Spending 12 years in school and another 2 to 4 years getting a higher degree isn’t a complete guarantee that you’ll get rich easily. There are things and specific steps you need to do first before you can be successful in life. Unfortunately, despite spending several years in school, a lot of people are still not aware of this.

In this article, I’ll share with you the best tips and tricks on how to get rich that majority are still clueless about.

Step 0: Get a job

This isn’t a big secret. You got to start somewhere and it’s obviously important to have a cash flow.

Step 1: Pay off all high-interest debt

This means credit cards. Settling a debt with a high interest, say 17%, is like making an investment with 17% return!

One of the most common mistakes people make is to pay only the minimum required amount for their credit cards. This is actually banks’ trick to keep people paying forever.

Just have a look at your credit card bill and see how much you’ve been paying in interest. It’s a little shocking when you calculate how much it adds up in, say, 1 year.

See Also: 5 Ways to Help Get Out of Debt

Step 2: Save at least 10% of your income

After you’re done with your credit card debt, start saving. Most people don’t save because they think that since they don’t earn much, they won’t have anything to put aside. That isn’t always the case.

In reality, the more we earn, the more we spend. So, as a remedy, make it a habit to pay yourself first. Put aside at least 10% of your income before you pay anything else.

Step 3: Create a nest egg

Your savings should be geared towards creating a safety net for yourself. Calculate your monthly expenses and then make it your goal to save 3 to 6 times that amount. This way, if (God forbid) you lose your job or, for some reason, you are unable to work for awhile, you will have 3 to 6 months to get your act together without going into debt.

See Also: 10 Ways To Save Money Without Compromising Your Lifestyle

Step 4: Invest

Once you are able to build your nest egg, continue saving at least 10% of your income. Put this money in a diversified Index Funds portfolio instead of a savings account.

Index Funds are investment products that include a huge amount of stocks and bonds that spread your money all over the market. This way, if one company goes down, you’ll have other bonds to rely on. You won’t have to worry about losing all your money with one wrong decision.

Index Funds are much preferred to a savings account because the return of your investment is much higher. A savings account might give you a return as low as 1% while the Index Funds can give you a minimum of 5% or even closer to 20%.

Simply choose one of the well-known companies to take care of everything and use its proposed Index Funds to put your money in. Take note that you might need to keep your money there for 10 to 15 years if you want to make the most out of it.

EXTRA TIP: Take advantage of the automated micro-investing services (like Acorns) that are available. With them, every time you spend money, the service will take the spare change and invest it for you!

Step 5: Choose your final destination

Now, you have to make a big decision. Will you keep investing for your retirement or are you going to cash it all out as soon as you have enough capital to finance your own business?

The first choice is foolproof, but it’ll take a long time. The second choice is riskier, but it can support your immediate plans.

Either way is great but make sure you consider your personality, skills, and goals while making the decision.

If you do want to turn your life around sooner, your steps should include the following:

1. Be an employee
2. Be self-employed
3. Be a business man
4. Be an investor

Start working somewhere and save enough capital to start your own business. Once your business has grown enough, have other people work for you while you concentrate on the further growth of your business. When you’ve increased your monthly income and you have more capital, you can become an investor.

These steps are specific and uncomplicated. All they need is for you to have enough time and dedication.