If you want to become a millionaire, here are the 3 'magic numbers' you need to focus on — ignore all the rest

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There's so much wealth-building advice out there that it's easy to feel a little overwhelmed. If you ask ChatGPT "how to become a millionaire," you're likely to get a flood of endless money hacks, conflicting advice and complex economic theory.

But you don't need any of that to get into the seven-figure club. You can chart a course to the $1 million milestone by simply focusing on three essential numbers.

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Here's a closer look at these crucial wealth-building blocks.

You can't make intentional progress if you don't know where you currently sit. That's why the most basic number you should be tracking is your net worth.

Calculating your net worth sounds simple, but for many Americans, it's not. About 51% say they don't know how to do it. The numbers are even higher for women (61%), while 73% of Gen X'ers say they don't currently track their net worth, according to Credit Karma (1). That means many people have no clear picture of their financial standing.

Fortunately, you don't need sophisticated tools or AI to track your net worth. A simple spreadsheet that lists all of your assets and liabilities and calculates the difference between the two should suffice.

But, while knowing your net worth is important, this is only the first step. Growing it is what truly counts.

One way to build long-term wealth is through real estate — an asset that can generate passive income, appreciate over time and offer powerful tax advantages. When people talk about real estate investing, they think of home ownership most of the time, meaning residential real estate.

But there are other ways to invest in real estate without committing to a mortgage or setting down roots.

You can tap into this market by investing in shares of vacation homes or rental properties through Arrived .

Backed by world-class investors, including Jeff Bezos, Arrived allows you to invest in shares of vacation and rental properties , earning a passive income stream without the extra work that comes with being a landlord of your own rental property.

To get started, simply browse through their selection of vetted properties , each picked for their potential appreciation and income generation. Once you choose a property, you can start investing with as little as $100 .