What are some financial secrets that you know of?

[Silberman]

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?

The majority of those trying to look for secrets in order to gain wealth as fast as possible end up encountering the exact opposite and instead lose the majority of their money, anyone that wants to improve their financial situation will have no other option but to do it the old-fashioned way, which is to become way more frugal, save money, increase your income, invest in solid assets and then do this for decades, it is not easy but if you can do it then your golden years will be very pleasant and worry free in terms of money.

[suzanne5223]

Everything that was said to be a secret has to remain secret and once it's exposed it's no longer a secret.
What I learn is that there's no longer a financial secret again in this world but people are just too lazy to face the reality of financial freedom which always comes with a prize to pay.

[dothebeats]

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

Secret will be always a secret, whatever it is.  there is no need to tell others if we are willing to have or keep secrets of that something.
And if we are telling here, it means that We betray our own choice to tell the secret even though we might not know each other.

The choice of keeping a secret may differ from one person to another. There are some who think that it is enough for them to know if they have just bought a fairly decent amount of Bitcoin. But there are several other people who want to tell about the purchase for several reasons. And this is not wrong, depending on the choice of each.

I understand and do agree that secrets are indeed secrets that should be kept to oneself. However, I think what OP is referring to by using the term is secret is not necessarily secrets that should not be shared but tips or advice from personal experience that we know in order to earn more. The word secret here is basically a term meaning "tips" or "personal advice".

[Gallar]

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

If to say rich at this time, financially I have not touched it. But you could say that now financially I have enough. Despite my achievements so far, I haven't actually used any secret techniques or extraordinary methods to manage my finances and earn money. Maybe the method I use is the same as that used by many people. Like thrifty, saving, and investing. Maybe these three factors are the main basis for me being able to manage the money I have. Then for work and business matters. This is what I usually do and I always instill it in my mindset. The point is never give up, always enjoy the process, and must continue to have motivation and innovation. Broadly speaking, this is what I have instilled so far. So in essence, you must always have a goal in every job you are doing.
These goals don't need to be big right away, but start with small goals first, which are according to your abilities or thoughts and beliefs. That this goal can be achieved.

Buying homes with cash and taking loans out on it?

I personally would not do that. Because borrowing money, in my opinion, has a big risk. Moreover, borrowing the money from the bank, you will definitely need a property to be the collateral, and is accompanied by interest every month. So to be able to buy a house, it's better for me to save or invest first. Instead of directly owning a house, but the result of borrowing. Because even psychologically, if you have debt, it will definitely affect your work performance. So therefore, I will not take that step (borrow).

[xSkylarx]

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

Secret will be always a secret, whatever it is.  there is no need to tell others if we are willing to have or keep secrets of that something.
And if we are telling here, it means that We betray our own choice to tell the secret even though we might not know each other.

The choice of keeping a secret may differ from one person to another. There are some who think that it is enough for them to know if they have just bought a fairly decent amount of Bitcoin. But there are several other people who want to tell about the purchase for several reasons. And this is not wrong, depending on the choice of each.

I understand and do agree that secrets are indeed secrets that should be kept to oneself. However, I think what OP is referring to by using the term is secret is not necessarily secrets that should not be shared but tips or advice from personal experience that we know in order to earn more. The word secret here is basically a term meaning "tips" or "personal advice".

Thats right the OP basically wants tips and tricks that come from reputable people. We know that it is different if we just google it, as the result is very vague. If we ask in the forum, mostly experienced people will answer and give tips on it. Though there are secrets that are not totally secret, they are just hidden stuff that will only be revealed to worthy people. For example, if your cousin wants advice on making his business successful, you'll tell him, but to others, you won't.

[Afnan_faizah]

if you want to become wealthy person then I know a way that very effective. that way is study and gain knowledge. if you learn and become a doctor then people will pay you for your service, if you want to build a real estate then you should have knowledge about it. There are many ways beside this that also effective, some people tell about the power of giving and etc, and I believe it. but the most logic way is by gain knowledge.

[Jatiluhung]

Everything that was said to be a secret has to remain secret and once it's exposed it's no longer a secret.
What I learn is that there's no longer a financial secret again in this world but people are just too lazy to face the reality of financial freedom which always comes with a prize to pay.

It's absolutely true that it wouldn't be a Secret if it could be revealed and shared with everyone. Secrets become secrets because no one shares them openly. And only tell it to those we can truly trust. And I agree that currently there are not many hidden secrets in the financial world. Unless it's from behind the darkest side of this world. Which I really don't want to talk about and certainly don't want all of you to hear. Because maybe you also actually know what the dark side of the world is in various sectors. be it in economics or in politics.

But to be rich today there are many ways that can be done. as long as we are not lazy to learn and innovate. Must have different thoughts from other people. Remember the best business is a business that no one else has thought of. Meanwhile, a business in a field that has been thought of by many others must have had many competitors. So start innovating and making new discoveries in the field of business that are most needed by everyone but not many are aware of it. thinking out of the box is one of the common secrets that many people who have now become successful have done.

[Sarah Azhari]

What are your secrets?

I just buy (DCA) Bitcoin and keep holding it in my own wallet. This is my big secret that my friend already doesn't know that at past. Several years ago when I bought Bitcoin at a very low price, I got multiple profits when the price growing up hundred % from I bought, so my friend thought I won the lottery when I bought a new car. I didn't say that if I trade my bitcoin, I just said that I got a bonus from the company. But after that, I tell the truth if I just hold bitcoin at past and got profit after that. He was surprised, and want to learn bitcoin. Now, he uses my way to increase wealth like me on the past.

[MusaMohamed]

Secret will be always a secret, whatever it is.  there is no need to tell others if we are willing to have or keep secrets of that something.
And if we are telling here, it means that We betray our own choice to tell the secret even though we might not know each other.

The choice of keeping a secret may differ from one person to another. There are some who think that it is enough for them to know if they have just bought a fairly decent amount of Bitcoin. But there are several other people who want to tell about the purchase for several reasons. And this is not wrong, depending on the choice of each.

They can share their secrets and honest with you, I believe secrets in trading to succeed are not secrets at all. They have common basics and it's only challenge for each investors to beat themselves. If they can win against themselves and common faults of investors, they can succeed.

Like you can read a book with successful secrets, will you succeed with your investment? Will 100 other people will succeed too?

Very little people will succeed because they can not beat themselves, not because they don't know about successful secrets.

I just buy (DCA) Bitcoin and keep holding it in my own wallet. This is my big secret that my friend already doesn't know that at past

DCA sounds easy but in reality, very hard to do.

You can buy bitcoin, accumulate it in many months but will you be strong enough to hold your bitcoin or will quickly sell it when you see a price starts to break out and increase like 20%?

DCA is a start but later you must hold it and take profit well too.

[irhact]

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

The wealth secret are no longer secret anymore as those information are now open to the public and it depends on how determined you're as an Individual to seek wealth. If you pursue wealth you'll finally get it but when you're reluctant you'll chase away wealth. Money has a spirit and those who can control it, money gets attracted to which is why the rich keep getting richer while the poor poorer because they don't yet understand how money works.

Investing is the way to getting wealth, when you invest you put your money to work and there's nothing money loves more than working and giving his master profits. Where to invest is the secret that was held from us for years but we have the opportunity now with Bitcoin.

[uswa56]

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

The wealth secret are no longer secret anymore as those information are now open to the public and it depends on how determined you're as an Individual to seek wealth. If you pursue wealth you'll finally get it but when you're reluctant you'll chase away wealth. Money has a spirit and those who can control it, money gets attracted to which is why the rich keep getting richer while the poor poorer because they don't yet understand how money works.

Investing is the way to getting wealth, when you invest you put your money to work and there's nothing money loves more than working and giving his master profits. Where to invest is the secret that was held from us for years but we have the opportunity now with Bitcoin.

Investing also has risks, it's true that investing is a great thing to increase wealth but it all comes back to the type of investment and almost everything has risks and it will be commensurate with the possible benefits.
But back again with the secret of one's wealth, I think everyone has their own portion and the subject of being rich is the desire and opportunity that many people have to be able to get it and almost all rich people in this world have different ways to achieve it.

[Distinctin]

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?

There’s no secrets since saving and spending below your means is a general concern for everyone if you want not to live in debts and regret it. And while you’re on the process of saving, know that you save not just for your future nor for emergency funds, but also you need some potential investments too that will give you additional profits especially when your job is not stable and anytime you’ll gonna lose it. So save and invest, and maybe in the future you’ll gonna experience some life changing moments or opportunities.

[Smack That Ace]

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?

The majority of those trying to look for secrets in order to gain wealth as fast as possible end up encountering the exact opposite and instead lose the majority of their money, anyone that wants to improve their financial situation will have no other option but to do it the old-fashioned way, which is to become way more frugal, save money, increase your income, invest in solid assets and then do this for decades, it is not easy but if you can do it then your golden years will be very pleasant and worry free in terms of money.

You are right, lazy people who spend their time searching for the recipe for success will sooner fall into the traps of scammers than find what they need because there is no secret or formula for us to succeed quickly. Indeed, to become successful and rich other than working hard, saving and investing, I can think of no better solution. Don't just look at someone else's success and think it's easy, try to find out what they've sacrificed and gone through to get there. Because there is no success without trade-offs.

[temple]

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

Yeah, but did you buy back your 10 BTC, yet?

There are a lot of ways to dabble around with the accounting in order to say that we made a lot of money, but are we really being honest with ourselves?.. also think about short-term, versus medium term, versus long term.  Sure.  I am not saying that whatever you did is not working.. but do you have BTC?  That's where it is at.. especially if we look at BTC as an investment from a longer time horizon... say for example accumulating BTC in 2018-2020 (or even before that) and being able to mostly HODL those accumulated BTC (perhaps even continuing to add value to the stash/stack) through the next 5-10 years or longer.

But isn't there more to the inflation > interest rate equation? At first glance some people might deem an investment in real assets in this inflation > interest world to be a 0% or low % risk investment like arbitrage, but in reality that isn't the case. When inflation outpaces interest rates, it is quite risky to still take a loan and invest in already inflated real assets. Otherwise, when inflation > interest does not yet exist and you are among the people who are first of those who adjust their expected inflation, it can make sense to take a loan and then take profits in a timely manner as soon as inflation > interest becomes reality. Because those who take loans and think they are making a smart move because they buy inflated assets at interest rates being lower than the inflation rate, can quickly run into liquidity and depth shortages. That is why the real estate market might soon crash again and we can already see that with luxury watches and several other items that one or two years ago were deemed almost bullet proof short to midterm investments.

Eventually, it remains a gamble to a degree. It is good when someone exploits the situation and makes money off of it. But analyzing the economy and finding that inflation > interest holds true is also no 0% risk environment. Those who bought those watches two years ago are stuck now most of the time. Not only do the inflated prices fall, but also (logically) the demand is drying out. Some told me to have a look at watches as they were themselves looking into it and now they put their activities on hold.

In short, when inflation is already much higher than interest rates, it is usually too late for most people to take the gamble because it is likely that economic policy will be adjusted to close the gap between inflation and interest rates and when inflation is so high that everyone is already able to discern the discrepancy between interest rates and inflation rate and conclude their could be potential for financial gains, that potential has most likely been exploited by higher net worth individuals and professionals long before the gap became obvious to everyone. Economies barely are in a steady state and there is also incentive by powerful lobbyists who can steer the economy into a certain direction if they have loaded their bags already.

But this in general and the example of the watches lead me to the diversification part...

If you worried all of your money would gone since investment is risky, there's called diversification.

You are not technically wrong, yet I am not sure if you said that correctly.. because beginner investors (who are not gamblers) might not want to take a lot of risk with their investment(s), so they might be trying to consider how to NOT put their principle at very much risk, so the very first investments that anyone might make might be moreso considered to be savings rather than investments, so dollar accounts with interest or bonds, and once they get their dollar related investments (savings) up to a certain level then they might be ready, willing and able to start taking more risks.

Sure there are some folks, including younger folks, who might not adequately consider the risks, so they consider investing as a kind of gambling and they enter into various risky investments while mostly preparing for UPside price movements and not really adequately calculating and/or considering various downside scenarios.

I think that all assets carry risk, but what also counts is individual literacy in a topic and, after all, one's own conviction of an investment. Watches in my opinion are one of these things that are very far from guaranteed to go up in price for many years in a row or even a decade. This is my opinion. Bitcoin, in contrast, is an infrastructure technology that stood the test of time already and when I had to choose between a very expensive watch, a decent real estate or Bitcoin (all equal amounts) in times of high inflation (and even interest rates being lower than inflation), I would go with Bitcoin in this very moment. Watches can turn into a highly illiquid market, so can real estate, but Bitcoin will at least be liquid, I have a real time reliable indicator of its price (which is essentially always lacking for real estate because prices develop in a delayed fashion compared to the overall economy) and I am convinced that it carries almost infinitely more upside potential than real estate or watches.

For me diversification would currently mean building/adding to a stack in Bitcoin at regular time intervals as it also comes into play that far spread diversification isn't cheap. You are not diversified when you buy 2 Bitcoin and a trash real estate for the same value only for the sake of holding two different asset classes. Whereas a real estate giant might very well feel diversified when investments go into different types of real estate. Luxury, mainstream, city center, countryside, ...

The age matters a lot. I can tell from the people that I talk to, the younger they are the more they are willing to take a gamble in crypto and also the less they are willing to put serious effort into learning about it. But I would be lying if I said that I didn't improve myself over time as well, meaning that I also was a bloody beginner at some point underestimating risk-reward ratios a lot (or not care about it too much I guess?)

[AnonBitCoiner]

• If you are earning less, don't think of a project to accomplish. Think of how to increase your earnings
• If you cannot increase your earning,  reduce your spending
• Invest only in things you know how it works
• Don't forget to save. Don't listen to the advice that saving is wasting. If things go wrong, your savings will save you.

These points will surely play an important role in your success as those people who limited their expensives due to limited salaries are responsible person of their families and will sustain satisfied life with little amount of income.

Some people copy others without their own investigation and thinks that they will earn good sum of money but they follow wrong way which they realize after lossing their own money so I will suggest to always have own investigations and don't follow everyone even he is your close friend.

Saving is consider as wasting for those who did not visualize hard situations in their lives and have lots of money so when they realize the reality they will not say this type of words again.

[Furious 7]

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?

Actually when we talk about secrets and are told to share then it is not a secret anymore
But in this case some things that need to be considered regardless of the secret or not actually we seem to know what to do such as manage your finances well and have several plans so that you don't just focus on one plan, prepare your emergency fund so that you don't bother with unexpected events that require money, Invest if possible, Work hard and always be alert in utilizing momentum whether it's in the world of work or business and of course avoid debt because it can make you even more difficult.

These things are basic, it's just that we sometimes don't pay too much attention because we only focus on how we can live a decent life but don't really want limits.

[milewilda]

• If you are earning less, don't think of a project to accomplish. Think of how to increase your earnings
• If you cannot increase your earning,  reduce your spending
• Invest only in things you know how it works
• Don't forget to save. Don't listen to the advice that saving is wasting. If things go wrong, your savings will save you.

These points will surely play an important role in your success as those people who limited their expensives due to limited salaries are responsible person of their families and will sustain satisfied life with little amount of income.

Some people copy others without their own investigation and thinks that they will earn good sum of money but they follow wrong way which they realize after lossing their own money so I will suggest to always have own investigations and don't follow everyone even he is your close friend.

Saving is consider as wasting for those who did not visualize hard situations in their lives and have lots of money so when they realize the reality they will not say this type of words again.

Totally agree with these points on which it would really be something that would really be helpful for you to follow,even though this wont really be that easy because if you are on such situation then it
would really be that hard for you to follow these basic steps or you would really be derailed with some factors along the way on which it would really be making yourself that fail on following with those steps.
There's no secret about financial management since lots of books or even common sense would really be enough on what you should gonna do, specially on financial management but not all would
really be that successful on making yourself that able to control or apply these things on real time. This is why we do see people do experience success and there are ones who doesnt have
any progress at all and some do even go become that wrecked out because of bad decisions that they had made along the way and this is why it would be that recommendable that
always set out limits when it comes to possible problems on which if you could be able to hold on and sustain then this is the best thing to do.

[kawetsriyanto]

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

I don't have secret tips or certain ways to be rich. All of them are common ways, everyone knows it very well.
- To increase our income, we need to have more jobs
- To decrease spending, we must limit the budget to use
- To use the money wisely, we need to use it for necessary things only
- If we have free money/excess money, don't put all of them on banks. It is better to have investment, there will be potential profits in the future.

That are some ways I always apply in my life. There are many other ways, but I think they are the most necessary ways to know. But I assume all of them are just common ways that everyone knows it. Anyway, what is your secret, dude? You should tell us first before you ask people's secret.  

Buying homes with cash and taking loans out on it?

It should be better to buy with cash, with our own money.
Buying homes with loans will burden our financial stability. Moreover, if we have no steady job with a stable income. It is better to avoid buying a home with loan money.

[suzanne5223]

Everything that was said to be a secret has to remain secret and once it's exposed it's no longer a secret.
What I learn is that there's no longer a financial secret again in this world but people are just too lazy to face the reality of financial freedom which always comes with a prize to pay.

It's absolutely true that it wouldn't be a Secret if it could be revealed and shared with everyone. Secrets become secrets because no one shares them openly. And only tell it to those we can truly trust.

Even when it comes to sharing the secret with only the people we trust the most. If the information is shared between more than 3-4 people it's no longer a secret because there's huge chance of someone among the 5 people to share the information with wife, sibling or friends. That's why we see today where the secret of some secret organization leaked online.

And I agree that currently there are not many hidden secrets in the financial world. Unless it's from behind the darkest side of this world. Which I really don't want to talk about and certainly don't want all of you to hear. Because maybe you also actually know what the dark side of the world is in various sectors. be it in economics or in politics.

I believe it is easy for everyone in the early 19's to understand what you mean by the dark side of the world and for the financial world. There's truly no much hidden secret but people looking for the easiest way or greedy way of earning.

But to be rich today there are many ways that can be done. as long as we are not lazy to learn and innovate. Must have different thoughts from other people. Remember the best business is a business that no one else has thought of. Meanwhile, a business in a field that has been thought of by many others must have had many competitors. So start innovating and making new discoveries in the field of business that are most needed by everyone but not many are aware of it. thinking out of the box is one of the common secrets that many people who have now become successful have done.

I agree with what you said here and this is why i like the idea of attending blockchain event where people gather for opportunities, new ideas, partnerships, sponsorships, etc. They help to know what people are currently doing and what is missing which will help to create the thinking outside the box.

[freedomgo]

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?

Just invest in yourself. Just that simple. Everything you do will always reflect on you. So if you’re into success or not, it’s all because what you have done to yourself. So invest in the best of your ability and skills. Improve yourself to the best way that you can. You’ll be surprised one day that you are now living your life to the fullest not because you have some wealth secrets but because you invest a lot in yourself that made you who you are today.