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Saving is a critical component of growing your wealth.
That being said, you can't neglect earning, which is what the wealthiest, most successful peoplechoose to focus on.
"The masses are so focused on clipping coupons and living frugally they miss major opportunities," self-made millionaire Steve Siebold writes. "The wealthy also know saving is important. But they know earning money is even more important."
Here, we've rounded up 11 strategies to increase your earnings, from the self-made millionaires who have already done it.
Put your money to work
"The only reason to save money is to invest it," writes Grant Cardone, who went from broke and in debt at 21 to self-made millionaire by 30. "Put your saved money into secured, sacred (untouchable) accounts. Never use these accounts for anything, not even an emergency."
While always subject to a degree of risk, investing is one of the most effective ways to earn more money. As Ramit Sethi writes in his bestseller, "I Will Teach You to Be Rich," "on average, millionaires invest 20% of their household income each year. Their wealth isn't measured by the amount they make each year, but by how they've saved and invested over time."
Become obsessed with success instead of money
"Most people think the rich are obsessed with money," Siebold writes. "While that might be true sometimes, most of the self-made wealthy are obsessed with success. Money is nothing more than a gauge the wealthy use to see if they've achieved their latest target."
The richest people see business and life as a game — and "it's a game they love to win," he explains. Think about what you want and exactly how you're going to get it, advises Siebold. It will take a certain level of discipline to "win."
Ditch the steady paycheck
Rich people are typically self-employed and determine the size of their own paycheck, Siebold writes: "It's not that there aren't world-class performers who punch a time clock for a paycheck, but for most this is the slowest path to prosperity, promoted as the safest. The great ones know self-employment is the fastest road to wealth."
While the world-class continue starting businesses and building fortunes, average people settle for steady paychecks and miss out on the opportunity to accumulate great wealth.
"The masses almost guarantee themselves a life of financial mediocrity by staying in a job with a modest salary and yearly pay raises," Siebold says.
Start hanging out with people you admire
Andrew Carnegie, who started with nothing before becoming the richest man in the US, credits all of his riches to one principle: the Master Mind.
The idea is to surround yourself with talented people who share your vision, because the alignment of several smart and creative minds is exponentially more powerful than just one.
Plus, we become like the people we associate with, which is why the rich tend to associate with others who are rich.
"In most cases, your net worth mirrors the level of your closest friends," explains Siebold. "Exposure to people who are more successful than you are has the potential to expand your thinking and catapult your income. The reality is, millionaires think differently from the middle class about money, and there's much to be gained by being in their presence."
Change your mindset about money
"Getting rich begins with the way you think and what you believe about making money,"Siebold explains.
At the end of the day, "The secret has always been the same: thinking," he emphasizes. While the masses believe becoming wealthy is out of their control, rich people know that making money is really an inside job."
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