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

The No. 1 rule to becoming a millionaire

According to Fox Business host Maria Bartiromo, “The No. 1 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. For instance, in 2023, the median match for plans managed by Vanguard — which manages retirement accounts for 4.9 million people through 1,500 plans — was 4.0% of annual income. The average was 4.6%, while most plans had matches between 3% and 6%.

So, for example, if your salary is $60,000 per year and your employer matches contributions up to 4.0% of annual income, the annual contribution from your employer could be up to $2,400. 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.

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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.” To build financial security and start on the path to becoming a millionaire, she recommends first paying off your debt and then creating an emergency fund that equals about three to six months of expenses.

Once you’ve made it this far, you can then 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.

Invest now and stay invested

Waiting for the perfect entry point will likely cost you, according to 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.