Last week I saw a story on the CNBC website titled: This is the salary it takes to be considered rich in every state.

The article asked, “What does it take to be considered rich in America?” It then defined “rich” as being among the Top 5% of earners. In Connecticut, for example, that number was $656,000 a year. In many southern states, the number was below $400,000, but it wasn’t below $300,00 anywhere.

I thought “What an odd premise. Wealth isn’t defined by salary.” I know many people who earn six or even seven figures, and they have a negative net worth. They spend more than they earn. Such people often go bankrupt, despite high salaries. According to most people’s understanding of wealth, those people are not wealthy.

At the other end of the spectrum are those with five figure salaries who scrimp, save, and invest their way to millions of dollars. Who is wealthier? The frugal secretary who amassed a fortune of $9 million, or the NFL football player who earns millions, spends more than that, and goes bankrupt?

Do not be discouraged if you don’t have a high salary. There are numerous millionaires in this country whose salary never approaches those CNBC values. True, it is easier to build wealth with a high salary — as long as you manage your spending.

It’s all about making sure you have more cash coming in than going out. And that can be done by people across the salary spectrum. It may require more sacrifice and more time, but it is definitely doable.

Strategies for Achieving Real Wealth

I have outlined strategies that nearly anyone can follow to become wealthy over time. I personally know many people who have successfully followed these guidelines.

In Advice for a Beginner and More Advice for a Beginner: Where to Start, I described to a friend the steps he needed to take to embark upon this journey. In The Surest Way To Get Rich, I work through the math to show how real wealth is attainable for most Americans. You just need to start early and be consistent.

But the most popular article I ever wrote on the subject was 7 Steps For (Nearly) Effortless Wealth-Building. In that article, I explain that beyond time and compounding, there are a few basic rules that you should apply in order to build wealth safely.

The bottom line is that wealth is measured by your savings relative to your spending. It is not measured by how much you earn. And just about everyone — with proper planning — is able to achieve some level of wealth in America. Most never do, because they don’t apply these long-term principles. But the opportunity is available to all. You just have to seize it.

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