1. Critics often speak of “the rich” with none-too-subtle disdain, as if those at the very top of the income ladder are all dishonest people or as if becoming rich is difficult and means others must become poorer. While we would be the first to admit that some rich people are dishonest, we must add that achieving the status of “the rich” (defined, say, by having a net worth of $1,000,000) is not particularly difficult, contrary to popular wisdom. The rules for acquiring substantial wealth are few, simple. This fact suggests that becoming rich for most Americans is a matter of choice.

2. One of the rules for being rich is to avoid frivolous temptations. That is easier said than done, and we do not necessarily recommend that all people should lead a pure and joyless life. We mean only to point out that the great majority of those four percent of Americans who have $1,000,000 in net worth get to where they are because they control their pleasures. For example, rich Americans buy cars that are on average only slightly more expensive than those less wealthy Americans buy.

3. Being able to save and accumulate considerable wealth is not automatic. People must have a reasonable income in order to save amounts that will make for wealth, which requires several auxiliary rules for achieving an income level that will allow for a minimum saving level. For most—those without the requisite luck, inheritance, special talents, or good ideas—becoming rich means getting an education. Few people who drop out of high school will be rich. The income of high school dropouts is about two-thirds that of Americans with a high school diploma.

4. To have a good chance at being rich, though, most individuals (aside for the lucky ones) will need at least a college education, which just about will double their incomes over what they would have earned with only a high school diploma. A professional degree will result in an average annual income of about twice that of college graduates (or six times the income of a high school dropout). This means that those who invest in education do not have to save as high a percentage of income to become rich at retirement. However, in all probability, educated Americans Will be richer at retirement simply because they will be able to save more along the way and because they are likely to be smarter and can achieve a higher rate of return on their savings.