3 Habits That Help the Rich Stay Rich

There are lots of ways to get rich. But most Americans can't bank on getting a big inheritance or winning the Powerball.

Some people become wealthy -- and stay wealthy -- thanks to a lifetime of smart choices (and a bit of luck, too). Here are some of the most common and effective habits of the rich.

1. They save with purpose

Everyone needs money in savings. But there's more to it than just socking every spare dollar in a savings account.

First, you'll want to make sure you're earning the highest interest rate you can get. Look up the APY on your savings account. Odds are it's 1.00% or lower.

Meanwhile, there are high-yield savings accounts paying 3.60% APY or more. Smart savers don't settle for less than that.

Our favorite high-yield savings accounts pay up to 4.40% APY. Check out our list of the best high-yield savings accounts to open a new account and start earning more interest today.

Secondly, you should have a specific savings target. Your savings account should contain enough money to:

• Cover three to six months' worth of expenses, so you won't have to take on debt if you land in a financial emergency.
• Pay for any large purchases you're planning to make within the next few years.

Beyond that, most wealthy people don't keep a ton of money in a savings account. That's because…

2. They invest as much as possible -- and in savvy ways

You don't need to game the stock market or get insider tips from your rich buddies to make money. In fact, that's a great way to lose money.

Most people -- even professional investors -- are terrible at predicting the market and picking stocks. That's why a lot of wealthy people simply invest in a diversified portfolio on a regular basis.

And there's a simple and smart way to do it.

Open an IRA

One way the rich stay rich is by minimizing their taxes. And an individual retirement account (IRA) is a huge tax-saver.

When you buy investments through an IRA, they're free from taxes on capital gains and dividends. These tax breaks could save you huge sums of money.

Anyone who earns income can open an IRA, and it usually takes minutes. You'll want to read up on the rules and restrictions first, though. Click here to learn more about IRAs and open an account today.

Set up automatic investments in index funds

An index fund mirrors the performance of a stock market index, like the S&P 500. When you buy shares of an S&P 500 index fund, you own a part of all 500 companies in the index. That means you're instantly diversified.

You can also purchase real estate funds, which allow you to invest in thousands of properties at once.

Look for funds that are diversified and have low fees, and then you can set up automatic investments through your IRA. I recommend investing at least once per month. The more often you invest, the smoother your returns will be.

3. They get professional help

A lot of wealthy people have financial advisors. But paying for professional advice is not just for the rich.

Financial advisors aren't cheap -- many charge over $200 per hour. However, they can more than make up for their fees by creating personalized plans for all your financial goals. They can give you advice on retirement planning, investing, taxes, debt payoff, and much more.

You don't have to meet with an advisor every month. You may only want to consult with an advisor once every year or two. Look for a fee-only advisor who's a fiduciary -- that means they're legally required to put your interests first. You may even be able to get a free consultation.

Want to look into getting professional advice? A short questionnaire from our partner, SmartAsset, helps match you with up to three fiduciary financial advisors, each legally bound to work in your best interest.