

Conclusion: The Formula for Wealth Is Clear—Why Don’t More People Use It?

The habits of self-made millionaires are simple but not easy. They require:
1. Discipline to save and invest relentlessly.
2. Courage to build multiple income streams.
3. Clarity to weigh opportunity costs.
4. Conviction that wealth is earned through action, not chance.

The numbers don’t lie:
- A $1 million portfolio invested at 8% annual returns grows to $2.1 million in 10 years—and $4.7 million in 20 years.
- 94% of millionaires live below their means, proving that wealth isn’t about earning more—it’s about spending less and investing smarter.

The 93% statistic isn’t about luck—it’s about choice. Will you adopt the habits that work, or keep chasing the myths that don’t?

Data sources: Ramsey Solutions National Study of Millionaires (2025), Federal Reserve Economic Data (FRED).