The No. 1 rule for becoming a millionaire in America, according to Maria Bartiromo and this Ramsey Show host — will you follow or ignore it in 2025?

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Many Americans dream of becoming a millionaire, and most believe they’ll need to be one to retire comfortably. According to the 2024 Planning & Progress Study published by Northwestern Mutual, Americans believe they need $1.46 million to retire comfortably.

But the average amount adults saved was just $88,400 last year — $1.37 million lower than their retirement goal.

Almost 50% of Americans are not saving for retirement at all, according to Rachel Cruz, personal finance expert and co-host of The Ramsey Show.

In a recent Fox Business interview, Cruz said that, based on her experience, many are struggling to even find the margin to save for retirement. That’s why she says the first step is to find the margin in your budget.

While it may seem daunting, you don’t need to be a top executive, famous athlete or popular musician to make big bucks. The secret is much simpler — and perhaps more boring — than that, and failing to take advantage of this one money rule could impact your retirement greatly.

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The No. 1 rule for becoming a millionaire

According to Fox Business host Maria Bartiromo, “The number one thing to do on your road to becoming a millionaire is very simple: join your company’s 401(k) plan. Put as much money in there as you can early on, and make sure you do not touch it.”

Cruz recommends contributing to your 401(k) up to the match your company offers if it offers one. Matching can add significant contributions to your retirement savings over time. After maximizing your employer’s match, Cruz recommends contributing to programs such as a Roth IRA or Roth 401(k), which have tax-free withdrawals in retirement.

But you might be one of many Americans who don’t have access to a 401(k) through your employer. According to a recent study from AARP, around 56 million Americans work for employers that don’t offer any type of traditional retirement or pension plan.

Opening a self-directed retirement account like an individual retirement account (IRA) can help you in this case. The main benefit? You can grow your assets tax-free or defer paying tax until you retire.

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One way to invest in gold that also provides significant tax advantages is with a gold IRA from Priority Gold

Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account, thereby combining the tax advantages of an IRA with the protective benefits of investing in gold, making it an attractive option for those seeking to ensure their retirement funds are well-shielded against economic uncertainties.

When you make a qualifying purchase from Priority Gold, you’ll be eligible for an offer to receive up to $10,000 in free silver

Build a financial footing and think long-term

For many younger people, retirement seems a long way off — especially when they have more immediate needs for their money. But Cruz says you need to adopt a “long-term mindset.”

You can start putting 15% of your income into retirement, starting with a 401(k) if it’s available to you. She says it’s important to contribute to the plan consistently and avoid pulling any money out, even if the market is down.

After maxing out your 401(k) contributions, you can look for other ways to boost your wealth. A great place to start is by investing spare change from everyday purchases through a micro-investing app like Acorns.

You can link your bank account or credit card, and Acorns will round up your everyday purchase to the nearest dollar and invest the excess into a smart investment portfolio.

For instance, if you make a $23.45 purchase at a restaurant, Acorns will round up the expense to $24 and automatically invest the 55-cent difference into a diversified portfolio of seven ETFs.

If you sign up now, you can get a $20 bonus investment from Acorns.

A key step to building a sound financial footing is to take inventory of your goals. For instance, if you want to retire by the time you’re 50, you need to plan your finances and investments accordingly.

Consulting a financial advisor can help you there.

With Advisor.com, you can connect with a vetted financial advisor best suited to your needs. The process is simple — enter some basic information about yourself and your finances, and Advisor.com will match you with a FINRA/SEC-certified advisor.

From there, you can set up a free, no-obligation consultation to further assess whether they’re the right fit for you.

Read more: Lock in juicy quarterly income through this $1B private real estate fund — even if you’re not a millionaire. Here’s how to get started with as little as $10

Invest now and stay invested

Waiting for the perfect entry point will likely cost you, according to research from Charles Schwab, and time out of the market could hurt your returns. To put this into perspective, research by Fidelity shows that if you invested $10,000 in the S&P 500 Index on Jan. 1, 1980, but missed the best five days in the following years, you’d miss out on $411,258 of potential returns by Dec. 31, 2022.

It’s a not-so-secret rule that starting early and regularly contributing to your 401(k) — and not touching the money until you retire — can start you on the journey to becoming a millionaire. And, like any journey, it all starts with taking the first step.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.