HOW TO BECOME A MILLIONAIRE

Have you ever wondered what it takes to hit that elusive millionaire status in Australia? Is it some mystical combination of perfect timing, sheer luck, and secret stock tips whispered over champagne brunches? Well, surprisingly, the answer is simpler—and far less glamorous—than you might think.

At Hills Accountants in Hobart we discovered a recent article on News.com.au that revealed some fascinating insights: almost one in ten Australians is now a millionaire. That’s right—roughly 10 per cent of Aussies have hit the magic million mark. But before you start imagining them all rolling in stacks of cash like a movie montage, let’s take a closer look at what it really means to be a millionaire in 2024.

Millionaire or Million Dollars in the Bank?

Here’s the reality check: being a millionaire doesn’t mean you’ve got a million dollars chilling in your bank account. For most Aussies, their net worth—a fancy term for the value of everything they own minus what they owe—is what puts them in the millionaire club.

The biggest contributor? Rising home values. If you own a house, especially in cities like Sydney or Melbourne, you’ve probably noticed that property prices have skyrocketed over recent years. For many, their home has become their ticket to millionaire status.

So yes, you could technically be a millionaire while still juggling a mortgage and the odd “please, not another interest rate rise” prayer. Wealth isn’t just about liquid cash—it’s about the big picture of your assets, including property, superannuation, and investments.

Why Most People Don’t Get There

Knowing this, you might think, “Great! I just need to buy a house, sit back, and wait for it to make me rich.” But here’s the catch: getting into the property market—or building wealth in general—requires a plan. You can’t leave it all to chance (or hope the housing bubble keeps inflating forever).

For many of us, it’s not a lack of opportunity but a lack of strategy that holds us back. Life gets in the way. Bills pile up. A cheeky holiday in Bali sounds a lot more fun than topping up your superannuation. That’s where a little help can make a big difference.

How Hills Accounting Can Help You Get There

At Hills Accountants in Hobart, we know that building wealth isn’t about luck—it’s about making smart decisions, consistently. Whether your millionaire dreams are fuelled by property, investments, or just good old-fashioned hard work, we can help turn those dreams into a reality.

Here’s how we can support you:

• Helping you make sense of your financial goals, even when they seem out of reach.
• Offering guidance on tax-efficient ways to grow your wealth (and keep more of it).
• Showing you how to balance saving and living your life (yes, you can still have your smashed avo).
• Giving you the confidence to invest in your future, whether it’s through property, shares, or super.

Think of us as your behind-the-scenes financial crew, making sure everything runs smoothly while you focus on the bigger picture.

Millionaire Status May Be Closer Than You Think

So, what’s the takeaway? Millionaire status isn’t reserved just for high-flying CEOs or reality TV stars. It’s attainable for everyday Aussies with the right mindset, a solid plan, and maybe a little help along the way.

You might already be closer than you think. Got a house? You’re on the way. Paying off your mortgage? You’re doing better than you realise. All it takes is some smart planning, consistency, and time.

Remember, this article is general in nature and doesn’t take into account your specific objectives, financial situation, or needs. For advice tailored to your circumstances, have a chat with us at Hills Accounting Hobart.

Want to turn your millionaire dreams into reality? Let’s chat!

Talk to Kathy and the team and stay ahead with Hills insights.
Call Now! 03) 6273 7800, or email info@hillsaccounting.com.au.

Credit Where It’s Due

This article draws inspiration from a fantastic piece by Ally Foster at News.com.au. Head over there for more millionaire success tips.