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Those working hourly jobs, for example, may have minimal leverage to increase their income. Of course, increasing your income will be contingent upon the job you have. “Lifestyle cost creep will absolutely wreck a plan to get rich as quickly as possible.” “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. 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. There is no substitute for higher income. If you manage to max out all tax-advantaged accounts, you can move to a brokerage account. That will help you minimize your tax bill and thus increase your returns over time. You will want to invest that money in a tax-advantaged account such as a 401(k) or IRA first. Burrow recommends a portfolio of 65% stocks, 25% real estate, 10% speculative asset of choice. Some recommend a smaller portion of real estate or even speculative investments. There are many different investment strategies, but most experts recommend putting most of your money in the stock market. Thus, if you want to become rich, you should invest as much as you can - there is no upper limit to that amount. And if you do, you can always invest more in a taxable brokerage account. While there are limits to how much you can put into a 401(k) or IRA, those limits are high enough that many people are not able to reach them. Invest as Much as Possible in a Diversified Portfolio
