8 lifestyle changes to make if you want to earn more money (2024)

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Start hanging out with people you admire

Andrew Carnegie, who started with nothing before becoming the richest man in the country, credits all of his riches to one principle: the Master Mind.

The idea is that you surround yourself with talented people who share your vision because the alignment of several smart and creative minds is exponentially more powerful than just one.

Plus, we become like the people we associate with, which is why the rich tend to associate with others who are rich.

"In most cases, your net worth mirrors the level of your closest friends," explains self-made millionaire and author Steve Siebold. "Exposure to people who are more successful than you are has the potential to expand your thinking and catapult your income. The reality is, millionaires think differently from the middle class about money, and there's much to be gained by being in their presence."

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Get a part-time job

If you want to earn more, a simple solution is to work more — and you'll get a lot more out of a second job than extra income.

You'll grow your skill set by working in a different field, put your brain to work in a different context, and expand your network. Plus, it's a great opportunity to monetize a specific interest of yours — such as photography, music, tutoring, or coaching — or turn your passion into a side hustle.

Check out high-paying jobs you can do on the side and read about how to start a side-hustle from a woman who earned up to $4,000 a month on the side.

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Bury your head in books

Rich people would rather be educated than entertained — if you want to be like them, cut the cable and dive into books on investing or personal finance, or pick up a successful person's biography.

"Walk into a wealthy person's home and one of the first things you'll see is an extensive library of books they've used to educate themselves on how to become more successful," Siebold writes.

Take billionaire Warren Buffett, for example, who estimates that 80% of his working day is dedicated to reading.

While the rich don't necessarily put much stock in furthering wealth through formal education — many of the most successful people have little formal education — they appreciate the power of learning long after college is over.

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Get used to doing uncomfortable things

If you want to build wealth, be successful, or get ahead in life, you're going to have to get used to uncertainty or discomfort.

Rich people, in particular, find comfort in uncertainty. "Physical, psychological, and emotional comfort is the primary goal of the middle class mindset,"Siebold writes. "World class thinkers learn early on that becoming a millionaire isn't easy and the need for comfort can be devastating. They learn to be comfortable while operating in a state of ongoing uncertainty."

If you want to get rich, you have to be OK with being uncomfortable. If you're not, learn how to be, Siebold advises: "The great ones know there's a price to pay for getting rich, but if they have the mental toughness to endure temporary pain, they can reap the harvest of abundant wealth for the rest of their lives."

Start adopting this mind-set today with one of Siebold's suggested strategies: "Make a list of the five things you must do today that are uncomfortable but will help you build your financial fortune."

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Switch to a high-interest savings account

Chances are, the money sitting in your savings account is growing at a negligible amount. That's because most of us use the "big banks," which offer a measly interest rate of just 0.01%.

With that interest rate, if you let a $10,000 deposit sit in your standard savings account for one year, you'd receive a mere $1 of interest, and that's before taxes. A $50,000 deposit would yield just $5 of interest after one year.

Butif you're using a high-interest savings account at an internet bank (a popular choice isAlly Financial), your $10,000 deposit would generate $100 of interest over one year — and $50,000 would generate $500, thanks to the 1% interest rate. Online savings accounts with higher interest rates — the highest one out there is 1.25% — would get you even more.

Granted, using a high-interest savingsaccount isn't going to score you a windfall or make you rich a year from now, but it's an easy way to earn a few extra bucks from money that's otherwise unoccupied.

If you want to make the jump from a traditional bank to an online bank to start earning back more interest, read more about high-interest savings accounts and check out Magnify Money's listofbank options.

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Wake up earlier

They say the early bird gets the worm, and there may be truth behind those words.

Early risers get a head start on everyone else by responding to emails, exercising, meditating, or reading before many of us have even hit the snooze button — and theyare happier and healthier because of it.

Some of the most powerful, successful people swear by an early wake-up call — if it works for them, it could work for you.

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Put your money to work

One of the most effective ways to earn more money is to invest it, and start as early as possible.

"On average, millionaires invest 20% of their household income each year. Their wealth isn't measured by the amount they make each year, but by how they've saved and invested over time," writes Ramit Sethi in his New York Times bestseller "I Will Teach You to Be Rich."

The great part is you don't need to be rich to invest — you just need to be diligent about setting aside a portion of your money on a consistent basis. The more you can set aside the better, but even a little bit can go a long way, thanks to compound interest.

The simplest starting point is to invest in your employer's 401(k) plan. Next, consider contributing money towarda Roth IRA or traditional IRA, individual retirement accounts with different contribution limits and tax structures — which one you can use depends on your income and the tax implications. If you still have money left over and are hungry to continue investing, you can research low-cost index funds, which Warren Buffett recommends, and look into the online-investment platforms known as "robo-advisers."

For more information on investing, read up on the basics before diving in.

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Set goals and visualize achieving them

If you want to make more money, you have to have a clear goal and then a specific plan for how to achieve that goal. Money won't just appear — you have to work at it.

Rich people choose to commit to attaining wealth. It takes focus, courage, knowledge, and a lot of effort, Eker emphasizes, and it's possible if you have precise goals and a clear vision:"The number one reason most people don't get what they want is that they don't know what they want. Rich people are totally clear that they want wealth."

Write down what Eker calls "play to win goals" for your annual income and net worth.Be realistic when setting a time frame to attain these goals, but at the same time, think big and don't be afraid to challenge yourself.