Gen Z Can Retire as Millionaires with 3 Simple Steps

A confident Gen Z woman in sunglasses and a pinstripe suit sits in a private jet, embodying wealth and luxury.

Becoming a millionaire may sound like a distant dream, but according to venture capitalist and Shark Tank guest star Rashaun Williams, Gen Z can achieve it before retirement. The key isn’t complicated strategies—it’s financial discipline. Williams told Fortune that the path comes down to three simple steps: building an emergency fund, maxing out retirement accounts, and keeping investments simple (Williams, as cited in Fortune, 2025).

1. Build an Emergency Fund

Start with at least three months of living expenses in savings. This ensures protection from job loss or medical emergencies and avoids early withdrawals from retirement accounts. Some experts even suggest six months for added security (Williams, as cited in Fortune, 2025).

2. Max Out Retirement Accounts

Use tax-advantaged accounts like 401(k)s and Roth IRAs to grow wealth efficiently. Williams notes that steady contributions from age 25 to 50 can lead to millionaire status. In 2025, the 401(k) limit is $23,500, and Roth IRAs allow $7,000 for those under 50 (Fidelity, 2023). Aim to save at least 15% of your income annually.

3. Keep Investments Simple

Skip the hype around crypto and trendy stocks. Williams recommends focusing on S&P 500 index funds, which historically average a 10% return over time. “You don’t have to get cute. Just do S&P,” he advised (Fortune, 2025).

Bonus Tip: Start a Business

For those chasing wealth sooner, Shark Tank investor Robert Herjavec emphasizes entrepreneurship: “Start something you can invest in, that you can grow, and start your own business. It’s the only path to wealth” (Herjavec, as cited in Fortune, 2025).

Call To Action

Gen Z’s path to financial freedom is clear: save consistently, invest simply, and think long term. By following Williams’ advice, retiring as a millionaire isn’t just possible—it’s probable.

References

Fidelity. (2023). Retirement savings guidelines. Fidelity Investments.

Williams, R. (2025). As cited in Fortune. Gen Z can retire as millionaires, Shark Tank star Rashaun Williams says—they just need to quit doom spending and follow his 3 tips.

Herjavec, R. (2025). As cited in Fortune.