10 signs you'll never be rich

Contrary to popular belief, "everyone has the same opportunity to acquire wealth,"says Steve Siebold, a self-made millionaire.

But not everyone seizes the opportunity.

To find out if you're doing all that it takes to set yourself up for a rich future, we've rounded up 10 signs that you're not on the right path.

From living beyond your means to failing to establish financial goals, check out the 10 signs below.

Previous reporting by Kathleen Elkins.

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You only work hard, not smart.

In school, we learn that hard work will get us ahead in life. But "that's only half the story,"says Ric Edelman, a top financial adviser.

"If all you do in life is work really hard, you're never going to get wealthy," he said. "Because it's not enough that you work hard to make money to set some of it aside."

Edelman says that to ensure future wealth, you must equally work smart. One way he suggests working smart is investing your money in the stock market or a retirement fund — that is, taking advantage of compound interest so that your money earns money.

"You can do this without taking a huge amount of risk. You can do this without a lot of effort. You can do this without a lot of time," he said.

You put too much emphasis on saving — and not enough on earning.

Another way to work smart? Increase your earnings, not just your savings.

Saving is crucial to building wealth, but you don't want to focus so much on saving that you start neglecting earning, which is what rich people focus on.

"The masses are so focused on clipping coupons and living frugally they miss major opportunities,"Siebold said.

There's no need to abandon practical saving strategies. However, if you want to start thinking like the rich, "stop worrying about running out of money and focus on how to make more,"Siebold said.

A common thread among millionaires is that they develop multiple streams of incomeand adopt smart savings habits.

You buy things you can't afford.

If you live above your means, you won't get rich.

Even if you start earning more or get a hefty raise, don't use that as justification to give yourself a lifestyle raise.

"I didn't buy my first luxury watch or car until my businesses and investments were producing multiple secure flows of income," Grant Cardone, a self-made millionaire, wrote for Entrepreneur. "I was still driving a Toyota Camry when I had become a millionaire. Be known for your work ethic, not the trinkets that you buy."