6 Key Signs You’re Going To Be Very Wealthy

Maybe you make good money now. Maybe not. The great thing about living in the United States is that anything can happen to anyone.

There are a few key signs that, if you keep up with these habits, you’ll be very wealthy in the future. And it might even be in the near future.

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For the sake of clarity, it’s important to note that, to be considered wealthy, you’d have a net worth of $2.5 million or more, according to Investor’s Business Daily. To be in the top 1% of wealthy individuals in the United States, you’d need to have at least $11.6 million, according to Forbes.

Below is how you can measure your chances of becoming wealthy.

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You Have Multiple Income Streams

One sign of growing wealth is your ability to bring in multiple incomes. If you’re already making decent money and you pick up a side hustle or a second job, you can invest part or all of that second income and really capitalize on it.

It doesn’t have to be anything that brings in huge amounts either. It could be anything from working as a virtual assistant to substitute teaching. And, of course, investment income streams from things like dividend yields or rental income. Not relying on one single income stream can mean a huge difference in wealth down the line.

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You Live Below Your Means

A side effect of having multiple income streams is that you can live below your means because you can have one income fund your lifestyle and allocate all other sources to investments.

Again, the energy around money is interesting. Typically, the more you focus on making money work for you, the more money you’ll make. You start making coffee at home or even invest in your espresso machine rather than hitting Starbucks every day and you could save literally thousands per year.

You’ll choose a smaller apartment that requires less maintenance instead of a large house and you could save tens or hundreds of thousands. It quickly becomes a way of life and the more money you don’t spend, the more you can invest and grow. And that’s how your wealth really grows.

You’re Debt-Free

Now, before you can invest heavily, you’ll have to divest heavily. That is, you’ll have to divest from your creditors. Truly wealthy individuals don’t have a bunch of what Experian referred to as “bad debt.” You should only have debt that essentially works as an investment for you, like a home or piece of property that appreciates.

All other debts should be paid off at the end of the month. For example, if you have a credit card that earns you air miles or cash back, you can make purchases on the card and then pay your balance in full before any interest kicks in.

You cannot become truly wealthy if you owe a bunch of debt to a bank. If you’re not out of debt, get there fast with Dave Ramsey’s Baby Steps. Being debt-free is a solid sign you’ll be truly wealthy.

Your Investments Are a Priority

Invest. Don’t save. Far too many people spend years putting money in low-interest savings accounts, watching it stay stagnant, sometimes not even beating inflation. Then, they retire and realize they don’t have as much as they thought they would. Why did they never get rich?

They had good jobs. They were smart with their money, never overspending or taking on debt. But they didn’t invest. They saved. Savings accounts are a little better stashing cash under your mattresses or lockboxes in your house. But, not by that much.

The average savings account will not make you rich, typically providing less than 1% APY, which means you’ll lose money to inflation, which is between 2% to 7% in recent years, according to the U.S. Bureau of Labor Statistics.

But investing your money over time can earn you 12% annually (according to Ramsey Solutions), which is a HUGE difference. In mutual funds, at 12%, over 40 years, if you put just $500 per month, that would make your investments alone worth $4,602,548.52. That’s how the rich get rich.

You Focus on Long-Term Goals

One definite sign of someone who will never be wealthy is a hyperfocus on the short term. If you’re living paycheck to paycheck, stressing about paying rent and spending your extra cash on flashy items and vacations, you’re not likely to be wealthy until you shift your focus.

According to Forbes, wealthy individuals think about how their money can work for them over time. They look at the immediate and consider every purchase before making it, asking, “Does this serve my long-term goals?”

So, if you’re not in a position to consider long-term goals, that’s your work right now. Get that side hustle, ask for a raise, switch jobs and do what you have to do to start investing some money and watching it grow.

You Never Stop Learning

Finally, one of the biggest investments you can make is an investment in yourself. You should always be learning. Sometimes, you’ll find free resources online that teach you about wealth, health and habits that will make your life better.

In other cases, you may need to pay for a college education or extra courses to improve your position and pay at work. But learning is never wasted time or money and the vast majority of truly wealthy people are lifelong learners.

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This article originally appeared on GOBankingRates.com: 6 Key Signs You’re Going To Be Very Wealthy