The nine strategies that can turn you into a millionaire. No, you don’t have to be a high-earner, just know how to super-charge your savings and income… now money experts tell how and say ANYONE can do it

Who wants to be a millionaire? Probably most of us. While a seven-figure pot of money isn’t necessarily enough to guarantee a life of luxury these days, there is still a certain cache about building this level of wealth.

And for those who save hard and are savvy with their cash, this goal is well within reach. In fact, there are many ways of amassing £1million – and you don’t necessarily have to be a high earner.

So whether you could be stashing more in your savings or have grand plans for your side hustle, here are nine ways that you could make a million.

1. Push your ISA to its limit – every year

If you are serious about growing your cash, you will need to invest it. History shows that putting money into the stock market is a better way to grow your wealth than leaving it in a cash account, as long as you can bear some ups and downs along the way.

You can put £20,000 a year into an Individual Savings Account (Isa) and all gains are tax-free.

Ed Monk, from investment group Fidelity International, says: ‘The key is maximising your contributions, staying invested and allowing compounding to do the heavy lifting.’

Someone who invests £1,666 a month – the equivalent of £20,000 in a year – into an Isa could reach the £1million mark in 28 years, assuming 5 per cent annual growth, calculations by Fidelity International show.

With 8 per cent annual growth, they would get there in just 21 years. This will likely involve choosing riskier investments.

However, it is not unrealistic. The Fidelity MSCI Index World fund, which tracks the world’s biggest companies, has annualised growth of 12.1 per cent over the past five years.

Those with smaller amounts can still get to their goal. Someone investing £500 a month (£6,000 a year) could grow to £1million in 36 years, assuming 8 per cent annual growth.

2. Power up a pension as early as possible

Pensions are one of the most tax-efficient ways to save, and employed workers get help from both the Government and their workplace, helping to boost their pot even quicker.

Most workers in the private sector now save into modern defined contribution pensions – an invested pot of money that grows as they make contributions.

Under auto-enrolment, those aged 22 and over and earning at least £10,000 are automatically signed up to their company pension scheme. As a minimum, they must contribute 5 per cent of their salary and their employer puts in 3 per cent, though some workplaces are more generous.

You also get tax relief on your contributions. For a basic rate taxpayer, this effectively means the Government tops up an £80 contribution to £100, and for a higher rate payer a £60 contribution is topped up to £100.

Someone who opts in and starts saving into their pension at age 20 could reach £1 million by age 65 with monthly contributions of £1,150, according to PensionBee, a pension consolidator. While that sounds a lot, taking into account tax relief and employer contributions, a higher rate taxpayer would only contribute £431 of this.

Someone starting at age 30 would need to save £1,500 a month (£562 from the worker) to be a pension millionaire by retirement age, and starting at age 40 would require saving £2,300 a month (£862).

Maike Currie, from PensionBee, says: ‘Take advantage of “free money” by maximising the amount you can get from your employer contributions and claiming tax relief. Reaching £1million might sound daunting, but with consistent contributions and good planning, it might well be within reach.’

Some employers are willing to contribute more than the minimum if you do the same. This can give your retirement savings a significant boost.

3. Level up earnings from your side hustle

Many people have turned their hobby into a side hustle – a money-making enterprise on the side of their main job.

About a quarter of adults say they do this, rising to 34 per cent of Gen Z (those aged 14 to 29), according to Starling Bank.

Under the Trading Allowance you can earn £1,000 a year outside of your job without declaring it to the tax man.

And for some, their hobby can turn into a full-time business – and it can become lucrative.

As a student, Anthony Marks, now 50, went to jumble sales to buy toys and memorabilia from popular shows such as Star Wars and Thunderbirds, reselling them at sci-fi conventions.

About ten years ago, Anthony, who worked as a buyer for a toy company, and his wife Louise, 46, who worked in marketing, quit their jobs and turned their hobby into a full-time business, Fanattik.

This year their company, which develops licensed products and collectibles for shows including Stranger Things, Fallout and Harry Potter, is on track to make £4million. Anthony, who lives in Cheshire, says: ‘This started as a hobby – now there are 23 of us in the company.’

4. Put it into property

The average UK house price reached £293,000 by the end of 2025, according to official figures, but many homes are worth more.

High demand and low supply has pushed property prices higher for decades, meaning for many people their home is their most valuable store of wealth.

In the late 1980s, house prices doubled within two years, and in the early 2000s they doubled within three years, according to estate agency Hamptons. David Fell, lead analyst at Hamptons, says: ‘Homeowners who were ready to trade down at the turn of the millennium could release unprecedented amounts of cash to enjoy in later life.’

But can property still help you make a million? Price growth has not been a one-way bet in recent years. According to the Office for National Statistics, UK house prices grew by 13.6 per cent in the year to July 2022 but fell by 3.7 per cent in the year to December 2023.

On average, prices have risen by 3.7 per cent a year since 2011. A property worth today’s £293,000 average would take 34 years to reach £1million assuming the annual growth rate over the past 15 years stayed the same. But bear in mind, property is an illiquid asset. Selling it for £1million might bank you a fortune, but you still need a place to live.

5. Become a landlord

Buy-to-let owners have the chance to benefit from house price growth while also generating a rental income.

Being a landlord has become less lucrative in recent years amid higher interest rates, increased stamp duty levies and cuts to tax reliefs. However, there are bright spots on the horizon, according to Fell: mortgage rates are easing and rents are up 30 per cent over five years.

The average property income declared by landlords in the 2023/24 tax year was £19,400, according to latest official figures. However, this is before tax and other deductions.

Estate agency Savills estimates the average annual profit per property, based on the typical landlord income of £17,655 in 2022/23, was £9,021.

Assuming all of this were saved, a landlord would need to rent six properties for 20 years to pocket enough rent to make a million. But this does not take house price growth into account.

If you consider the value of the properties, someone who has £150,000 would have enough for a 25 per cent deposit on three buy-to-lets, each worth £200,000.

Assuming annual house price growth of 3 per cent, they could exceed a net worth of £1million in about 21 years, according to investing app Moneyfarm.

This does not take into account tax, fees, stamp duty, maintenance and refinancing costs. Fell says: ‘Making buy-to-let stack up has become markedly harder. Despite this, landlords are still finding ways to make the numbers work. Many newer investors are choosing to buy through limited companies or targeting higher-yielding areas, often in the North.’

Anyone with a spare room could boost their income with the rent-a-room scheme. Homeowners can earn £7,500 a year tax-free from renting a furnished room in their main residence. This could be short-term, through apps such as Airbnb, or longer with a lodger.

6. Make your child a millionaire instead

Parents and grandparents can put up to £9,000 each year into a Junior Isa for children, and the longer investment time frame allows compound interest to really work its magic.

A £750 monthly investment could grow to £243,561 by the time the child is 18, assuming annual growth of 5 per cent, according to Fidelity. With 8 per cent growth, it could reach £333,855. At age 18, the child or grandchild can access their pot, but if they leave it invested they could soon be heading for Millionaires’ Row.

Starting with £243,561, they would pass the million mark by age 47 even if they didn’t add another penny, assuming 5 per cent annual growth. Continuing to make contributions will speed the journey. Adding £500 a month to the pot, they would reach £1million before their 34th birthday. Investing £1,000 a month, they would do it by age 32, assuming 5 per cent annual growth.

Monk says: ‘A Junior Isa allowance can have a transformative impact on a child’s long-term finances. What matters most isn’t hitting the maximum, but starting early and investing consistently.’

7. Try your luck with Premium Bonds

Premium Bonds are a savings account with a difference: instead of paying interest, bondholders are entered into a monthly draw to win tax-free prizes from £25 up to two jackpots of £1million.

National Savings & Investments, the Treasury-backed institution that runs the bonds, says the effective prize rate (the average you can expect to win) is 3.6 per cent, but there is no guarantee.

The odds of winning the jackpot are about 66 billion to one.

Two-thirds of bond holders have never won.

Every month, about 22million bondholders hope theirs will be chosen and they’ll get a visit from the mysterious Agent Million, who turns up to break the good news. This might not be the most sensible strategy for becoming a millionaire, but it is probably the most exciting.

Robert Cochran, a pensions expert at Scottish Widows, says: ‘One plus point is that, unlike the Lottery where you buy a single ticket, if you don’t win this month, there is always the next one – you will keep getting entered into the prize draw as long as you keep your money invested.’

8. Collect inheritance cash years earlier

More families are passing down their wealth early to help the next generation, as well as to avoid a future inheritance tax bill.

While it is possible to give away £3,000 a year without it being liable for inheritance tax, you can hand over far more if you plan early. Under the seven-year rule, gifts of any size are not liable for inheritance tax as long as the giver lives for seven years after making it. If they die before then, inheritance tax is charged on a sliding scale.

One in five people over 50 has given cash gifts to loved ones in the past five years, according to research by SunLife, the life insurer. The average gift is £12,323, rising to £30,634 where the money is for a house deposit.

Gifts out of surplus income is a lesser-known rule, where individuals can give away any amount tax-free from excess income, as long as it doesn’t impact their standard of living and is done on a regular basis. HMRC figures show the value of such gifts jumped by 177 per cent to £144million in 2023/24.

While you might not be on track to inherit £1million, saving or investing a financial gift could be the stepping stone to future riches.

Jason Hollands, from wealth manager Evelyn Partners, says: ‘I would encourage families to have open conversations about what will happen to their wealth when they die and to proactively plan for the inevitable. I am sure most people would prefer to see their wealth in the hands of their loved ones, rather than the Treasury.’

9. Play with ‘FIRE’

A popular online community called Fire, which stands for Financial Independence, Retire Early, could be the key to amassing £1million in wealth.

The movement is popular in the US and advocates investing as much as possible in your youth so you can stop, or reduce, the amount you work long before retirement age. Fire savers typically live frugally, to save as much as 70 per cent of their salary.

Ian Futcher, financial planner at Quilter, says: ‘A Fire approach requires real discipline, but someone living frugally, saving 50 to 70 per cent of their income, could theoretically reach seven-figure wealth within a few decades.’

Many FIRE savers target a £1million pot because calculations show this can be enough to live on for life, if managed carefully. This requires following the so-called 4 per cent rule, where you withdraw 4 per cent of your savings as an annual income and leave the rest invested to keep growing.

Fire savers will typically use a combination of Isas, pensions, rental income and side hustles – though it’s worth noting, pension savings can’t be accessed until age 55 (rising to 57 in 2028).

But Futcher warns that Fire may not be feasible for those on a lower income. He says: ‘Cutting spending to the bone can mean missing out on opportunities and experiences while you’re young enough to enjoy them fully. It’s important to find a good balance, rather than pursuing frugality at the expense of your wellbeing.’