10 Secrets The Uber Wealthy Know And Keep To Themselves About Money

Everybody wants to be wealthy, but it’s a lot easier said than done. It takes a lot of effort and intelligence usually to get really rich. A lot of the wealthiest individuals in the world today started from humble beginnings, but with significant determination and talent, they ended up becoming very wealthy.

There is no secret recipe to becoming rich. You need to develop a specific mindset and approach to everything you do, but truly perseverance may be the only tangible quality that may really make you wealthy.

Here are 10 secrets the uber wealthy know and keep to themselves about money:

1. They Don’t Waste Money Trying To Impress Others

Rich people don’t spend their money trying to impress other people. The idea of spending your money to gain something from someone else is not only a waste of time, but it’s a really bad investment. You are the ultimate loser in the situation.

Wealthy people don’t care about what others think. Your opinion of them doesn’t change their financial or social situation in any way. The fact is, many wealthy people wouldn’t have become rich if they spent their money trying to impress and keeping up with others. They became wealthy by living below their means, making wise investments and avoiding the extravagant lifestyle.

2. Their Spending Aligns With Their Goals

Wealthy people are sometimes referred to as stingy or cheap, but rich people know when, where and how they plan to spend their hard earned money. Many of them don’t often times find the lavish life valuable so they don’t spend on it.

Wealthy people are usually very mindful of their resources. Rich people spend their money on things they care about, and most of them they consider it as an investment and align their spending with their own individual or business goals.

3. They Know The Value of Time

For the rich and wealthy, time is a valuable commodity. Once you reach a certain level of wealth, you realize that the only thing you can’t get more of is time. They value time as much as they value their other resources, if not more.

They hire people to delegate basic tasks that they shouldn’t spend time doing and they do whatever they can to make the best use of their time. The middle class is stuck where they are because they can’t delegate their own tasks. Instead, they’re forced to trade their time in exchange for money which stunts their financial growth.

4. They Rid Themselves of The Poor Mindset

Having a poor mindset can often times drag a person down. If you think like you are poor, you’re probably going to end up poor. However, if you think like a wealthy individual and you’re constantly setting lofty financial goals for yourself, you have a better chance of achieving financial freedom.

Rich people are firm with their goals and mindset. Not only that, but they are extremely disciplined and they are willing to follow through with their ideas to chase success. They don’t wait, they act as soon as they can. Most people usually procrastinate and push things off, but the wealthy are trying to get things done as quickly as possible.

5. They Create Multiple Income Streams

Did you know that the average millionaire has 7 sources of income? Yup, you heard that right. They are wise in not putting all their eggs into one basket. Rich people are not satisfied with just one source of income and they create multiple streams of income. They don’t rely on paycheck to paycheck.

They go well beyond the paycheck. Rich people often have other income streams that come through active streams and passive streams. The super successful are such because they use their cash as an investment or substitute for time and are thus able to generate more income from it.

6. They Surround Themselves With Other Millionaires

Your net worth is your network. If you haven’t heard that, engrave that in your mind. Rich people hang out with other rich people. Wealthy people know that growing their wealth can be done by associating with those who are wealthier than them.

When they associate with other uber successful people, they adapt the strategies and emulate them to their advantage. What do they read? How do they invest? How do they stay motivated and excited? These are questions they ask themselves all the time and they often times study other successful people.

7. They Invest Instead of Spend

People love being consumers, very few love being investors. We have a 1% wealth class in the United States of America because we have so few producers/investors. The wealthy understand that spending money doesn’t really have any tangible benefits for their wealth.

Rich people invest and don’t spend. In US tax laws, investing is favored over spending. Rich people would rather invest in properties that produce cash flow and gain revenue. They would invest in stocks and growing companies to see if they can get a short term return. The wealthy aren’t thinking of the next pair of sneakers to buy, they’re focused on their next big return.

8. They Work Like A Millionaire

Don’t get one thing wrong, everyone who is successful or wealthy works their ass off. This idea of working like a millionaire is often times is misconstruted in the media. All the millionaires and super successful people I know still get up at 6 AM and prioritize their work over everything else.

Wealthy people work by leveraging their time and they try to always be productive. Even if they are super rich and don’t need to work another day in their lives, they are focused on changing the world or disrupting an industry. Financially successful people are consumed by their hunt for success and are willing to put in as much effort as it will take to achieve their goals.

9. They Aren’t Scared To Take Risks

Often times, the wealthy person you know probably wouldn’t be as financially successful as they are today unless they took a massive risk. Was that risk terrifying? Sure, it was. However, to be really successful you have to get out of your comfort zone and take risks.

With business and making money, every move can be a risk. You have to weigh the risks and the rewards of each decision before trying to figure out what the best option for you is. Never be fearful of taking risks because they are extremely important to make the jump.

10. They Never Give Up

My favorite thing to tell struggling young entrepreneurs is this. In business, you don’t have to be right every single day. You just have to be right once. You get one thing right, you can use that to make millions and millions of dollars.

If you knew you just had to be right about something once, how many times would you be willing to give it a shot? The wealthy understand this concept and this is what enabled them to be successful. Many of them will tell you stories of failures they experienced for years until finally one day it clicked. Rich and successful people never give up. They meet failure, learn from it, bounce back and come back even stronger the next time around.

Conclusion

Wealthy people become financially successful because they have learned an array of tricks along the way. In this post, I shared with you 10 secrets the uber wealthy know and keep to themselves about money.