3 Savings Strategies of the 1%

The 1% is an exclusive group. In the United States, you need a net worth of $5.8 million to join that club, according to Knight Frank.

What does it take to save that kind of money? There's certainly an element of luck involved, and the wealthiest Americans tend to earn very high salaries. But self-made multimillionaires also follow smart savings strategies to build wealth -- and they're strategies you can use to improve your finances, as well.

1. They make it automatic

Thomas Corley studied 233 millionaires over a period of five years for his Rich Habits study. The ones who became millionaires by saving and investing "consistently saved 20% or more of their net pay, each paycheck."

One of the hardest parts about saving is making it a habit. To help with this, the millionaires in Corley's study automated their savings. Most often, they'd direct 10% into employer-sponsored retirement accounts and another 10% into a savings account.

If you have a 401(k) plan available at work, you can follow this same approach yourself. Just decide how much you want deducted from each paycheck. Also, set up an automatic monthly transfer to your savings account. You'll then be saving and investing every month, automatically.

2. They put most of their money in appreciating assets

Everyone has their own preferences as far as where they put their money. But there are some common trends at higher levels of wealth.

The Federal Reserve Survey of Consumer Finances has asked people at every level of wealth about the assets they own. Those with a higher net worth typically have a much larger portion of their wealth in assets likely to increase in value, including:

• Stocks
• Mutual funds
• Real estate

The richest of the rich also have much of their wealth tied up in business interests. If you want to reach an extremely high net worth, launching a successful business is the best chance of doing so. But don't worry if you're not the entrepreneurial type. It's still possible to become a millionaire through diligent saving and investing.

3. They're well-prepared for emergencies

The 1% doesn't keep that much of their money in cash, since the returns are generally low (savings accounts and CDs are offering excellent rates right now, but that's far from the norm). They do, however, make sure they have enough money for emergencies.

Many financial experts suggest building an emergency fund with enough to pay for three to six months of living expenses. The idea is that if you lose your job, you'll have enough money to pay your bills while you find a new one. You can also use your emergency savings for any other surprise expenses you have.

Faron Daugs, a Certified Financial Planner®, talked to CNBC about his wealthiest self-made clients. He says that most of these clients aim even higher with a six- to nine-month emergency fund. Ramit Sethi, author of I Will Teach You To Be Rich, who's estimated to be worth around $25 million, says one of his money rules is a one-year emergency fund.

Making these strategies work for you

If you can't put a lot of money in your savings, investments, and emergency fund right away, that's fine. You can start following these savings strategies, no matter your financial situation. If you can't save and invest 20% of your income, go with 10%, or 5%. Don't have a six- to nine-month emergency fund? Start by putting away $500 to $1,000, and then build on it from there.

You don't need to do it all overnight. What's important is establishing responsible financial habits that will help you reach your money goals.