Money

5 ways to get rich without earning a 6-figure salary

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You don't have to bring home a hefty paycheck to be rich.

As Robert Kiyosaki writes in his personal finance classic "Rich Dad Poor Dad," "most people fail to realize that, in life, it's not how much money you make. It's how much money you keep."

By sticking to a few smart habits, almost anyone has what it takes to build wealth. Here are five strategies that could help you turn even a modest salary into millions.

Start early

Time is on your side when you're young. The sooner you start putting your money to work, the less you'll have to save each month to reach your goals, thanks to the power of compound interest.

If you start at age 23, for instance, you only have to save about $14 a day to be a millionaire by age 67. That's assuming a six percent average annual investment return.

If you start at age 35, on the other hand, you'd have to set aside $30 a day to reach seven figure status by age 67.

You can even build a multi-million dollar portfolio on a modest salary if you start young. Check out how much you have to save per paycheck to have $2 million stashed away by the time you're 67.

Invest your money every single day

In just five years, Grant Sabatier went from having $2.26 in his bank account to $1 million. The 31-year-old self-made millionaire says "the single most important hack" he's used to build wealth is making daily deposits into his investment accounts.

He started with the goal of setting aside $50 a day. At first, "some days it was only $5," he says, "but I rarely missed a day."

His daily goal of $50 deposits soon became his daily minimum. He started setting aside "$70, then $80, then $100 dollars a day. … Then as my side hustles started really taking off I started depositing $500+ a day … and the rest is history."

Today, Sabatier still makes a minimum daily deposit of $200.

Automate your finances

Once you've committed to investing your money, the easiest way to stick with it over time is to make it automatic, meaning that you have money from your paycheck or checking account sent directly to your investment accounts every month before you even see it.

It worked for self-made millionaire Chris Reining, who crossed the $1 million threshold at age 35 and retired at 37. Automating your finances is "the one tiny habit that leads to wealth," he says.

Plus, it'll save you time and mental energy, he says: "I automated my money years ago, and the benefit is I don't have to make decisions about where my money should go, how much I should invest, what I can spend, do I have enough savings and so on."

Ditch the small, daily purchases and put the savings to work

Self-made millionaire David Bach coined the term "The Latte Factor," which basically says that if you eliminate your $5 daily latte (or muffin, smoothie or any other unnecessary daily expense), you could save quite a bit of money over time, especially if you put that money to work instead.

Reining says that helped him save more than half his income.

If you want to save big, you have to start with small changes, he tells CNBC Make It: "I know there are some people out there that say you shouldn't worry about the $5 latte, but the more I think about it, cutting out the $5 latte was a good place to start. Because if you try to downsize your house, get rid of all yours cars and make all of these drastic changes, it's so overwhelming and you're not going to do any of it."

After cutting out his morning coffee, Reining eliminated the $15 lunches he bought every day. Next, he cut out the bigger things, such as the $1,000 a month he spent flying airplanes. "The small changes will lead you to be able to make the big changes," he says.

Generate multiple streams of income

Self-made millionaires agree: If you want to make big money, you can't be content with only one source of revenue. "You won't get rich without multiple flows of income," says Grant Cardone, who was deep in debt before reaching seven figures.

Developing multiple streams of income could mean starting a side hustle, generating passive income or picking up a high-paying side job.

Need inspiration? Check out how one millennial turned $200 into $1 million by selling Kevlar pants online and how Daymond John built a billion-dollar brand while living on the tips he made waiting tables at Red Lobster.

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Don't miss: 10 insights on living a rich life from Buffett's right-hand-man Charlie Munger