5 lifestyle changes to make if you want to get rich in 2018

5 lifestyle changes to make if you want to get rich in 2018

If you're looking to change your life in 2018, even just a few small changes can go a long way. As socio-economist Randall Bell writes in his new book "Me We Do Be," our lives are "the sum of our habits and routines. Our tiny actions, good or bad, add up and make us what we are." If you want to earn more and build wealth in the new year, start with these five lifestyle changes that have worked for self-made millionaires. Start a side hustle If you want to make big money, you can't be content with only one source of revenue. You have to go for more, self-made millionaires say. Developing multiple streams of income could mean starting a side hustle , generating passive income or picking up a high-paying second job .

Put your money to work Investing is one of the simplest, most effective ways to build wealth, and the sooner you start, the more likely you are to build a million-dollar portfolio . If you start at age 25 , for instance, you only have to save $15 a day to reach seven figures by age 67. That's assuming a 6 percent average annual investment return. If your annual return is 8 percent, you only have to set aside $8 a day. 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 automatically sent to your investment accounts every month, before you even see it. Simply putting your finances on autopilot could free up an extra $700 a month , or $8,400 a year, for the rest of your life.

Get used to doing uncomfortable things If you want to earn more or get ahead in life, you have to be willing to step outside of your comfort zone . This includes negotiating your salary . It's one of the simplest ways to boost your earning potential, since those who ask for more usually get it. Yet most people don't even try . Sure, negotiation can be a tricky business , but not getting paid what you're worth could mean the difference between an average life and a rich one. After all, as self-made millionaire Grant Sabatier says , "The number one thing that will dictate your future earning potential and get you to $1 million the fastest is how much money you are being paid today." Hang out with people you admire The community you immerse yourself in every day matters. So much so that it could affect your net worth, says Steve Siebold , self-made millionaire and author of "How Rich People Think": "In most cases, your net worth mirrors the level of your closest friends. … We become like the people we associate with, and that's why winners are attracted to winners." This is an update of a previously published article. Don't miss: 5 money habits that will help you get rich Video by Beatriz Bajuelos Castillo

More From CNBC

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting