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GOBankingRates’ editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services – our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines<\/a> and our products and services review methodology<\/a>.<\/p>\n 20 Years Trusted by The world has changed for middle-class people<\/a> over the past several decades. As of 2023, the middle class made up just over half (51%) of all Americans, down from 61% in 1971, according to Pew Research.<\/a><\/p>\n At the same time, the percentage of Americans considered \u201cupper-income\u201d or \u201cwealthy\u201d<\/a> has increased from 11% to 19%. Pew Research calls this a sign of \u201ceconomic progress overall,\u201d especially since the number of lower-income households rose only slightly, from 27% to 30%, during that same time period.<\/p>\n But for those who feel stuck in the middle class, making that leap to wealth may seem close to impossible. Fortunately, there are concrete steps you can take \u2014 and one significant pitfall to avoid \u2014 on the road to riches.<\/p>\n<\/p>\n Many people wonder: \u201cWhat does it really take for a middle-class person to become wealthy?\u201d<\/p>\n As the data shows, it\u2019s not impossible if you establish the right habits and mindset.\u00a0As part of GOBankingRates\u2019\u00a0Top 100 Money Experts<\/a> series, we spoke with Kevin Reed<\/a>, chief revenue officer at Aquilance<\/a>, for his tips, insights, and strategies to build lasting wealth<\/a>.<\/p>\n 1. Find Ways To Make More Money<\/p>\n If your household income is under $100,000 and you\u2019re just getting by, it will be hard to amass wealth or free up money for investing without first boosting your income<\/a>.<\/p>\n \u201cFor someone starting on the journey of building substantial wealth,\u201d Reed said, \u201cyou should probably focus on finding ways to maximize your income before overthinking investing. Consistently building your income is the lever that most people should focus on first.\u201d<\/p>\n Boosting your income might mean seeking a promotion at work or even a new job to increase your salary. <\/p>\n \u201cPeople who build wealth usually work incredibly hard to excel at their current job \u2026 and they\u2019re usually planning a path to earn their next promotion,\u201d he said.<\/p>\n In today\u2019s growing gig economy<\/a>, it can also be worthwhile to explore side gigs or multiple income streams to supplement your earnings.<\/p>\n 2. Find a Mentor<\/p>\n A mentor can help you determine what your successful career path might look like and provide support and encouragement along the way.<\/p>\n \u201cMentors become your personal champion to help you get that next promotion or new job,\u201d Reed said.<\/p>\n<\/p>\n When you find a coach you click with, ask questions and be open to guidance. Their advice may open doors you didn\u2019t know existed.<\/p>\n 3. Approach Life Like an Elite Athlete<\/p>\n Another benefit of having a good mentor is they can help you shift your money mindset<\/a> and keep you motivated.<\/p>\n \u201cMindset is the biggest hurdle for most people,\u201d Reed said. \u201cI tell people to think like an elite athlete at work. Approach work like it\u2019s a big game [and] you\u2019re trying to win each moment and each day.\u201d<\/p>\n This is true whether you set out on an entrepreneurial path or prefer to build wealth while working for someone else.<\/p>\n 4. Invest Wisely<\/p>\n Once you\u2019ve boosted your income to the point where you have more than enough to cover your daily expenses, it\u2019s time to focus on saving and investing strategically<\/a>.<\/p>\n Speaking with a financial advisor can help you determine your risk tolerance, avoid scams or overly risky investments, and put your money in places where it can grow over time.<\/p>\n 5. Donate to Charity<\/p>\n Author and motivational speaker Zig Ziglar famously said, \u201cYou can have everything in life you want, if you will just help other people get what they want.\u201d<\/p>\n For many individuals looking to grow wealth, this includes donating to reputable charities or causes they care about.<\/p>\n \u201cYou should give time and money to a non-profit that ignites your passions and makes the world a better place,\u201d Reed said.<\/p>\n Not only does this help shift your money mindset to one of abundance, it also helps you view money as having a greater purpose. Money, after all, isn\u2019t the real goal for most people \u2014 it\u2019s what that money allows you to accomplish, including improving your own life and the lives of others.<\/p>\n<\/p>\n 6. Avoid Lifestyle Creep<\/p>\n As you watch your investment and bank accounts grow, it can be tempting to spend more, either for your own comfort and enjoyment or based on the feeling that you need to keep up with your neighbors and colleagues.<\/p>\n \u201cThe biggest issue that I see is people feeling like they deserve a certain level of lifestyle,\u201d Reed said. \u201cWhen everyone has a new car, it\u2019s natural to feel like you also deserve a new car.\u201d<\/p>\n However, a car lease or loan, especially at a high interest rate, can drain your wealth faster than you can build it. Likewise with a house that\u2019s bigger than you need, designer clothes, sneakers and bags, or other purchases that pull funds from your larger financial goals.<\/p>\n![\"\"](\"https:\/\/cdn.gobankingrates.com\/wp-content\/uploads\/2023\/11\/icon-20.svg?webp=1&quality=75\"){kind=icon}
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