You Want How To Become An Everyday Millionaire…from Those Who’ve Done It?

When you picture a millionaire's lifestyle, does townhouse living or budgeting only $40,000 a year come to mind? Probably not.

More than 10 million U.S. households have a net worth of $1 million or more, a record high representing nearly 9 percent of all households in the country.

Through disciplined saving and savvy, yet simple investing, they grew their wealth enough to travel the world, retire years earlier than the norm and enjoy peace of mind.

Saveand Then Save Some More Americans on average save 5.5 percent of their after-tax income, according to the latest data available, while conventional wisdom is to put 10 percent away.

"They cut it out of their budget and live with what they have left." Jeff Johnson, who works in pharma marketing and sales, says that he and his family live on less than half of his take-home pay and save the rest.

Jeremy Jacobson and his wife, Winnie-whose net worth is well north of $1 million-put away more than 70 percent of their income for over 10 years before retiring more than three years ago to travel the world with their baby son.

Jacobson said when he first met his wife in Beijing on a business trip, she was already saving half of her income.



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"If you're looking at after-tax income and you're saving 10 percent, after about nine years, you roughly have enough money to take one year off," Jacobson says.

"But if you're saving 90 percent of income, you can take nine years off after saving just one year." Invest Wisely A large part of these everyday millionaires' success was investing their savings for the long term.

Rains has lived in the same home for decades and when she bought it, she didn't stretch.

Jacobson also biked to work to save on commuting costs.

Cut Out Frivolous Line Items Even when Jacobson and his wife went on vacation-which weren't lavish-they did it with saving in mind.

"I still bring my lunch to work," he says.

"Is it worth spending $2,000 a year on lunch?" To get around the urge to eat out, Jacobson's wife spent a lot of time becoming a serious cook.

Johnson works in pharma sales and marketing and, his wife, before staying home to care for their child, worked at a university as a department psychologist.

Rains' husband still works as a logistics manager, working toward a full pension, and provides medical insurance through his work.

As for college expenses, Rains had one son go to in-state university with affordable tuition that was covered by savings.

Rains found that she hadn't saved enough for her youngest son's college education.

"If I take a step back, I could have saved $5,000 or $10,000 buying another car. Was it the smartest thing?" he says.

"You got to live, too, and enjoy life. You can't always save. I still enjoy driving that car."