I Got Rich on an Average Salary: 5 Steps I Took To Multiply My Wealth
Attaining wealth can feel impossible if you’re stuck with a middle-class salary. But if you learn to save and invest properly, you can become a millionaire faster than you might imagine.
In spite of her last name, Nancy Gates, now the financial experience principal and education manager at Boldin, did not come from wealth. She started her financial journey at age 26, earning $24,400 as a Spanish teacher in Chittenango, New York, a suburb of Syracuse.
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But she saved wisely, started investing early in her career, and between 2011 and 2026, grew $100,000 worth of investments into more than $1 million. Although Gates started her career in a different economic climate, the basic principles still apply.
Here are the steps Gates took to accrue a net worth of $1.14 million, not counting her home’s equity.
1. Set Financial Goals Early On
When Gates started teaching Spanish in 1989, she said had three clear financial aspirations: “My goal was to own a home, make $30,000, and start a 403(b) by the time I was 30."
She bought a house at age 29 for $68,000. Shortly after, she connected with a financial advisor who helped her establish a 403(b) retirement savings plan.
“At the time, you couldn’t do a 403(b) plan on your own. You had to have an advisor,” she said. “And it was an annuity product, not index funds.”
Today, a 403(b) is a retirement plan similar to a 401(k) account, but designed for employees of public schools, churches, hospitals and some non-profits.
In spite of the timeless and well-meaning advice to max out your employer-sponsored retirement account, Gates struggled with that concept even back then.
“I couldn’t max out my 403(b) and eat,” she said.
2. Lived on Less
As her salary grew, though, she made sure to avoid lifestyle creep.
“I’ve always had the cheapest everything,” she said. “I’ve had three or four Honda Civics. The first one cost me [$9,000], the next one cost me [$16,000].”
In addition to investing, she was able to pay off her home early.
“That’s how I set myself up,” she said.
3. Switched to Higher Risk Investments
When her school stopped supporting the 403(b) program, she moved her investments to a large firm, which took 1% in fees. She wanted to invest aggressively, with 65% to 75% equities. But her advisor was more conservative, she said.
“I actually lost gains for about two years. When the market [showed returns of] 11%, 12%, 14%, I wasn’t capturing it fully. This was 2011. I took all my money, which was $100,000 at the time,” she said.
On her own with her investments, she opened a Fidelity account and shifted her portfolio to 75/25, with low-cost index funds. She also opened a Roth IRA so she’d have tax-free money to withdraw in retirement.
By the time she retired from teaching in 2019, her portfolio was worth $450,000.
4. Left Investments Alone
Gates said hasn’t touched her investments yet. “I’ve never drawn a penny. [As a retired teacher], I have a pension of $50,000 for life.”
5. Reinvented Career After Retirement
When Gates retired from teaching in 2019, she wasn’t ready to slow down. Instead, she maintained her frugal lifestyle, lived on her modest teacher’s pension and pursued her second-act career in financial services.
“At first, I worked at an accounting firm part-time. I put $7,000 in a Roth IRA, which was my entire earned income,” she said.
In 2021, she began working as a contractor for Boldin and opened a Roth Solo 401(k), investing her entire earnings of $42,000 into an index fund. When she became a full-time employee at Boldin, she was finally able to max out her Roth 401(k). Between 2019 and 2025, she invested $225,000 of earned income, which she essentially doubled.
“The market gave me $465,000 between 2019 and the end of 2025,” she said.
Final Take on Becoming a Millionaire
Now that she’s surpassed the $1 million mark, Gates is ready to travel more. She’s already visited 29 countries, she said, but there are still many places she’d like to see. She said she’s not interested in ultra-luxury travel experiences, but will be more willing to splurge.
“When I got to $1 million, I felt like I got to the top of the mountain. I filled the bucket," she shared. "Now, I can’t wait to start coming down the mountain and emptying the bucket.”
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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