How to Build Wealth from Scratch (while you're still young)
Jul 04, 2026Read time - 4 minutes / Disclosure
Building wealth from scratch while you're still young can:
- Give you more options.
- Give you more freedom.
- Help you leave 9-5 life early.
Unfortunately, many people struggle with money.
The Reality
A recent Ramsey Solutions survey shows:
- 58% of American aren't saving for retirement.
- 54% say they're living paycheck to paycheck.
- 34% describe their financial situation as "struggling".
It's a stressful place to be.
A place I've been before myself.
But struggling can also lead to massive motivation.
The motivation and desire to change everything.
"Before you can become a millionaire, you must learn to think like one."
– Thomas J. Stanley
Like it was last week, I remember sitting in my cubicle at the bank.
It was 2010.
And I was hired as a banker to help other people figure out their money.
Which was ironic.
Because I was $80,000 in debt and struggling myself.
It was a painful time.
But getting hired to work at a local bank excited me in 2 big ways.
#1. Learning better money habits to fix my $80,000 debt problem.
#2. Talking to self made millionaires and hearing their unique stories.
The Millionaire Journey
Learning how people went from $0 to a $1M net worth from scratch was so darn fascinating.
One guy invented a special coating that went on cellphones to make them water resistant.
Another guy started a small touring company that drove people around town in an air conditioned bus.
One lady climbed the corporate ladder, became a Vice President and invested in stocks and real estate.
Another lady became a scientist and worked with animals at a local zoo and invested in the stock market.
One guy loved motorcycles so much that he opened up a store that sold and fixed motorcycles.
Another guy loved jewelry so much that he opened up a tiny jewelry store to sell rings and watches.
One lady was a real estate agent and decided to get home loans and bought 8 rental properties.
Another guy worked a regular 9-5 job and invested everything he could in the stock market.
There were so many interesting stories about how people built wealth starting from scratch.
And all of the stories included one of these three things:
1. Investing in the stock market.
2. Getting loans to buy real estate.
3. Starting a small business.
And some of the stories included all 3 of them.
But one big thing I noticed all of these self-made millionaires had in common was:
Their money habits.
The Money Habits of Millionaires
Learning the money habits of self-made millionaires while working in banking helped me fix my own money problems.
Paying off $80,000 in debt.
Learning how to get $30,000 to help buy a house.
Growing $1M of investments starting from scratch.
Here's 5 money habits I learned watching self-made millionaires I wish I knew sooner.
Let's dive in.
1. The Scorecard
It's hard to win with money without keeping score.
And keeping score is often called:
- A plan.
- A system.
Or
- A budget.
It's an organized way to keep track of things.
And not keeping track is like playing a round of miniature golf without keeping score and expecting to win.
Having a plan and keeping score with your money helps you build wealth faster.
2. The Attention
There's a famous saying that goes:
"What gets measured gets managed."
It's so darn true.
Having a written plan for your money helps you:
- Know how much money is coming in each month.
- Know how much money is going out each month.
- Know if you're on the right track to escape 9-5 life early (if you want to).
Spending just 30 minutes a month reviewing your money plan can change everything.
TIP: Setting a calendar reminder on your phone to do it the same day every month works well.
3. The Automation
Do money on easy mode.
Easy mode means automating your investments and monthly bills.
Here's a visual:
Having part of each paycheck go towards investments 1st automatically might mean:
- Investing in the stock market using a non-retirement account (also called a general investing account).
- Investing in the stock market using a retirement account at work.
- Sending money automatically to a savings account to help save for a home.
Using automation to split your paycheck between different accounts can help you build wealth on easy mode.
TIP: Many online investment companies allow people to start investing with as little as $5.
4. The Leverage
Choose to work smarter.
When trading time for money (a job).
The only way to make more money is to work more hours.
Or to make more money per hour.
But with investing.
Investments have the ability to grow without doing any extra work.
For example.
The stock market has been growing 10% per year on average since the 1990s.
Stock market history
The price of real estate has also been growing for decades (although it takes more work than investing in the stock market):
Real estate history
Investing in things you understand can provide leverage and money growth beyond a traditional 9-5 job.
5. The Non-Negotiables
Identify your non-negotiables.
Knowing your non-negotiables make it easier to find the motivation to chase after the things you want.
For example.
Someone with a goal of leaving 9-5 life early to do their own thing may have a list of non-negotiables that look like this:
Identify and write down your non-negotiables.
Knowing what you don't want in life can help motivate you to chase after the things you do want.
The bottom line
One of the biggest lessons I learned watching self made millionaires while working in banking was:
Become dangerously focused.
Be willing to do the things most people aren't willing to do if your goal is to become a self-made millionaire.
Things like:
- Having a written money plan (budget).
- Looking at it every month for 30 minutes.
- Finding ways to free up more money to invest.
- Investing 1st every month before paying bills (even if starting with just a small amount).
- Identifying and remembering the non-negotiables to help keep your motivation high.
It's not exciting stuff.
But it's the stuff that actually works.
The things worth doin'.
That's all for today.
See you next Saturday.
