What Can Millionaires Teach Us About Financial Planning?

Many Americans might say that feeling like a million bucks is less about feeling rich and more about feeling clear and confident about the future. They may be on to something as only 36 percent of American millionaires consider themselves “wealthy,” according to our 2025 Planning & Progress Study.

But what does it take to build significant wealth? Getting to a million-dollar net worth is an elusive goal for most of us—but there is hope for aspiring millionaires.

“$1 million is a lot of money but money alone doesn’t create confidence—financial advice and financial plans do,” said John Roberts, chief field officer at Northwestern Mutual. “Instead of feeling rich, it’s important for everyone—no matter their income—to feel secure in their financial futures.”

For our study, we interviewed Americans about their approach to money and found some interesting differences between the general population and those who have at least $1 million in investable assets. Here’s what we discovered about some of the financial habits that set millionaires apart.

5 financial habits of high-net-worth people

You might think becoming a millionaire is all about getting that executive job or launching a wildly successful business. But the reality is that many of the high-net-worth financial planning strategies millionaires use are things all of us can replicate in our own lives. And while you may be practicing some of these already, there’s probably an opportunity to up your game—after all, even millionaires can improve their money habits.

1. Act but don’t overreact

Affluent people know the value of a sound financial plan and describe themselves as disciplined planners. These individuals have specific financial goals and act on the steps required to achieve them.

Key takeaway: Having a financial plan in place helps you assess where you are today, identify goals for tomorrow, and lay out the necessary steps to get there. Your Northwestern Mutual financial advisor will ask deep questions that often uncover blind spots and opportunities for your money and build a comprehensive financial plan help give you confidence that you’re prepared to navigate long-term risks. Having a plan may be what gets you to millionaire status—it’s not the other way around.

2. Don’t “set it and forget it”

When it comes to money, wealthy Americans are not complacent about their finances. They see beyond the challenges of today and plan for a brighter tomorrow.

Key takeaway: It’s easy to get caught up in the here and now. While having a financial plan can help you step back and balance your needs today with what you want in the future, you need to keep in mind that as your life changes, your plan will need to change along with it. And there’s always room for improvement. Use your advisor as a sounding board during times of change so you can help ensure that your actions align with your plan and support your long-term goals. Having regular check-ins can help you feel confident that your plan is tailored to your ever-evolving life.

3. Create a plan for retirement

Wealthy Americans don’t just save for retirement—they know how much they need to save.

Key takeaway: Good financial planning isn’t just about saving for retirement. It’s about knowing how much you need to save. And it’s OK if you don’t know exactly what you need when you’re in your 20s and 30s (when most people start saving for retirement). But you can think a bit now about how you envision your lifestyle in retirement. Are you the type of person who likes to stay home with a great book? Or do you want to explore every inch of the planet? Do you want to live in a mansion that can comfortably hold all the grandkids? Or will you downsize to a condo? Answering these questions can help you put a rough number on your retirement. As you go through life, you’ll be able to refine your number. But knowing it helps you know how much savings you need to target.

4. Prioritize your spending

This tip goes hand-in-hand with No. 3. Once you know what you’ll need for retirement (and other future goals), you’ll know what you need to save and what you’ll have to spend today.

Key takeaway: It can be easy to spend what you have today and then attempt to save whatever is left over. But this approach tends to result in neglecting your needs for the future. You don’t have to be a millionaire to save for the future. In fact, a lot of millionaires likely got there by saving diligently. The takeaway here is to prioritize saving for the future based on what you need. When you have a financial plan that helps you define what you need for the future (and how much to regularly save to get there) you’ll know exactly what you need to save and what you have to spend today.

5. Seek professional advice

Of high-net-worth individuals, 74 percent work with a financial advisor. Compare that to just 34 percent in the general population. In addition, 60 percent of millionaires consider financial advisors to be their most trusted source of financial advice by far.

Key takeaway: It’s no coincidence that most American millionaires use a financial advisor. With an experienced financial advisor on your side, you are more likely to take the strategic actions necessary to achieve your long-term goals.

“The important thing to remember is professional financial advice is accessible to everyone,” Roberts said. “The sooner people start, the faster they can enjoy the financial and emotional benefits of planning.”