"A million in five years? That sounds insane but what if it isn't?"
That's exactly what I asked myself the first time someone threw that number at me. One million dollars, savednot earnedin just five years. It sounded bold, even a little arrogant. But the more I looked into it, the more I realized something: people are actually doing it.
Not billionaires. Not lottery winners. Just everyday peopleengineers, freelancers, tech workers, couples with side hustles. They're pulling it off. So, let's break it down the way it actually works in the real world, not just on some finance guru's YouTube channel.
If you've got ambition, decent income, and the ability to focus, then yessaving $1 million in five years is possible. It's not easy. But it is doable.
Here's how.
Step 1: Let's Start With Brutal Math
Okay, deep breath.
To save $1,000,000 in 5 years, the simple math looks like this:
$200,000 per year
Roughly $16,667 per month
Now, before you run for the hillsthat's the target, not the starting point. Most people don't save that much on day one. What they do is start smaller and scale up fast.
Start with this: how much do you save right now? $1,000? $3,000?
Good. Let's work from there. You don't need perfectionyou need progress. Track your income. Track your expenses. Then look for the gap between what you're earning and what you're actually keeping.
Step 2: You Won't Budget Your Way to a Million. You'll Earn It.
Here's something most financial bloggers won't tell you: budgeting alone isn't going to get you there.
Yes, you should cut back on Uber Eats and late-night impulse buys. But if you're trying to save $1 million in five years, you need to grow your income aggressively.
Here's what works:
Consulting or freelancing in your industry
Building digital assets (courses, content, small e-commerce stores)
Real estateif done right
High-commission work: sales, insurance, performance-based gigs
If you're thinking, "But I only have one job," then that's your first hurdle. You need two. Or three. At least until the cash flow matches your goals.
No judgment. Just facts.
Step 3: Invest Your Money. No, SeriouslyInvest It.
Putting $12,000/month into a savings account for 5 years at 2% interest? That gets you about $755,000.
Getting 8%10% returns (which, by the way, is realistic over 5+ years if you're smart and diversified)? You're much closer to $1 million.
What should you invest in?
Index funds. Not sexy, but effective.
ETFs. Broad exposure, lower fees.
Dividend-paying stocks.
Real estateagain, if you know your stuff.
And no, this isn't a crypto-only conversation. If you're betting your future on altcoins alone, we need to talk.
Step 4: Don't Let Your Lifestyle Inflate as Fast as Your Income
This is where people mess it all up.
You start earning more, and suddenly:
Your car has to be new
Your dinners have to be fancy
Your phone has to fold
Look, no one's saying you should live like you're broke. But delaying upgrades is one of the fastest ways to build serious wealth.
If you make $150K but live like you earn $90K? That's your advantage. Stack that margin, month after month.
Step 5: Cover Yourself With Million Dollar Life Insurance Policies
Here's a curveball most people ignore: what happens if you die before the million-dollar goal?
This is a harsh question, but let's be honestyou're working hard to build something, and your family's counting on it. That's where Million Dollar Life Insurance Policies come in.
They're not just for the ultra-rich.
They're for anyone who:
Has dependents
Has a financial goal they haven't yet reached
Wants peace of mind while playing the long game
Term life is usually the best betaffordable, simple, gets the job done.
And if you want to get fancy, Permanent Life Insurance with cash value can also be part of your investment plan. But don't buy anything until you know what you're getting.
Step 6: Automate Everything You Can
You won't save aggressively if you're relying on willpower.
Set up:
Auto-transfers to your investment accounts
Auto-splits between short-term and long-term goals
Auto-reminders for monthly check-ins (yes, they help)
Money you don't see is money you won't spend. Automate first, and enjoy what's left.
Step 7: Reduce the Silent KillerTaxes
Want to know what eats away at fast wealth?
Not lattes. Taxes.
Here's how to legally pay less:
Max out your TFSAs (tax-free growth)
Max out RRSPs (tax deferral + refund boost)
Use tax-efficient investments in non-registered accounts
Keep good records if you're running a business or freelancing
Talk to an accountant who thinks like an investor. They'll save you more than any budgeting app.
Step 8: Leverage Real Estate, But With Caution
Done right, real estate can accelerate your journey:
Rental income = cash flow
Appreciation = equity
Refinance = leverage
Done wrong? You end up over-leveraged, under-cashed, and emotionally drained.
Start small. Learn fast. Don't buy just because someone on TikTok told you "renting is dead."
Step 9: Surround Yourself With Financially Serious People
Here's something no spreadsheet can give you: peer pressure that works in your favour.
When your friends are buying second properties or talking about dividends, you think differently. When they're buying Gucci belts on credit well, you do too.
Get around people who are building. They'll keep you focused, even during the rough months.
Step 10: Protect Your Momentum
You've got the income. You've got the plan. Now, don't let life derail it.
Get disability insurance if you rely on your income
Consider critical illness coverage if you have a family history or high-stress
Keep an emergency fund no exceptions
Saving fast is great. But protecting what you're building is the part most people skip. And then regret skipping.
Real Talk: Can Regular People Really Do This?
Short answer: yes.
Long answer: it's not "regular" if you're willing to do what others won't.
We've seen it happen:
A couple who made $160K combined and hit $1M in 4.5 years by renting out their basement, investing 60% of their income, and living way below their means.
A solo tech consultant who banked $250K a year, put half into index funds, and hit his million right before his 35th birthday.
A nurse and a teacher who started with nothing picked up a rental property, invested religiously, and crossed the mark in year six. Close enough.
What did they all have in common?
They weren't perfect.
But they were consistent.
Questions You Should Be Asking
Do I really need a million dollars saved in 5 years?
No. But it's a powerful goal. Even if you fall short, you'll be ahead of 99% of people financially.
Why so much focus on insurance?
Because building wealth is hard. Losing it overnight because of something preventable? That's harder.
Is this only for people who make six figures?
It helps. But it's more about discipline and growth than income. If you start with $0 and save $500/month consistently, you're doing better than most.
Final Thoughts: 5 Years Can Change Everything
Let's stop pretending this is about money.
It's about freedom. Choice. Confidence. Legacy.
Saving a million in five years might sound crazy now. But crazy has a way of turning into "I can't believe we did that."
Start now. Adjust as you go. Get help where you need it.
And if you need to start at $500/month instead of $15,000? Fine.
