Although there's no guaranteed way to get rich quick, there are tricks that will help you build wealth. Picking up side hustles allows you to generate multiple streams of income, for instance, while automating your finances ensures that you contribute consistently to, and bulk up, your savings accounts.
Even waking up early seems to help — apparently billionaires are into that.
No matter what you choose to do, though, it seems clear that you may have to make some sacrifices.
A majority of Americans seem to recognize that, according to the new Investor and Retirement Optimism Index released by Wells Fargo and Gallup. Most survey respondents, all of whom are not-yet retired investors with $10,000 or more in stocks, bonds or mutual funds, say they cut back to achieve their financial goals.
Here are the top 7 strategies they're employing or are planning to try soon:
- 81 percent: Holding onto cars longer than they'd prefer
- 70 percent: Working for more years than they'd prefer
- 65 percent: Canceling TV subscriptions
- 62 percent: Cutting back "sharply" on daily living expenses
- 57 percent: Getting a less expensive phone plan
- 53 percent: Cutting back on vacationing
- 52 percent: Keeping a job or career they don't like
Less popular strategies include downsizing to a smaller home, working a second job and delaying having children. As many as 28 percent admit they're foregoing saving for their children's college education.
And 27 percent say they've already endured bad job experiences to support their goals.
"Having a specific plan and building savings creates a 'bridge' that could potentially reduce negative scenarios such as this," says Dan Prebish, director of Life Event Services at Wells Fargo Advisors. Yet only 15 percent of the respondents report having detailed plans to fulfill their specific financial goals, and 36 percent say they simply manage their finances as they go.