Rich, Single and Saving Smart: How to Maximize Your Money
High-net-worth individuals often have plenty of cash on hand, but to truly maximize your income, that money needs to work for you. Here’s how.

When you’re financially comfortable and living solo, it’s easy to let extra cash sit idle in your checking account. But even if you don’t have a partner or dependents to budget for, your money should still be working for you, not the other way around.
Whether you’ve recently received a windfall, hit a career milestone or just have strong income with relatively low expenses, it pays to be intentional with your savings strategy.
Here are four smart ways to make the most of your cash and grow your income without sacrificing your lifestyle

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
1. Automate Savings
The classic advice to “pay yourself first” still holds, and automation makes it effortless. By setting up recurring transfers, you can consistently grow your savings without having to think about it.
Start by scheduling automatic transfers from your checking account to your high-yield savings account on a regular basis — whether that’s weekly, monthly or timed with your paycheck. This ensures that saving becomes a habit, not an afterthought.
You can also automate retirement contributions through your employer’s 401(k) or similar plan. Most companies allow you to designate a percentage of each paycheck to go directly into your retirement account, helping you build long-term wealth with minimal effort. Some employers offer matching contributions, giving your savings an added boost.
2. Max Out Your Retirement Savings
Automating your retirement contributions is a great start, but to truly make the most of your income, be sure you’re contributing enough to unlock your full employer match.
Many employers match contributions up to a certain percentage of your salary, and not taking full advantage means leaving free money on the table.
Once you’ve hit your employer’s match, aim to max out your 401(k) contributions. For 2025, the limit is $23,500. Contributing the maximum helps reduce your taxable income now and strengthens your long-term financial security.
Beyond your 401(k), consider opening both a traditional IRA and a Roth IRA to diversify your tax advantages.
- A traditional IRA allows for pre-tax contributions, meaning you’ll pay taxes when you withdraw the money in retirement.
- A Roth IRA works in reverse — you contribute after-tax dollars now, but your withdrawals in retirement are tax-free.
For 2025, you can contribute up to $7,000 across all IRAs if you're under 50, or $8,000 if you're 50 or older. The ultimate goal: aim to save and invest at least 15% of your income for retirement across all accounts.
3. Tap High-Yield Savings Accounts
If you’ve checked your savings account lately and noticed the interest is barely ticking upward, you’re not alone — and you’re not stuck. One of the easiest ways to boost your passive income is by moving your emergency fund to a high-yield savings account.
High-yield savings accounts consistently offer interest rates well above the national average. While the exact rate fluctuates, these accounts typically deliver far better returns than traditional savings accounts.
Consider this: A $10,000 balance earning 5% APY will grow by more than $500 in a year. That same balance in a standard account earning the national average of 0.41% would earn just $41 over the same period.
If your cash reserve is sitting in a low-interest account, it's time to shop around. We've rounded up the best high-yield savings accounts to help you get started.
Explore today’s rates by using the savings tool below, in partnership with Bankrate.
4. Diversify Your Portfolio
To build lasting wealth, it’s essential to diversify your investments. Stocks are a strong foundation, particularly broad-based index funds that track the S&P 500, which have historically returned over 10% annually. Over time, these investments can significantly grow your net worth.
But don’t stop there. Relying solely on the stock market exposes you to volatility, especially during economic downturns. To protect and grow your wealth in all market conditions, consider diversifying across multiple asset classes.
Affluent investors often allocate a portion of their portfolios to real estate, bonds, private equity, hedge funds or private credit. These alternative assets can help smooth out returns and provide income or appreciation even when stock performance is lackluster.
The key is balance — building a portfolio that aligns with your goals, risk tolerance and timeline while ensuring no single investment type holds too much weight.
The Bottom Line
The more you save now, the more freedom you’ll have later — whether that means a comfortable retirement, a dream home or spontaneous big-ticket purchases.
By putting these strategies to work, you can make the most of your income, grow your savings more efficiently and build a future that supports the lifestyle you truly want.
Related content
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.
Jacob is the founder and CEO of ValueWalk. What started as a hobby 10 years ago turned into a well-known financial media empire focusing in particular on simplifying the opaque world of the hedge fund world. Before doing ValueWalk full time, Jacob worked as an equity analyst specializing in mid and small-cap stocks. Jacob also worked in business development for hedge funds. He lives with his wife and five children in New Jersey. Full Disclosure: Jacob only invests in broad-based ETFs and mutual funds to avoid any conflict of interest.
-
Ask the Editor — Tax Questions on What Congress Will Do Next
Ask the Editor In this week's Ask the Editor Q&A, we answer questions from readers on what Congress will do next with taxes.
-
When Tech is Too Much
Our Kiplinger Retirement Report editor, David Crook, sounds off on the everyday annoyances of technology.
-
Spirit Airlines' Future in Doubt: What This Means for Budget Travel
Spirit Airlines says it may not survive another year. Here's how its potential collapse could affect low-cost flights and what it means for travelers seeking affordable airfare.
-
Bonds Pay in Good and Bad Times
Bonds can act as a financial safety net through good times and bad. But different bonds carry different returns and risks, so do your homework before investing.
-
TSA Is Making Security Screening Even Faster for CLEAR+ Members
New eGates promise to make identity verification a six second process for CLEAR+ members.
-
How Much the Best Travel Credit Cards Can Save You on a $10,000 Trip
Travel credit cards can help you save on your trips while offering elevated perks.
-
Protect Your Retirement From Extreme Weather Events
A rising tide of storms, fires, and heat is impacting retirees. Here's what you can do about it.
-
Board Service in Retirement: The Best Time to Join a Board Is Before You Retire
Many senior executives wait until retirement to take a seat on a corporate board. But making this career move early is a win-win for you and your current organization.
-
Where I'm Stashing My Emergency Fund Before Rates Change
Knowing what's coming can help savers prepare and maximize returns.
-
My Car Is 10 Years Old. Should I Drop Down to Minimum Coverage on My Car Insurance?
Reducing your car insurance to minimum coverage could save you thousands on premiums. But when is it worth the risk?