15 Surprising Sacrifices Americans Would Make To Become Millionaires

Move Back Home With Parents

Percentage of respondents: 16.1%

Housing costs are likely your largest financial commitment — particularly if you’re living in an expensive locale. As a result, eliminating those costs entirely is one of the most effective ways to tack on additional savings, especially if you’re still relatively young. Putting money into an individual retirement account or another investment account instead of spending it on rent would allow you to take advantage of compound interest. You can grow that investment into a huge chunk of the $1 million you’re looking to save by your 40s or 50s.

But, it’s worth noting that moving back home is a very personal decision, and your relationship with your parents is clearly a defining factor. Living with your parents again could cause an unnecessary strain in that relationship. So, while the financial benefits are clear, it’s also not surprising that almost 85% of respondents weren’t willing to accept this sacrifice.