Secrets of rich people
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Anonymous
| This forum is full of rich people. What are some finance secrets that rich people know (because they grew up rich) or later learned (once they got right) that you all can share with us poors here? |
Anonymous
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If you have two incomes, pretend you only have one and invest the other. Do this forever, and you'll be rich.
This is what we've done. We weren't handed anything. It's not a secret. We don't appear rich, although we are. |
Anonymous
| Most on DCUM come from money |
Anonymous
Even if they do, what behaviors did they grow up with to preserve and grow wealth? |
Anonymous
statistically, this is impossible |
Anonymous
Invest wisely and spend less than you make -np |
Anonymous
+1. Live off of the lower income and invest the higher income. |
Anonymous
This is the DCUM lie people tell themselves to make them feel better. It couldn't be from luck, hard-work, education, saving, investing, or anything else. Gotta be from dear old Uncle Moneybags IV. |
Anonymous
invest where? |
Anonymous
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I've been reading The Millionaire Next Door. It's dated, but the principles and information still applies to modern times. You can Google the book if you want a synopsis of the main points.
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Anonymous
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Pay yourself first.
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Anonymous
No, you misunderstand what it means to come from money. Did you parents have stable jobs, own their own home, attend a school were less than 40% were FARMS, and you didn't have to take out 5-6 six figure student loan debt for just your undergraduate education? Then you came from money. Even more so, if your parents/family/friends from home can give guidance for career planning or even help with job/client referrals, even more so. You are running in a different world than over 50% of the rest of the country. |
Anonymous
So living off our lower income I would have to buy a home with a crappy schools or 100+ mile commute (my colleagues with SAHM chose the long commute but it is wearing). This only works if your lower income is already pretty rich, PP |
Anonymous
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As your pay increases avoid the temptation to upscale your lifestyle to fit.
Dont buy into things that other people value but dont matter to you. For instance, I dont spend money on designer goods or fancy cars but do spend money on household help and vacations. Others might switch that around. The people who are in trouble are those that do everything i.e. things that matter to them and those that dont matter but fulfills external status expectations Dont pay financial advisor fees. Go a a financial forum (bogleheads etc) to learn the basics of investing. Invest in your 401k, savings and retirements first every month. |
Anonymous
| That rich people get a lot of stuff free. |