While earning a high salary can play an important role in growing your wealth, it won't make you wealthy on its own.
The most important factor in building wealth: your salary, according to 67% of both millennials and Gen Zers, a recent survey from financial services company Empower found.
The younger generations chose salary above other wealth-building factors such as being debt-free, job stability and living below your means.
There are a number of ways you can build wealth , from founding a successful start-up to receiving a hefty inheritance.
But investing in low-cost index funds is a time-tested, self-made millionaire-approved method to build wealth on virtually any income.
Persons:
Gen Zers, Scot Johnson, Johnson, Warren Buffett
Organizations:
Carpenter Inc, CNBC
Locations:
Adell, Harriman