What are some financial secrets that you know of?

[xSkylarx]

The secrets that are usually told to us by the rich are to take risks and work hard and smart. That is really what they've done to be financially free: they took a risk to have a business and got lucky that it is working. Though there are no risks, it was already told to us that we should work hard and always have motivation to continue to strive until we achieve our dreams.

[MFahad]

 actually wealth does not comes immediately but one should work hard and with little amount he can save money to settle a business. At start everyone faces some difficulties due to minimum income but with passage of time everything becomes easy.

 When you save enough money then build a house and give it on rent or make some investment in Bitcoin or gold will help you to enhance the worth of your invested money so in this situation whenever you need money you can cover your needs by getting profit out of it.

[Frankolala]

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.

Hmmm. I see,you must be a rich person from the way you stated this with assurance. At some point I stopped reading and have a thought of your three steps towards successful and number three was very cool with me. To be successful in life is not easy because one must be discipline, committed and have positive thoughts towards his goals.

I see that presently,bitcoin investment is the only investment that you can be sure of good profit from if you invest in a long term because of its volatile nature and it is also inflation resistance. The problem of other businesses is that they are been affected by inflation and maybe some change in government policies. Buy a good number of bitcoin and hodli for 8yrs,don't even think of taking profit because when you start a business,you don't start spending money from the business. What i mean is that your are to make availability for emergency funds, so that you don't go and take money from your new business.

All these will lead to failure of the business. Allow your business to grow for some period of time and when high profits have started coming out,you can take little from it.  That's is how you go with your bitcoin journey after that,you can diversify into other physical businesses.

[20kevin20]

It’s very important to realize and notice the way you see money. Typically, it works like this: poor people see money as a way to buy things. Rich people see money as a way to make more money.

When you start following the latter, there’s no way you can’t see investment opportunities everywhere around. Your environment’s literally filled with investment opportunities, you just don’t/didn’t care atm about any of it. If the salary you get paid is spent on things like going out, shopping etc then you’ve got to make some changes, mate!

[Yamane_Keto]

There is no specific rule for how to become rich because there is no clear definition of wealth. Do you mean by wealth the ability to be able to pay the basics and luxuries, or do you mean that it is wealth that makes you not need money throughout your life or that you have enough bank balance to manage projects for borders and continents? The rich in one country may be poor in another country, as a million dollars is wealth in one country, and it is an average amount in another country, and some social classes, such as the billionaire, may consider the millionaire as a poor man.

The lack of definition and the difference in skills and areas makes there more than a million ways to become rich, all of which agree in being a solution to a problem or providing a service or product at a cheaper price and better quality. It is also a science for those who want to take risks and learn from their mistakes. This is how wealth is made and not with wishes as some books tell us.

[Minecache]

There's no secret.
1. Have a job with good salary.

No one wants to be poor, no one wants to work for someone else, and no one wants to do a low paying job. But the problem is that many people do not have a high education or do not have too many skills, how can they get a good salary? You try to ask everyone, does anyone criticize the good salary? But it is not easy to get there.

2. Don't save, instead of invest your money.

I also advise those who want to get rich to invest, but investing is still risky and not 100% guaranteed to be profitable. So, having no savings and putting all your money into investments is bad advice.

3. Avoid spend your money for unnecessary thing e.g. expensive food, cloth, entertain etc.

Depending on the needs and circumstances of each person, excessive savings will also cause your health to go down seriously, and without health, you cannot earn money. Save wisely, don't be too stingy with yourself.

[khiholangkang]

what I know is buying agreements that benefit us with politicians for contract protection that will never be interpreted by the next leadership, just like the Freeport company in my country which is right in Papua province, where in essence they work with corrupt politicians, with mentioning that they cannot be interpreted by any party and they are given strong authority to continue the contract, I think that is what I have discussed, and of course this is the secret of how to trick us so that we have money on a large scale.

[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?

I wouldn't call it a secret since I'm sure a lot of people already knows it and are applying it to their lives and financial decisions, but investing is really a good way to ensure you have something you can rely on when things go south. For example, investing in lands can ensure you that you have a property and can use it in case of emergency.

[tabas]

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?

Avoid getting into any debt. While many rich people do take good debts but for someone who's not even an average guy has to avoid any means of debt. Trust me, you're going to be more than happy than anybody else when you don't have to think about any debt because you've got a peace of mind. The rich people does take it because they can attain to pay sums of it but for an average or even lower, it's best to avoid it and pay everything in cash. And with that, next to it is to live simply and frugally. As you grow old, you'll realize that simplicity is what all you need in this life.

[Joshapat]

I have no special secrets about my finances, I just go with the flow of life, if I have tried my best and still lack money, the solution I do is sell assets or get into debt, the presence of many online lending platforms is something we can use when we really need money .

[Lorence.xD]

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?

Well I think there's no secret when it comes to different strategy and skills in earning money maybe if it's illegal activities of course they wouldn't share it online even the fact that they are anonymous here since people would be aware with it. In my case, I took a loan for buying a house with a monthly payment. Well of course I couldn't afford to pay million of cash since that's the amount of money needed to afford a house, then I made it rental so the payment of people who's living for renting my house would go straight to paying the loans. In a long period of time, the house and lot would be named after me then the rental still going on then here you go passive income. Of course it's not that easy, you'll have to take care of the papers plus open your wallet since you'll need to have some cash for fixing the house for them to be safe for rental.

[Apatu Ek Am]

What are your secrets?

The secret, Calm and Happy. in investing. let alone already have large capital and experienced high flying hours. if you are already a person who has many assets like BTC. Keep calm and relax if you share your dream with many people, for example if you want to buy a house, you will fail. many eyes will be on your wallet. if last anelia you are very far from my thoughts.

[Razmirraz]

Your question is very simple, but leads to something very personal. Although there are certain tricks that are done in order to achieve success, no one is willing to reveal the secret here. Just do it the way and experience you have, as long as you keep trying and never give up, sooner or later you will achieve success. Make good use of your funds, never be lulled by something that is uncertain. Success can be achieved by anyone as long as they don't give up easily when facing difficult conditions.

[Zlantann]

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?

My best option will be to buy a house with cash because interest from loans could be challenging especially if the company is greedy. I have also seen people that have to keep rescheduling their loans because of some economic factors such as the loss of jobs. But if I have access to a reputable and reliable mortgage firm, I will consider owning my house. House rents are so high in my location that my savings from rents would give me more finance to invest in other sectors.

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)

This option is for super-rich people. I have not even considered this option because I can manage what I own now within my country. But establishing these offshore companies in tax havens is a legal way of avoiding tax but I am not a supporter of such moves. It promotes inequity because the rich now have the privilege of earning more but paying less tax.

What are your secrets?

I don't have any secrets. I keep my expenses low while I seek more sources of revenue. When I have extra money or make profits, I invest them in long-term projects. I don't spend on luxury because I have always desired to live a modest life. I avoid alcohol, drugs, cigarettes, and other behaviors that can lead to addiction just to ensure I don't waste my resources.

[m2017]

I can share one, but the most effective financial secret. To become rich, one must be born into a rich family. Everything else is nonsense.

Sell your time for more than you buy someone else's. Perhaps the margin in this will be the secret.

P.S. Do you really think that someone will publicly share this?

In fact, the most important financial secret is that there is no secret.

[Dr.Bitcoin_Strange]

@OP, If you want to get rich, then the rules are simple: attend college, and after graduation, you can look for a job at any good company that has a high pay rate. If you are still looking at becoming your own boss, you need to find a way to raise money and start your own company, which is not as easy as it sounds. Some simple rules for building wealth are that you must not be so bent on spending the money that you have not yet earned. For example, when you take too many loans or always buy things on credit, you have not yet earned the money you are spending. It will cause you not to have a balanced budget when you finally receive your salary.

Let's assume you earn $500 in salary every month, and before the month runs out, you have already accumulated about $450 in loans and other debts for yourself. Then how can you manage the remaining $50 for the next month until you receive another salary? Also, learn to save to invest, and don't invest in something you are not very sure will produce a good result while you have other good investment options.

[Bananington]

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

The secrets are not so much a secret when you get to know, it is just what every individuals is involved in that is working for them. Different businesses, different investments but all having similar habits in financial management and discipline. A financial secret you should know is that developing a good financial habit first then carefully picking a business or investment to be involved in because not every business and investment that looks good is good for you. Not all business and investment that you see other people doing is good for you, so will be a terrible fail for you if you follow blindly.

[bayu7adi]

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.

Why not consider seeking the counsel of a financial advisor who's around 50 years old? I'm sure everyone has made mistakes in handling their finances, but those experiences can serve as invaluable lessons to encourage greater caution in money matters.

It's unfortunate when someone acknowledges their financial decisions are wrong, yet they refuse to stop making them. This situation won't improve their financial well-being unless they start heeding advice from a certified financial advisor.

[Yatsan]

Grab every opportunity  but wisely; always manage the risk and never disregard the downside of it. Well, as others have mentioned there's no sich thing as a secret formula or what not to get rich. But if we would observe, rich ones are those who takes risk. Well you could have a sustainable life with a decent job but if you want more, go with investments and/or sales industry. Competition is big but that is what making it a career to be bigger in the future. This technology as an investment would be a good option as well, so it just depends on what you can handle. Also, know your capabilities, circumstances, and will.

[ZAINmalik75]

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?

I am not that rich, i consider myself a middle-class person. Who have to save money to start something new. And with that money i can not start businesses you have mentioned above. But i can start trading with my money. I hope you understand that i have no financial secrets like some hacks to make money. We always need money to start making source for passive income.

Such as assets, either they are Digital or Physical. For example in digital world we could rent our land, shops, houses etc and we can earn on our BTC which is an asset too. We could build shopping stores, that we can sell to. etc.  These are just few examples

And each way of earning money has its own difficulties and we have to come up with different strategies which might not be used in another work. So for now, i do not have anything solid for you such as top secrets to make money but all i can say is be smart and be productive. Always ready to invest your money instead of wasting it.