1. Pay yourself first. Set aside as much of each paycheck as you can for investing, no less than 10 percent of your income. Do this even if you can devote only a few dollars at first. Even $5 per week will add up over time. Try to cut your costs of living. Don't deprive yourself of necessities, but try to cut out luxuries, anything you don't have to have. Some of the wealthiest people in the world lived frugally when they first became serious about accumulating wealth.

• If your employer offers direct deposit, consider sending a portion of each paycheck directly to your savings or investment account. If you never see that money, you won't be tempted to spend it.