Justin Pritchard, a fee-only CFP in Montrose, Colorado and founder of Approach Financial, Inc., says saving money and investing it wisely can eventually help you reach your financial goals.
However, you also need to focus on the earning side of the equation — as in, you should try to earn more money.
That doesn't necessarily mean starting a business, he says, although you can potentially earn more with self-employment or a side hustle.
"You can also earn more by developing your skills and being savvy about increasing your earnings in your current field," says Pritchard. "Changing employers, asking for a raise, or getting more education can all improve your earnings and provide resources for building wealth."