3 Little-Known Ways to Get a High Net Worth

Net worth is a way to gauge how you're doing financially. To calculate it, you add up all your assets, then subtract your debts. The median U.S. household has a net worth of $192,700, according to the 2022 Survey of Consumer Finances.

While it isn't everything, a high net worth is a good sign overall. It shows you're in a comfortable position and that you're likely on track to retire when you want.

There are lots of ways to build your net worth, such as investing and increasing your income. Below, you'll find the methods that don't get discussed as often.

1. Earn more back on your money with an online savings account

Saving money regularly is a key part of building your net worth. It's also important to earn as much back as possible on your savings. You won't do that if you keep your cash in a typical savings account with an average interest rate.

Our Picks for the Best High-Yield Savings Accounts of 2024

Product	APY	Min. to Earn
American Express® High Yield Savings Member FDIC. APY 3.80% Rate info 3.80% annual percentage yield as of December 27, 2024. Terms apply. Min. to earn $0 Open Account for American Express® High Yield Savings On American Express's Secure Website. Member FDIC.	3.80% Rate info 3.80% annual percentage yield as of December 27, 2024. Terms apply.	$0	Open Account for American Express® High Yield Savings On American Express's Secure Website.
Capital One 360 Performance Savings Member FDIC. APY 3.80% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening. Min. to earn $0 Open Account for Capital One 360 Performance Savings On Capital One's Secure Website. Member FDIC.	3.80% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.	$0	Open Account for Capital One 360 Performance Savings On Capital One's Secure Website.
Western Alliance Bank High-Yield Savings Premier Member FDIC. APY 4.46% Rate info The annual percentage yield (APY) is accurate as of November 7, 2024 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY. Min. to earn $500 to open, $0.01 for max APY Open Account for Western Alliance Bank High-Yield Savings Premier On Western Alliance Bank's Secure Website. Member FDIC.	4.46% Rate info The annual percentage yield (APY) is accurate as of November 7, 2024 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.	$500 to open, $0.01 for max APY	Open Account for Western Alliance Bank High-Yield Savings Premier On Western Alliance Bank's Secure Website.

The average savings account APY is only 0.43%, according to the FDIC. Some high-yield savings accounts from online banks are offering over 4%. On a $10,000 balance, that's the difference between earning under $50 in yearly interest and earning over $400.

If you don't use a high-yield savings account, you're leaving money on the table. To change that, check out our list of the best high-yield savings accounts to choose one that works for you.

2. Buy an affordable car and drive it as long as you can

Cars are sometimes described as the biggest wealth killer, and they certainly can be. The average cost of car ownership is about $12,000 per year, according to data gathered by Motley Fool Money.

In much of the United States, you need a car to get around. But many drivers overspend on their cars. They only consider whether they can afford the monthly payment on an auto loan and not the total cost. But the loan payments and other costs that come with an expensive car tie up a large portion of your income.

One of the best money moves you can make is buying a reasonably priced car. If you do, you'll have more money to save and invest. Also, resist the temptation to upgrade your car every few years. Your car's cost of ownership is at its lowest when you have it paid off. As long as your car is safe to drive, keep it for as long as you can to maximize your savings.

3. Use cash back cards and invest what you earn

Investing, and particularly investing in stocks, is the best method to build wealth. For an outside-the-box way to invest more, pay for all your expenses with cash back cards, then send the cash back to your brokerage account.

Some brokers have their own credit cards with cash back that you can easily invest. But you can do this with just about any cash back card. Most of them let you deposit cash back to your bank account. You could do that once per month, and then transfer the cash back from your bank account to your broker.

Let's say you have a card that earns 2% back on purchases, and you spend $2,500 per month on it. You'd earn $50 cash back. If you invested that, it's an additional $6,000 per year. At a 10% return (the S&P 500's average annual return), you'd have $98,696 after 30 years. That's nearly an additional $100,000 added to your net worth, just by investing your cash back.

Looking for a card you can use to earn as much back as possible? Check out our list of the best cash back cards with generous welcome offers and rates as high as 6%.

It takes time to get a high net worth, but there are ways to speed up the process. If you follow these tips, you'll get the most out of your savings, avoid overspending on a car, and have more money to invest every month.