What are some financial secrets that you know of?

[Patrol69]

How much money you have should always be kept a secret from others. And everyone has some privacy about their personal matter so everyone should protect that privacy. An ordinary person never dreams of buying or building a house. A person thinks of buying a house only when he has the money to buy a house or if he buys a house with a loan, he thinks of buying a house after paying off the loan. And banks won't give you a loan if you don't have the ability to repay. Before giving you loan, the bank will check your work status or your monthly income or what kind of property you have, the bank can give you a loan for building a house. Whether you are building a house by borrowing money or building a house with your own money, you should always maintain some of your secrets.

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[isaac_clarke22]

How much money you have should always be kept a secret from others. And everyone has some privacy about their personal matter so everyone should protect that privacy. An ordinary person never dreams of buying or building a house. A person thinks of buying a house only when he has the money to buy a house or if he buys a house with a loan, he thinks of buying a house after paying off the loan. And banks won't give you a loan if you don't have the ability to repay. Before giving you loan, the bank will check your work status or your monthly income or what kind of property you have, the bank can give you a loan for building a house. Whether you are building a house by borrowing money or building a house with your own money, you should always maintain some of your secrets.

Kinda depends if you're really earning something, but I gotta agree on ya at some degree especially when dealing with family members. Some toxic family would milk the shit out of your finances when they knew that you're earning a lot especially if it is a passive income. It will just keep going on and on until it becomes more of a liability now for ya rather than anything else.

This is why in social media I tend to not disclose what role am I working and where. Once they knew you're working for a tech giant company, you're more than screwed, lol.

[Texac]

How much money you have should always be kept a secret from others. And everyone has some privacy about their personal matter so everyone should protect that privacy. An ordinary person never dreams of buying or building a house. A person thinks of buying a house only when he has the money to buy a house or if he buys a house with a loan, he thinks of buying a house after paying off the loan. And banks won't give you a loan if you don't have the ability to repay. Before giving you loan, the bank will check your work status or your monthly income or what kind of property you have, the bank can give you a loan for building a house. Whether you are building a house by borrowing money or building a house with your own money, you should always maintain some of your secrets.

Kinda depends if you're really earning something, but I gotta agree on ya at some degree especially when dealing with family members. Some toxic family would milk the shit out of your finances when they knew that you're earning a lot especially if it is a passive income. It will just keep going on and on until it becomes more of a liability now for ya rather than anything else.

This is why in social media I tend to not disclose what role am I working and where. Once they knew you're working for a tech giant company, you're more than screwed, lol.

Which family? I have never seen such a bad family.  what you said shocked me, and I hope you don't live in such a family. however, if you are talking about having to take care of your parents as a burden, then you are an unfilial child.
On the contrary, I am working hard to take care of my family, and they are supporting me as much as they can.  Because I think that without my parents, brothers, and sisters, I could not grow up and have the life like today.

[Aanuoluwatofunmi]

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

The principle of money, we are to earn money and invest it on profitable assets, we should avoid waste of resources and maintain adequate spending of money on things that are of value to us, we need to avoid much spending on liabilities and stay focus on what we do that give us profitable benefits of investment, there are some risk we are not expected to take, because they don't just deserve such, don't also spend from your investment money.

[yudi09]

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

Work to earn.
Shop as needed.
Avoid debt.
Avoid gambling which can become addictive.
Investment.

It's no longer confidential because I said it and what I said above is not financial advice. Management and strategy is in each of us.
There are no financial secrets other than ways and strategies to get rich.
Income earned from work must be well patterned. If one car is enough for a family, don't plan on buying two.

[mvdheuvel1983]

No matter how people say there are no secrets to success, there are secrets not everyone who succeeds will actually tell you the secret of how they did it. They will say some very random and general things like work hard and work smart. We know that the secrets to wealth isn't always about hard work or working smart. There's the elements of luck, the is the elements of the right timing, lobbying the government, being the first in to enter the market, the country you leave in and do business in and many more.

[doomloop]

Every person has financial secrets and struggles with lifestyle decisions many people have a lot of money but don't use it. And for this reason it is necessary to invest money otherwise, as the value of money decreases day by day, it will worsen your financial condition at some point. It is impossible to move in any specific direction without a goal. Although there are many things in life than money, you should keep your goals in mind. Setting a goal is easy but consistently moving towards it is difficult. But it is not an impossible task it is necessary to move slowly towards certain goals and monitor your progress all the time.

I think poor people doesn't have anything to hide in terms of finances but many rich people have secrets. It can be that they obtain own their wealth in an illegal way. It was also the poor who struggles the most when it comes to decision-making relating to money. Like for example if they will buy this thing or not because they will be left with nothing later.

Moving in any specific direction is not impossible if you have a money. Having a goal is only optional but again it was mostly the poor who has it before they move. They don't want to waste their money going on some places without any real reason. Yes there are other important things in life than money and we can have them as our own goal.

[Wakate]

No matter how people say there are no secrets to success, there are secrets not everyone who succeeds will actually tell you the secret of how they did it. They will say some very random and general things like work hard and work smart. We know that the secrets to wealth isn't always about hard work or working smart. There's the elements of luck, the is the elements of the right timing, lobbying the government, being the first in to enter the market, the country you leave in and do business in and many more.

Maybe this might not lol like what we can term a secret but I feel they are simple things we can adhere to making us rich if we have the discipline to abide by it. Those who under what it takes to be a successful man, they understand that a lot of discipline is needed rk keep sustaining what we do and how we intend to grow our business. If we ask successful business men how they were able to gain so much wealth, some of the things we are going to be hearing are not going to be different from what we have been hearing about how to be successful.

[Gyfts]

Not exactly a secret but I would recommend anyone that's young to start investing their funds in their 20's instead of waiting until their 30's or later before you begin thinking about a retirement portfolio. Funds invested early will grow quickly over time. You cannot have your savings consist of currency alone. Over a number of decades, you'll be losing half of your purchasing power guaranteed under good economic conditions. If current inflation trend are any indication, you'll be losing a lot more.

[DanWalker]

~snip~

Yep, right, that's what I was trying to do on my first reply, asking for an experienced forum member.
However, I think both are equally important, it's true that an expert is more theoretical, but that's not bad. People with experience may life through a bad financial decision and solve it, but most of the time they wont be able to explain the 'why' and 'how', an expert eventho they are maybe not actually experienced what they say, they most likely will be able to explain the possible action and what will be the risk and benefit of the action they suggest.

I still lean more towards the more experienced, but if you can, you can combine advice from both to make the best decision for you. But in life, there is no better piece of advice than experiencing it all yourself. So that's why I rarely seek advice from others, and I find the answers myself. I mean, I will always take into account the worst case scenario that I will face and if it fails, I will try to start over again until I succeed. Because everyone's life is different, sometimes what works for them may not work for us.

[Plaguedeath]

Of course, it's their problem, but you're not them, you don't know why they got into that situation. It sounds easy to say, but many children born into poor families have to drop out of school from grade 3 to help their parents earn money or have to drop out of college midway because of an unexpected event that happened to their family...millions of difficult circumstances that never seemed to exist in this world. If you have the opportunity to encounter such situations, you will understand that not everyone is fully educated or everyone has a smartphone to use.

This world is colorful, we only know what is happening around us but do not know what is happening in many parts of the world, so it is difficult to judge anyone by our thoughts.

I understand there are many kids out there born into poor and toxic families, I'd say it's what it's and not every person can become rich. When I was still in school, my teacher taught me if we can't work under someone else company, just start a business and if it's become big, you need an employer so you can open a new job for the unemployment.

It sound cool and when I get older, it's impossible because not everyone is used to be a businessman and if everyone become a businessman, who will buy the product? Not all people can win in this world, not everyone can become rich, we need to accept it.

[fuguebtc]

Not exactly a secret but I would recommend anyone that's young to start investing their funds in their 20's instead of waiting until their 30's or later before you begin thinking about a retirement portfolio. Funds invested early will grow quickly over time. You cannot have your savings consist of currency alone. Over a number of decades, you'll be losing half of your purchasing power guaranteed under good economic conditions. If current inflation trend are any indication, you'll be losing a lot more.

If we pay attention, most billionaires and wealthy people have investments, and it can be said that investing is the best path to success. But investment cannot guarantee profit, it is only a means and we gain or lose depending on our ability. Investing is the path that brings the highest returns but also carries certain risks, so always have the right knowledge and perspective on investing. But I would object to the idea of investing if someone puts all their money into investments without any savings. Saving in the long run will be useless as the currency depreciates, but it is necessary for emergencies, so don't ignore it.

[xSkylarx]

~snip~

Yep, right, that's what I was trying to do on my first reply, asking for an experienced forum member.
However, I think both are equally important, it's true that an expert is more theoretical, but that's not bad. People with experience may life through a bad financial decision and solve it, but most of the time they wont be able to explain the 'why' and 'how', an expert eventho they are maybe not actually experienced what they say, they most likely will be able to explain the possible action and what will be the risk and benefit of the action they suggest.

I still lean more towards the more experienced, but if you can, you can combine advice from both to make the best decision for you. But in life, there is no better piece of advice than experiencing it all yourself. So that's why I rarely seek advice from others, and I find the answers myself. I mean, I will always take into account the worst case scenario that I will face and if it fails, I will try to start over again until I succeed. Because everyone's life is different, sometimes what works for them may not work for us.

You are really different as you are kind of discovering it by yourself, whereas for me, I always ask for advice, but again, I do not take that advice and also discover it on my own, but that advice is really helpful because I can see what the outcome is, which I do expect. You're right, experience is really the best teacher in the world. That is why most of us only learn a thing if we have already experienced it, as that is the time that it will go deep in our minds, which is sometimes good and sometimes bad.

[dothebeats]

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.

I agree with number 1 and 3, but 2 should be a little different. It is true that we should be investing most of our excess money but not having to save any of it will be hard specially during unexpected circumstances. There are instances that we will be needing money right off the bat and since all of our money are outside for investment it will be hard for us. Instead, I think it will be best to have both savings and investments.

[YUriy1991]

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 two questions above are interrelated, now for the first, in my opinion, if you already have a permanent job or not, always be selective with expenses. This means calculating the budget plan for this month's needs first before setting something else out of your total estimated salary. If it's later, that's fine. if those who haven't and are still free line, the pattern is almost the same.

Now, to buy a house by taking a loan, I think it's okay, but for the second time I say, make sure there are other positive pay items that can help with the monthly bills later. But, if you have savings, try not to do that, or you can build a house if you have your own land, with an estimate of five being divided into 5 stages. Long but sure. The first year for the foundation, then the second year for the structure, the third year for the roof, the year for completing the installation and the fifth year for finishing.

[juhobtc]

I agree with number 1 and 3, but 2 should be a little different. It is true that we should be investing most of our excess money but not having to save any of it will be hard specially during unexpected circumstances. There are instances that we will be needing money right off the bat and since all of our money are outside for investment it will be hard for us. Instead, I think it will be best to have both savings and investments.

If there are no big expenses, then there may not be much savings, and in extreme cases it will be possible to sell part of the investment. It may not be good, but bitcoin can rise and we will get more money, and this will only be if we need a lot of money, but often small savings will be enough to cope with current issues.

[JayJuanGee]

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.

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.

So, yeah maybe we might call the beginning of investing into more risky (rather than safe) assets as a kind of diversification, and whether they might start out with stock market index funds - which are also considered to be safe, but maybe there might be some desire to go straight into bitcoin?.. but still having dollars and having bitcoin might be a kind of balance, and if there is also equities in the mix, then there might also be some questions regarding how to invest small amounts at a time, and bitcon allows the ability to invest small amounts at a time, but if you ONLY have small amounts to invest, there could be some problems to diversify into the investments. so it may well be better to stay somewhat concentrated, rather than diversifying, but still the level of concentration versus the ability to diversify (to the extent that it is even necessary or advisable) might still be questions regarding how much risk that you are willing to take in regards to how you are already allocating your investment into something like bitcoin versus cash/bonds versus index funds... and sure other categories are property and commodities, which are even more complicated including the need to have higher amounts of capital to even be able to invest into some kinds of property and/or commodities products.   

I don't believe in diversification for the mere sake of diversification, but I do believe that if you start to build an investment portfolio (such as in BTC and cash) and the BTC portion starts to get quite large such as equal to a whole year of your living expenses or even 50% of a whole year of your living expenses, you might want to start to consider whether you might need to diversify beyond merely apportionments of bitcoin and cash... and if it might be less risky to have some other kinds of investments (and not referring to shitcoins) but maybe something like index funds, property or gold, and maybe there is no need to buy property until you have 3-5x of your annual income saved up in your investment portfolio..

....and the weighing of these kinds of needs to diversify for the sake of lessening risk are likely going to differ between individuals and their various individual circumstances including but not limited to their cashflow, how much bitcoin they have already accumulated, their other investments (including cash reserves), their view of bitcoin as compared with other investments, timeline, risk tolerance, and their time, skills, goals (investment/lifestyle targets , which includes figuring out the extent that they are in BTC accumulation, maintenance or liquidation stage) and their abilities to strategize, plan, research and learn along the way including tweaking strategies from time to time to consider trading, reallocating, use of leverage and/or financial instruments.

[CageMabok]

If there are no big expenses, then there may not be much savings, and in extreme cases it will be possible to sell part of the investment. It may not be good, but bitcoin can rise and we will get more money, and this will only be if we need a lot of money, but often small savings will be enough to cope with current issues.

What you say is very different from some of the cases that I have found in my environment so far, where some people are able to make big savings because they don't make bigger expenses so that any income they get every month can be directly saved with a larger amount than they will use for consumption every day.

But if what you're saying is to save Bitcoin so as not to sell it at a lower price, I think it would be wise for everyone to look at other options if they want to actually hold Bitcoin for the long term and don't want to spend it on a whim to fix a small problem. Because it would be very unfortunate if they had to sacrifice Bitcoin just to solve problems that are not so complicated in their lives.

[lalabotax]

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.

[TimeTeller]

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.

I agree with number 1 and 3, but 2 should be a little different. It is true that we should be investing most of our excess money but not having to save any of it will be hard specially during unexpected circumstances. There are instances that we will be needing money right off the bat and since all of our money are outside for investment it will be hard for us. Instead, I think it will be best to have both savings and investments.

You can also put some in your savings account so you have back-up in case your investments go sideways.
So for me, saving is still a must for emergency purposes. Remember, you can't cash out your investments right away if for example it is in real-estate.
And if you can't have a job with good salary, you can always find alternative or side jobs to augment your income.
You can't dictate where you will land a job, so just strategize on this aspect. And definitely, being practical on things will help you save a lot.
And do take note, the term "rich" is a subjective term for me. You can feel "rich" even if you have no luxury items, but on the note that you have no debts from anyone.