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All of us aim to live without financial worries so we can pursue our dreams and life goals freely. Many believe that getting rich is as simple as having a high-profile job with a hefty monthly paycheck. However, there is a danger lurking behind this belief – because if you don’t know how to manage your budget and finances well, you will just be going round in circles, only in a bigger way than before!
If you belong to the demographic of people who have a decent income but who continue to struggle financially, there are a handful of small things that wealthy people do that are worth noting and emulating. These habits deserve a closer look so you can begin now to accrue monetary security and financial success.
1. Learn To Spend Less Than You Make
Spending less than you earn sounds simple and yet many people are still buried in debt or are living purely paycheck to paycheck. Look for ways to practice a frugal living or to live on less. We have outlined some for you to consider:
• Shop more at discount stores or buy less at brand name establishments.
• Reduce the number of times dining at fancy restaurants.
• Change or reduce your TV cable services.
• Plan your weekly shopping trips to purchase house supplies.
• Save money on gas, travel, and utilities.
For startups, it is important to keep operating costs as low as possible. Frugality is something that Asian businessmen are very proud of. Unfortunately, Americans have lost sight of the value of frugality. Some startups tend to focus obsessively on acquiring funding than finding ways to cut expenses. Being frugal could help you turn profitable quickly; and then a profitable business easily gets funding or investors. Frugality should also be observed in all aspects of your life, so you cannot be lavish in your personal life and frugal in business at the same time.
The basic rule for this habit is well-explained by Jim Rohn who is an entrepreneur and motivational speaker. Rohn uses a simple formula known as the 70/30 rule which has taught him how money should be allocated. This rule tells us to learn to live on 70% of our after-tax income. The remaining 30 percent goes to investment, charity, and savings. 
Check out our post of 50 Amazing Ways To Save Huge Amounts Of Money And Become Wealthy. If you follow these, you could save thousands per year.
2. Cultivate Multiple Streams of Income
Wealthy people’s business interests are diversified. They continue to develop new revenue streams so they will always have something to fall back on if crises hit them. There are several avenues or platforms where you could build income passive income including further businesses, rental properties, stock dividends, or high-yield bank investments. You can of course also get a ‘side hustle’ going. Some of the many possible side hustles are listed below. There are always more ways to make money for those who are determined and take massive action. 
• Auto Detailing
• Pastry Baking and Decorating
• Buying and Reselling on eBay
• Freelance Writing
• Social Media Management
• Personal Chef
• Gardening Services
• Landscaping Services
• Proofreading and Editing
• Website Development and Design
• Public Speaking
• Hosting Events
• Giving Music Lessons
• Virtual Assistant
For a more detailed list of ideas, check out our post of 36 Legitimate Ways To Make Money At Home.
3. Make Your Money Work For You
According to Entrepreneur magazine, you need to invest at least 20% of your household income each year. An investment plan that includes regular payments into a mutual fund, a trading account, or retirement accounts is imperative to create wealth. For Ramit Sethi, who wrote the NYT bestseller “I Will Teach You To Be Rich”, high earners’ financial security relies on their ongoing commitment to how much they save and invest over time. 
Here are ways on how to work toward the 20% goal:
• Set up an IRA account or begin with your employers 401(k) plan.
• Switch your savings account to a high-interest savings account.
• Make regular contributions to an investment account such as a mutual fund or stocks.
4. Go Beyond Your Comfort Zone
Many entrepreneurs tend to explore problem areas within their knowledge comfort zone. Though this strategy makes sense, it is more effective to stretch your comfort zone when you are building a business with the solution. This is another strategy that startups should consider to keep up with the market and stay ahead of the competitors. Stepping out of your comfort zone equates with transition, growth, and transformation for your business. As the saying goes “A comfort zone is a beautiful thing but nothing ever grows there.”
 Deepak Nair. October 4, 2012. How To Manage Your Money by Jim Rohn
 Forbes Magazine. Easy Side Hustles You Can Start This Weekend
 Ramit Sethi. March 23, 2009. Workman Publishing. I Will Teach You To Be Rich