How to Increase Your Net Worth [7 Proven Strategies]

How to Increase Your Net Worth

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What do your favorite rapper and the guy who invented Pet Rocks have in common?

They both have a high net worth.

In other words, they are both worth $1 million or more.

But having a high net worth is not just about the numbers…

It’s about the freedom those numbers can bring.

In this article, I’ll show you how to increase your net worth so you can achieve financial freedom too.

Let’s dive in.

In this article

What is Net Worth?

Your net worth is the total value of all your assets and debts.

Net worth = Assets – Liabilities

  • Assets = what you OWN
  • Liabilities = what you OWE

When you know your net worth, you can make better financial decisions.

How Do You Calculate Your Net Worth?

If you’re not sure what your net worth is, don’t panic.

Calculating your net worth is quick and easy.

You can get started with my free net worth template 👇


Net Worth Template

This net worth template will help you figure out how much you own/owe.

Net Worth Calculator

Now you what net worth is and how to calculate your net worth.

Next, I’ll show you how to increase your net worth.

7 Ways to Increase Your Net Worth

There are 3 types of net worth:

  • Negative – You are in debt
  • Zero – You are on ground zero
  • Positive – You are on your way to riches

The goal is to build a positive net worth.

Here are 7 ways to do that:

1. Pay Yourself First

If you want to increase your net worth, you need to pay yourself first.

Let me show you how.

First, you need to determine:

  • How much to invest (e.g., $50)
  • When to invest (e.g., Every Friday)
  • Where to invest (e.g., S&P 500 index fund)

Now, you’re ready to start paying yourself first.

Here’s the process:

  1. Deposit your paycheck
  2. Automate investments first
  3. Anything left over goes to bills


This is how you pay yourself first.

And if you don’t have an investment account yet…

Start by creating a free account with Robinhood 👇

Always do your research before you invest.

2. Avoid Lifestyle Creep

Never allow lifestyle creep to eat away at your wealth.

As you earn more money, save more money.

Like Epictetus once said:

"Wealth consists not in having great possessions, but in having few wants."

Don’t fall into the trap of spending more money because you can.

Control your expenses before they control you.

3. Build an Emergency Fund

An emergency fund can save you from going into serious debt.

Let me explain.

If you have a surprise expense, like a:

  • Car repair
  • House repair
  • Medical emergency

Then you might have to take on bad debt to pay for that expense.

Instead, you can avoid taking on debt if you use your emergency fund.

Now, I know what you’re thinking:

“Fiona, how do I create an emergency fund?”

Here’s how I created mine:

  1. I checked the highest rates on Raisin
  2. Selected one of the available savings accounts
  3. Opened the savings account
  4. Stashed 3 to 6 months’ worth of living expenses in the savings account


The best part about this strategy?

Not only do you get:

  • Zero fees
  • FDIC insurance
  • 24/7 access to your funds

But with the current interest rates, you can also get over 5% APY.

A 5% rate on $10,000 of cash would earn you $500.

For doing absolutely NOTHING.

4. Pay Off Bad Debt

Bad debt robs you of your freedom and makes it impossible to build wealth.

Do you want to become a millionaire?

If the answer is yes, you’ll need to pay off bad debt…NOW.

What is bad debt?

Bad debt = High-interest debt used for depreciating assets.

Some examples of bad debt include:

  • Car loans
  • Payday loans
  • Credit card debt

Now, there are several ways to pay off bad debt.

The 2 most popular methods are:

  • Snowball method – Pay off the lowest balance first
  • Avalanche method – Pay off the highest interest rate first

Here’s a visual difference of the two methods:

Remember this:

You won’t become a millionaire by accumulating bad debt.

Make paying off your bad debt a priority.

5. Increase Your Income

Cutting expenses is limited.

Increasing your income is UNLIMITED.

You can increase your income by:

  • Negotiating a raise
  • Switching companies
  • Building an online business
  • Learning a high-income skill

Another popular way to increase your income is by starting a side hustle.

Note: You probably won’t start earning $1,000+ in month 1.

And that’s ok.

Have patience with your side hustle, stay consistent, and enjoy it.

Life gets easier when you make more money.

If you’re ready to increase your income, check out Income Multiplier.

This course shows you exactly how to build income streams that can out-earn your 9 to 5.

6. Don't Buy Luxury Cars

Most luxury cars lose about 60% of their value after 5 years.

Millionaires don’t drive their wealth.

Here’s what they do instead:

  1. They buy a Toyota
  2. They pay it off
  3. They keep it maintained
  4. They drive it until the wheels fall off
  5. They invest the saved money in appreciating assets

Don’t use your money to invest in depreciating assets.

Use your money to make more money.

7. Invest in Yourself

The best investment you can make is in yourself.

How to invest in yourself:

  • Exercise
  • Read a book
  • Take a course
  • Listen to a podcast
  • Learn from past mistakes

To increase your income, you need to invest in yourself.

Remember the following:

  1. Increase your knowledge
  2. Increase your value
  3. Increase your income

In other words, the more knowledge you have, the more money you make.

And that’s why you should always continue to invest in yourself.

Closing Thoughts

Everyone wants a high net worth ($1M+).

The problem?

Most people never get there.

But if you follow the strategies in this article, you can make your millionaire goal a reality.

Start today.

And be consistent with your efforts.

Your bank account will thank me later.

That’s all for now!

Your friend,


PS: When you’re ready, here’s how I can help you…

• Read my best-selling books

• Take my best-selling courses

• Join the Modern Wealth newsletter (100% free)

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