10 people share first-hand accounts and useful tips on achieving financial success

Because money is also important. 

Money plays an undeniably essential role in every person's life. The pursuit of wealth also motivates many people to find success and keep working hard. They seek wealth for many reasons such as financial security, a comfortable lifestyle or to provide for their families. It also offers a sense of freedom allowing individuals to have relatively more control over their lives. There is no one way to become financially successful, so u/Young_Hustlers asked the Reddit community, "What are some things you have to do if you want to become rich?" Here are the 10 most thought-provoking answers that people had to offer. 

1. Just working hard

My dad has a net worth of 7-8 million dollars and grew up poor. I think he took the safest and most accessible possible route, but of course, everyone’s different. He worked for the same company for 30 years, and literally just worked his ass off. He said yes to every possible project and did the things that no one wanted to do or other people avoided because they were stressful/difficult. When he said yes to those projects, he read every single book on the subject (often an obscure manufacturing technology or something) before the project even started so he could ensure it would be successful. He picked good people to work below him and was very loyal. Because he was so effective, he kept getting promoted. Got hired making 50k/yr and 15 years later (when I was in middle school) he was making 400k as a VP and is now about to retire making like 500k. He had an MBA he got in the army too. u/MagnetDino

2. Learn finances and economics

Give yourself a solid financial and economics education. Keep a consistent savings routine and avoid overspending money on things you don't need. A percentage of your budget should go for leisure, you need it, just don't overdo it and make sure that you have the other areas covered. Do not settle for a low-wage job and, if you can, invest in your formation. You don't want your life to be exploited by a random self-entitled entrepreneur. This doesn't mean you are going to be rich by following these rules, much of it depends on your starting context. People who start with a wealthy family have better options and access to better services and education so they already are a step ahead. If you don't make it into richness, well, don't be harsh on yourself. What really matters is being happy with who you are and where you are. u/Trollercoaster101

3. Be good at what you do

Do some self-reflection on what you’re naturally good at. Then apply that skill to a desirable market. The closer you get to what comes naturally to you, the easier it’ll be to move up the ranks with time. Work will be easier for you if you are good at it and enjoy it. And people will notice. Then you take that earned money and buy assets like stocks. Then wait for a long time. There is no shortcut to getting rich unless you’re cursed with winning the lottery. It took me a long time to realize this combination of applying a natural skill with a highly desirable market. And it began to pay off after I figured it out. It's also worth noting that luck plays a role in all of this—especially being at the right place at the right time. The advice above only enhances the probability of you getting to whatever financial goals you might have. But it doesn't guarantee anything. u/superbiondo

4. Look for medium-risk and high-reward investments

Work hard. Have a strong understanding of money and finances. Work with something valuable like money or real estate. Make saving money your top priority. Build credit but don't go into debt. You want to be in a position where you have a lot of opportunities to have medium-risk, high-reward investments. You also want to see people who are and aren't succeeding. Then you want the opportunity to take advantage when you see a good opportunity. You will also benefit if you have people around you who are in a position to invest. Buy-ins to the best investments are usually quite large and having a few people to buy with you helps a lot. u/iskin

5. Live with low expenses

Typically working a very dangerous job and living with extremely low expenses for a few years will help. The example I give is in North Dakota quite a few guys were making well over six figures working on the oil rigs. These guys would often live in trailers or their cars (keep in mind for months it is below 0 temperatures) after doing that for a few years the guys who would save or invest their earnings would walk away with around 250k banked. Of course, the majority of these guys would spend it all right away and walk away with nothing but lifelong money issues. u/Hairy-Amphibian6789

6. Be willing to job-hop

Be willing to job hop and move anywhere to pursue increasingly better jobs with more responsibility and higher salaries. This means not getting weighted down with a bunch of belongings and a house and such, at least until you're settled into the job you were striving for in a location you're happy with. Additionally, you have to be disciplined and keep your spending well below your income and consistently invest the difference in smart ways. You don't have to be an investing genius either. Just index funds and such, but if you invest consistently instead of overspending on depreciating things like cars and trucks, you will become rich. Also, avoid huge financial setbacks such as divorce or overspending on a house that is way bigger than you actually need. u/future_is_vegan

7. Spending very little

Assuming you don't start out by inheriting money, or by launching a successful unicorn startup, the key to becoming rich is spending as little as possible. While you're on your way up, don't buy a nice car (but do buy one that has good fuel economy and a stellar maintenance reputation). Don't buy a nice watch. Don't buy a big house. Don't go out to restaurants frequently. Find inexpensive hobbies. Keep your thermostat high in the summer and low in the winter. If you get married, pick someone who is fiscally responsible and who makes enough money to support themselves. Get a fee-based financial advisor, and invest everything you can spare, starting as early as possible. Live in a place with a low cost of living. I'm 43. I failed at following pretty much all of that except the cost of living one, and so despite having a six-figure salary for the past ten years (which, as of summer '22, starts with a 2), I am still chasing debts and saving far less than I should be for retirement. u/itsjakerobb

8. Avoid debt

Earn money - education helps, consider becoming an electrician or another well-paid job. Keep getting an education. Save money, invest wisely and keep spending well below earning. Be frugal by taking care of your car, home, etc., so things last well. Take vacations, but there are plenty of amazing places to visit, not just expensive places. Don't try to keep up with other peoples' visible displays of wealth. Stay out of debt. Pay off credit cards every month; use rewards effectively. A card gives me cash back, and I can buy gift cards at 10 - 20% off for stuff I know I'll buy. Marry smart. Don't marry someone who will financially abuse you. Do financial disclosure. Marry someone who's very likely to stay married to you; divorce is expensive. Life is about much more than money. Seek companions who understand that. Give to charity. Be kind. u/theora55

9. Mix of skill, work and luck

Coming from humble beginnings (ie, non-generational wealth), I have a theory that it’s a mix of skill, consistent work and luck. Luck comes in the form of opportunity presenting itself, work brings you to that moment of opportunity, skill in how well you can do the work and the skill in seeing opportunity. Whether that’s the foresight to put yourself there or having the intuition to pick up on an opportunity. I also think having a competitive spirit helps. At the end of the day, it’s a race for limited resources (money) and you need to put yourself in front of the pack. Sacrifice is an important thing too. Time is too valuable. u/Familiar-Peanut-6270

10. Start saving early

Barring the obvious options such as a high-paying job etc. Start saving in your early 20s is probably the most important. The best time to start investing was yesterday and the second best time is today. Max your IRA every year. You should find a job or industry where you can increase your salary over time. Parking yourself at $19 an hour with no chance of progression or true advancement is a death sentence. Learn basic financial principles. You don’t need a college or even high school degree to grasp the fundamentals that’ll keep you away from terrible decisions. Don’t have kids until you can afford them. Not only will you hurt yourself but you’ll provide a worse future/start for them. u/BenDover0903