What are some financial secrets that you know of?

[Hermez11]

Hey everyone. What are some of your wealth secrets that you could share with us?

Buying homes with cash and taking loans out on it?

Setting up trust funds in foreign countries and setting offshore corporations to avoid capital gains and taxation? (Sorry tax avoidance for any LEO reading this)

What are your secrets?

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[Poker Player]

There's no secrets. If you want to get rich, or as I prefer to say it to improve your economic situation, do it simple, slowly and boring.

Save an emergency fund, get rid of consumer debt, increase your income and then invest, reinvest and keep reinvesting.

That's it.

[adaseb]

If someone had a secret they wouldn’t post it on an online forum for everybody else to copy.

Also i don’t understand buying homes for cash and taking loans on it. You are better off putting 20% down and getting 5 homes instead of 1 paid off home and then getting a line of credit for maybe 65% of its value.

This isn’t really much of a secret, most people know about this already. Homes can be used a collateral for mortgages or if there is equity they can be a line of credit to borrow money.

[franky1]

do as the politicians do, not as they say

many have off shore holdings. and then that offshore(trust) gives the person a 'personal loan' with weak repayment terms/considerations EG repay any left over savings to the trust at death

thus funnelling all money back into the trust for the family to then get 'loans' to never pay tax on and never pay inheritance tax or death duties

if you have a credit card/personal debt. dont own a car or large value items they can tow/take away. put the car into a trust or lease a car that way its not your car for them to take away as collateral.

if you own a business start multiple sister companies where bad assets are transfered to a bad sister which you can shutdown/bankrupt without harming main business

this is not financial advice,
seek expert advice from a proper consultant who knows the intricacies of financial/tax law

[mindrust]

If the interest rates are lower than the inflation rate, then borrowing money makes sense. It is because you can buy them real assets with the loaned money and make profits. That's completely legal and it is a way to game the system. Right now the banks in my country let me do this and I am getting rich because of it. Of course somebody else has to pay for it and they are those who couldn't get any loans from the banks. I doubled my wealth doing this last year and it worked. Thanks for the cheap money bitchezz

[Swordsoffreedom]

What are your secrets?

There is no financial secret or formula to get rich other than that you need to work hard, save and use your money wisely (investing). Each person will have a method, a formula, a path to success, no one is the same and you cannot copy someone else's formula and vice versa. Don't try to find the formula to get rich, keep working creatively, the results will come to you.

If you are looking for a faster path to success then I think investing is what you are looking for. I am not saying that investing will definitely make you rich but it may be the fastest way to success than others, but investing is risky, so be careful.

[Plaguedeath]

There's no secret.

1. Have a job with good salary.
2. Don't save, instead of invest your money.
3. Avoid spend your money for unnecessary thing e.g. expensive food, cloth, entertain etc.

That's all, I'm sure the next 10-20 years you will become rich.

The reason why many people can't become rich are because they can't follow the three requirements I mentioned above. Most of people work in low or minimum salary job, most of people can't take risk, most of people want to impress other people and want to entertain themselves.

[Faisal2202]

Hey everyone. What are some of your wealth secrets that you could share with us?

Buying homes with cash and taking loans out on it?

Setting up trust funds in foreign countries and setting offshore corporations to avoid capital gains and taxation? (Sorry tax avoidance for any LEO reading this)

What are your secrets?

Hehe, are you in IRS, or FBI. You must be in some organizations. (hehe) or maybe not. Well, how can you expect someone share his/her secrets with you. Well, the world and this life has only one financial secret to earn money which is doing work. When you do work you earn money otherwise not.

I hope this secret will be enough for you. Other than that, if you are earning low and wanted to manage your funds to increase the money in your savings then you have to live a disciplined life. like less or no parties, less wastage of money on unnecessary things, buying things in Bulk instead of daily basis. Always, prepare for birthday parties will tight budget because most money goes there too. Some might not agree with me but that's true. Most of the people spend hell lot of money which seems unnecessary to me.

You, should not fall prey to any debt, gambling, or any types of alcohol. Because such things are only waste of money and will eat your life away. Find a companion who could live shoulder to shoulder with you and help you in every ups and downs of life.  I know you might not expecting such answers but this is my secrets and you should also avoid illegal or big risky works to be financial independent. Because money is not everything.

[adzino]

Hey everyone. What are some of your wealth secrets that you could share with us?

Buying homes with cash and taking loans out on it?

Setting up trust funds in foreign countries and setting offshore corporations to avoid capital gains and taxation? (Sorry tax avoidance for any LEO reading this)

What are your secrets?

Why would anyone want to share their financial "secrets" with you? Sounds more like those "scam" books and videos where they convince people that a secret exists and then tries to sell them something. There is no "secret" in financial success. You need to work hard for it. You need to earn it. If it was very easy, wouldn't there be like lots and lots of billionaires? And you can't become successful by taking loans. Nor can you become one by avoiding taxes. Play clean, work hard, and you will see yourself there one day.

[Kakmakr]

Compound Interest... the 8th wonder of the World!

I had a very early "Light bulb" moment, when I were still at school, because the teacher explained "Compound" interest and I immediately saw the growth potential. I later found out about inflation and how necessary it is to find some kind of an investment that beats inflation and compound interest was one of those solutions.

I also saw the growth potential for money that was invested in Bitcoin.... "Buy Low & Sell high" ...rinse and repeat that strategy and you beat any other investment option out there, when the Bitcoin price hits a new all-time-high price. 

[Dictator69]

I am still unemployed. But i will still answer your questions on the basis of knowledge and experience i gained from others. Like my Relatives, Parents, Friends etc. Which is, if you have some money in your savings from which you could buy an iPhone 14 pro max and also with the same money you could start a business then. You should start a business.

Because that business will give you experience and if that business runs up and made you quite good money then you can buy iPhone 14 pro max out of it too. But if that business didn't succeed then at least you will end up having some good experience of the market. But this pathway is for entrepreneur and for business minded people. Not for those who just wanted to make money and spend it on other stuffs which seems to be unnecessary.

You should have a progressive and leading mindset. If not, then you should look for secrets like you are looking for. Like for shortcuts to become rich or at least making some money. I recently watched a video on TikTok that a smuggler was transferring 2.34 KG of Heroin to another country and got caught. And on investigation he said he was doing it for only 5000 euros.

i mean really, for 5000 euros he risked his 5 or idk how many years in jail and that 5000 euros will be earned easily if he walks on the straight path not by following some secrets only in 2 or 4 months.

[michellee]

I will not tell my secret to anyone because it is my secret

But many people say that having a lot of assets, whether it's crypto or other assets, can increase your wealth and the spread of assets is the path you can look for.

Buying a house has been one of the assets used by many people to increase their wealth. But buying land can also be used as an asset for you. And now we have Bitcoin so we can make Bitcoin our main asset and a long-term investment.

And if you already have these assets, don't tell other people and it's better to keep them for yourself.

[Flexystar]

There are secretes and definitely one of them is, politics. Those who are in connection with the politicians whether they are local or national level, a business person or even common person could get up financial gains very easily. Imagine, you can have access to various systems and schemes that usually come our way while doing various businesses or any projects. With the time you can have insider information and have monetary gains easily.  This help in many ways to be honest. Various approvals that may restrict a business gets disappeared with such connection and makes it easier. So yeah this is one of the secrete that could help too.  

[dothebeats]

Hey everyone. What are some of your wealth secrets that you could share with us?

Buying homes with cash and taking loans out on it?

Setting up trust funds in foreign countries and setting offshore corporations to avoid capital gains and taxation? (Sorry tax avoidance for any LEO reading this)

What are your secrets?

For me, it's buying a few luxury products but also knowing that it will be profitable after a few years. It may seem like I'm wasting time money on buying luxury goods here and there to look good and jump on the trend, but if you look at that side of the market you'll see just how much high end products can cost even if they are sold secondhand. If lucky, I get a few collector's items too.

[rat03gopoh]

I'm not rich enough so I don't have any secrets to getting rich. In financial management you are required to be smart to fight against a bad financial system, it is generally known that inflation eats up your wealth slowly. So I only think about financial instruments that are able to maintain the value of my wealth, it can be in the form of a side business or investment. I've even heard that by taking advantage of inflation, you can actually eat without spending anything.

[Z390]

Seek experts advice, there are some people that are very good at this but many answers on here won't be as good as hearing from an expert.

Some experts know how to use debt to their own advantage and they can get everything down using debt, I've read about it before but I don't remember much anymore.

I always stay away from loans and debt and I focus on hardworking only, peace of mind is way better than anything in this life.

My advice to someone like you is to start from somewhere, read some books, watch some videos and stay away from anything that won't give you money in return, like buying expensive things that don't matter.

Save up some money and start a business, or learn a new skill that can bring in money and use the money to establish a business.

[mirakal]

There's no secrets. If you want to get rich, or as I prefer to say it to improve your economic situation, do it simple, slowly and boring.

Save an emergency fund, get rid of consumer debt, increase your income and then invest, reinvest and keep reinvesting.

That's it.

That’s true mate. There are no secrets to success and being wealthy, everything comes with a long term process that also needs the right mindset and the positive attitude to keep it going. Just avoid all forms of debt, focus on what you need rather on what you want, do not rely on a single source of income but have some side hustles, and never forget to enter into potential investments and re invest everytime you are in profits.

[EluguHcman]

What is secret is always secret unless there is a vapour or a confiding on it.

Else talking of financial secrets is not magical but demands sacrifices of your creative productiveness in your endivoirs.

These secrets are your risk taken, ability to take advises, cautiousness and adopting to strategical methods on what consumed someone else investment as an experience.

Do not settle for less, invest, keep investing and broad your investment circle to save high rate of lost.

[Ucy]

Donating tons of clean money to the needy especially those in "third world countries" and make sure the money is put into good use for the benefit of the needy. Consider the donation as a seed that eventually grows into a fruitful tree to the direction of the donor to reap the fruits.

[icalical]

All of the replies said there is no secret, and its probably true. Maybe the question should be revised, 'What are some financial tips that actually work, that you know of?'. I am on my late twenties now, and to be honest lately I made a lot of bad decision on my financial.

I would really like to hear some of advices given by people on their 40+, I lost my parents on my early twenties, so I couldn't ask them before I realize I need to make good financial decision.