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Have you ever taken a look at your paycheck and wondered how it might compare to what your friends and neighbors are earning? It’s natural to wonder how your salary stacks up. Recent research from The Motley Fool Ascent finds that the median U.S. household income was $80,610 in 2023.

At the same time, though, as of last year, a good 14.4% of U.S. households had an income of $200,000 or more. And with a salary that high, you’re in a great position to become wealthy over time — especially if you make a point to consistently spend less than what you earn and put the rest in a savings account.

But even if your income is closer to the median among U.S. households, or even lower, that doesn’t mean you’ll never be rich in your lifetime. Believe it or not, your salary isn’t the only thing that matters on the road to growing wealth. Here are three factors that matter more.

1. The amount and types of debt you have

It’s common to measure wealth in terms of net worth, the sum of your assets minus your debts. The less debt you have, the higher your net worth is apt to be.

But also, the less money you spend on interest, the more you can save. It’s best to choose your debts carefully and try to keep them as low as possible.

For example, you may end up with $240,000 worth of debt in the form of a mortgage. But if that $240,000 mortgage helps you buy a $300,000 home that’s eventually worth $600,000, then it’s worth taking on (it also puts a roof over your head).

On the other hand, if you rack up $10,000 on your credit cards to pay for vacations, those might bring you joy, but that debt won’t contribute to your net worth. Plus, you’re likely looking at a much higher interest rate on a credit card than on a mortgage.

If you have a lot of credit card debt now, try to get rid of it. One option is to do a balance transfer, which could give you a 0% introductory rate for a period, making it easier for you to shed that debt sooner. Click here for a list of the best balance transfer credit cards.

2. The way you grow your money

You might assume you’ll never be rich on a typical salary. But if you make sure to keep your debt and spending to a reasonable level so you can save money consistently, you can grow it into a large sum over time by investing it.

Over the past 50 years, the S&P 500 has rewarded investors with an average annual 10% return. That return accounts for years when the market was outstanding, and also, years when it did poorly.

If you save and invest $300 a month in a stock portfolio over a period of 30 years, and you’re able to score that same 10% return during that time, you’re looking at almost $600,000.

If you’re new to investing, click here for a list of the best online brokerage accounts so you can get started.

3. Your personal definition of wealthy

The word “rich” can mean different things to different people. For some, it might mean having a $1 million net worth. For you, it might mean being able to live comfortably and pay your bills without having to stress about them.

The reality is that there’s no single threshold of savings — or no single net worth figure — that makes you “rich.” It’s largely a matter of how you perceive yourself and your expectations.

But do yourself a favor and keep those expectations reasonable. You may never end up a millionaire in your lifetime, and that’s OK. If you reach a point where you can cover your expenses and live a fulfilling life, that’s a pretty darn awesome version of “rich.”

There’s nothing wrong with taking steps to grow your earnings, like building skills that make you better at your job or networking to open the door to different opportunities. But you should know that your income certainly isn’t the only thing that’ll help you meet your financial goals. What’s even more important is how you manage your salary.

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