4.

Work On Your Career

There is no substitute for higher income. As they say, there is only so much you
can cut in terms of expenses, but there is no limit to how much your income can
increase, at least in theory. “Ensure that as you advance in your
career/business/main occupation, you always save more than you spend as you
earn raises and increase your gross income,” Burrow said. “Lifestyle cost creep
will absolutely wreck a plan to get rich as quickly as possible.” 3. Save 15% of Your
Income—or More
The personal savings rate is the percentage of income left over after people
spend money and pay taxes. That rate dropped to 7.3% in October 2021,
according to data from the Bureau of Economic Analysis (BEA).1 According
to experts, that's not enough to save for retirement, let alone for anyone
trying to become a millionaire.

20%
You should consider putting away at least 20% of your income toward
savings, which includes retirement and money you may need for a rainy day.
Exactly how much should you save? Although there's no correct answer here,
most financial planners say that, depending on your age, you should save at
least 15% of your annual gross income if you're aiming for a nest egg for
retirement. This figure may sound unattainable for many, but in reality, it's
not. Suppose your employer matches contributions of up to 6% of your
salary, you need to save only 9%.

Of course, increasing your income will be contingent upon the job you have. Those
working hourly jobs, for example, may have minimal leverage to increase their
income. But if it is possible for you to move up the corporate ladder, that can be a
powerful way to become rich as you will be able to save and invest more.