These 3 Steps Can Turn A Millennial Into A Millionaire

Millennials should follow these three tips if they hope to be millionaires someday.

By Ryan Biek | September 14, 2015

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 percent of their paycheck on rent. Meanwhilem, she says reputable calculators suggest spending 30 percent or less.

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Tip No. 2: Don't let student debt keep you from investing in your 401(k). 

"In some cases, if you're paying the minimums every month on your student loans and you're in a loan repayment program, if you're investing in your 401(k) at work in your job, it actually lowers what your requirement is every month to pay," a business analyst told Money.  

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

This video includes an image from Getty Images.

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