10 Steps to Becoming a Millionaire

Ladies, gather ’round. Let’s talk about something that’s been on all our minds: how can I become rich? How do I become a millionaire? How do you become a millionaire? How can you become a millionaire?​ If you, too, think about this 24 X 7. Stay right here! 

First off, let’s acknowledge the landscape. As of January 2025, India boasts some formidable women who’ve climbed the wealth ladder. Savitri Jindal leads with a net worth of $34.3 billion, followed by Rekha Jhunjhunwala at $8.0 billion, and Renuka Jagtiani with $5.6 billion. These women have set the bar high, proving that financial success is within our grasp.​

But let’s be realistic. Getting that bag isn’t just about dreaming big—it’s about making moves. So, how can you become a millionaire? 

1. Own Your Money Story

Most of us weren’t raised with financial education. We were taught to save (piggy banks bring back nostalgia?) but not to invest. We were told to be careful with money but not how to grow it. If you want to know how to become a millionaire, start by changing your mindset. Wealth isn’t just for the privileged—it’s for the strategic.

Did You Know?

In 2024, only about 20% of women in India actively invested in stocks or mutual funds, compared to 45% of men.

With Lxme, you can learn everything about personal finance for women with our resources, live sessions, and blogs and start investing with just a tap in goal-based mutual fund portfolios curated by experts.

2. Invest Early and Wisely

Time is your best friend when it comes to investing. The earlier you start, the more you get from compound interest. Options are everywhere! Pro tip: diversify your portfolio to keep those risks in check. And hey, don’t be afraid to call in the experts for advice. Secure your future, but make it smart! If you don’t know how to diversify, just take Lxme’s Financial Security Quiz to get an asset-allocated financial plan made just for you.

3. Shift from Saving to Investing

Most Indian women prioritize saving money, but if you’re wondering how you can become a millionaire, saving alone won’t get you there. The key is to start investing. According to SEBI (2024), only 18% of Indian women actively invest in stocks or mutual funds. But those who do? They build wealth 4X faster than those who only save. You can even start an SIP with just ₹100 with Lxme, an investment platform for women. 

4. Build Multiple Income Streams

One mode of salary is not enough in 2025. If you lose your job or business slows down, you don’t want to be stuck.

Ideas for Extra Income:

✔ Freelancing (content writing, graphic design, tutoring)

✔ Selling products online (Etsy, Shopify, Instagram)

✔ Investing in dividend stocks

✔ Monetizing a skill (coaching, digital courses, workshops)

✔ Becoming a Lxme Mentor and empowering women.

Find one new income source this month; it does not matter, small or big, just get going.

5. Pay Yourself First

Most women pay for expenses first and save whatever’s left. This is the wrong approach. To answer, how can I become rich?—flip the formula.

The 50/30/20 Rule:

• 50% of income → Essentials (rent, food, bills)
• 30% → Wants (shopping, entertainment)
• 20% (or more!) → Investments & Savings

Automate savings on your day of salary so the money goes into investments before you even see it.

6. Stop the “Budget Mindset” and Start Thinking Growth

Most financial advice tells women to cut expenses. But millionaires don’t just focus on saving. They focus on growing their income. A totally different mindset is required. If you invest ₹5,000/month in a mutual fund with 12%* returns, in 20 years, you’ll have ₹50+ lakhs. Stunner right? Instead of just budgeting, and asking how can you become a millionaire? Ask how do I earn more and grow my wealth? With Lxme, you can invest smartly and grow your wealth.

7. Negotiate Like a Millionaire

If you’re working all the time and not making enough, it’s time to demand what you deserve. Indian women earn 19% less than men for the same job (2024 Pay Gap Report). That gap exists because we don’t negotiate! Research salaries in your field and ask for a raise. If you’re a freelancer or business owner, charge properly and for what you’re worth.

8. You Gotta Get Smart with Taxes

Many ladies dodge tax planning, thinking it’s too intricate. And if you continue to avoid it, you will give away all your savings in taxes! Tax planning is one of the fastest ways to keep more money in your pocket. One should also calculate taxes under both regime to understand which is better and choose wherever they have to pay less tax.

9. Plan Like a Boss

It is super important in the end to know where your money goes. Keep a hold of your spends and create a plan that is in track with your financial aspirations. This isn’t just about cutting lattes or tea; it’s about making intentional choices with your hard-earned cash. Remember, every rupee saved is a step closer to wealth.

10. Set a Clear Millionaire Goal

Most people say, “I want to be rich” but they don’t define what that means. The clearer your financial goal, the faster you reach it.

Write down: How much wealth you want (₹1 crore? ₹10 crores?) By when (10 years? 15 years?) Then identify how you’ll get there (investments, business, income sources).

Instead of saying, “I want to be rich,” say, “I will invest ₹20,000/month to reach ₹2 crores in 15 years.”

So, back to how to become a millionaire? By taking action now! Women in India are already breaking financial barriers, and you can be one of them. It is not luck or a magic trick. It’s investing, earning, and being consistent. Stop asking, “How do I become a millionaire?” and start asking, “What step am I taking today to get there?”

FAQs:

Further read:

• 10 Key Characteristics of an Alpha Female

• 8 Best Saving Schemes for Women in India

• How To Invest in Gold Mutual Fund Through SIP?