What are some financial secrets that you know of?

[Smartprofit]

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?

In order to become a rich person, you need a competent financial strategy. 

For example, you may live in a country where taxes are low and food, utilities, and entertainment are not very expensive. 

You can also learn a high-paying profession (for example, a programmer) and earn high wages by working online for wealthy customers from developed countries.  Thus, you will have high incomes and low expenses.  You can invest the profit received from your professional activity in highly profitable assets - Bitcoin, stocks, venture projects. 

This will allow you to multiply your income many times over and live the life of a rich person (without denying yourself anything).

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[carlfebz2]

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?

In order to become a rich person, you need a competent financial strategy. 

For example, you may live in a country where taxes are low and food, utilities, and entertainment are not very expensive. 

You can also learn a high-paying profession (for example, a programmer) and earn high wages by working online for wealthy customers from developed countries.  Thus, you will have high incomes and low expenses.  You can invest the profit received from your professional activity in highly profitable assets - Bitcoin, stocks, venture projects. 

This will allow you to multiply your income many times over and live the life of a rich person (without denying yourself anything).

You would really be needing to be wise, you would be needing to be that strategic when it comes to investment if you are really that planning on making yourself rich. Just dont make yourself in a hurry in speaking

about trials and errors on trying out to rush up on making decisions according into such situation. There's no secret about financial success which we would be able to see those common and casual advises and
steps on which trying out to follow but its not something that wont be simple since there are really that factors which could really affect out that kind of outcome or results on which it is really that
always a big challenge for us and something that cant really be known in terms of outcome. This is why if you are planning to have that financial freedom then always stick to investment and never ever make
yourself that thinking up some advanced outcome or results. Anything does have that corresponding process which you would be needing to face up along the way.Just set out realistic goals and
targets so that you wont really be that pushing up yourself that too hard or in desperate manner.

[edy_58]

I dunno if I would class them as secrets but some things I find useful which I guess I could pass off as advice are -

Automating savings, you can set up monthly transfers to your savings account. You can Use cash back credit cards, earn while you spend. Maybe invest in low cost index funds, they often outperform actively managed funds.

Utilise tax advantaged accounts. Maximise 401(k), IRA, & HSA contributions. Always try to pay off high interest debt quickly. It reduces total interest paid. Regularly review your expenses, try to cut unnecessary costs.

Savings is one of the most important thing when it comes to trying to be financially stable, but saving alone is not enough. Not spending Wisely on things that are not necessarily important and spending uncontrollable can make all the time  use in saving money to be effortless. To become rich  or financially stable lot of work to be discipline must be done, spending money on getting too much flashy things can be a limitation of becoming financially stable.

Saving will indeed make us wiser in terms of managing our finances, but this cannot be done by those who have a habit of using their finances uncontrollably so that they choose to use their money only for momentary pleasure by not thinking about investing to make more money, so they can have financial freedom. I totally agree that in the process of becoming rich, it certainly takes discipline to make it easy to become financially stable.

[Dewiana]

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.

Financial problems very often we become a problem so that disputes occur because of it finance. proper management of ways to avoid things that we don't want if it happens we can make a plan to set policies so that monthly and weekly expenses we can arrange

[Woodie]

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

• Before committing to invest in any venture or asset, ensure you do a market research in whatever you want to invest in.
• Don't mix family and friends with business.
• Avoid loans if you aren't ready to commit or no payment plan in place.
• Avoid middlemen in your dealings,  as these make simple procedures expensive for nothing.

Buying homes with cash and taking loans out on it?

As much as many people will see this as a good asset to have in your name, this is a no go area for me as buying a house is a liability in my view as this gets up a lot of capital and worse off it requires maintenance funds to keep it in good standing order which makes it a bad investment imo..unless you have extra funds lying around.

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 not go crypto on this if tax is what you are avoiding, as investing in foreign countries sometimes brings complications especially if you aren't physically going there to see what's happening.

[Ayers]

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?

In order to become a rich person, you need a competent financial strategy. 

For example, you may live in a country where taxes are low and food, utilities, and entertainment are not very expensive. 

You can also learn a high-paying profession (for example, a programmer) and earn high wages by working online for wealthy customers from developed countries.  Thus, you will have high incomes and low expenses.  You can invest the profit received from your professional activity in highly profitable assets - Bitcoin, stocks, venture projects. 

This will allow you to multiply your income many times over and live the life of a rich person (without denying yourself anything).

You would really be needing to be wise, you would be needing to be that strategic when it comes to investment if you are really that planning on making yourself rich. Just dont make yourself in a hurry in speaking

about trials and errors on trying out to rush up on making decisions according into such situation. There's no secret about financial success which we would be able to see those common and casual advises and
steps on which trying out to follow but its not something that wont be simple since there are really that factors which could really affect out that kind of outcome or results on which it is really that
always a big challenge for us and something that cant really be known in terms of outcome. This is why if you are planning to have that financial freedom then always stick to investment and never ever make
yourself that thinking up some advanced outcome or results. Anything does have that corresponding process which you would be needing to face up along the way.Just set out realistic goals and
targets so that you wont really be that pushing up yourself that too hard or in desperate manner.

It sounds simple, but I want to ask if any of us have become rich? I don't think anyone here is rich because if we were rich we wouldn't be here. In my opinion, we should not teach someone how to get rich because we ourselves are not richer than anyone. And in my opinion, there is no recipe or secret to getting rich. If we want to be rich, we just need to do one thing, that is to work hard and think of our own path because each person will have a life, a separate path to go, no one is the same.

OP's question is pointless and any answer that teaches others to get rich is also pointless because we are not rich yet so we cannot teach others. Second: It's unlikely that a formula that works for us will work for someone else. So find your own path to success.

[woez]

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.

Financial problems very often we become a problem so that disputes occur because of it finance. proper management of ways to avoid things that we don't want if it happens we can make a plan to set policies so that monthly and weekly expenses we can arrange

Apart from what @Ucy said about donations, I think it's a good thing, but if we have excess funds and are included in the category that we don't need to concern ourselves with the name of making money. So, responding to what you said that good financial management is basically I agree. it must be with governance and discipline when running. indeed, if we see that everything is necessary, but it would be nice to filter which of the most urgent needs we should prioritize first.

[Cryptmuster]

It sounds simple, but I want to ask if any of us have become rich? I don't think anyone here is rich because if we were rich we wouldn't be here. In my opinion, we should not teach someone how to get rich because we ourselves are not richer than anyone. And in my opinion, there is no recipe or secret to getting rich. If we want to be rich, we just need to do one thing, that is to work hard and think of our own path because each person will have a life, a separate path to go, no one is the same.

OP's question is pointless and any answer that teaches others to get rich is also pointless because we are not rich yet so we cannot teach others. Second: It's unlikely that a formula that works for us will work for someone else. So find your own path to success.

Perhaps you are right, I noticed a long time ago that people who managed to get rich either come here very rarely, or do not come at all. But we cannot say that this applies to all users, I do not exclude that there are people who like to be on the forum, just as someone likes to visit social networks. In any case, someone's advice is not a call to action, there are a lot of possible tips on the forum, but only you can decide for yourself what to do, because you know best the situation in which you are.

[CageMabok]

Well that's right, and when someone is in a position like that then I think it will go back to each person's personality, if they don't have a strong mentality then it is certain that they will stop halfway, I mean when they are down by experiencing things that make them fall then they will stop there. This is one of the facts experienced by several people who experienced failure in carrying out the business process. Then in terms of capital, yes, it is very influential, when they have small capital then they must be more careful in making every decision for their business expenses, lest they have partners who cannot be trusted which in the end most of them will be deceived on some agreements or agreements.
For frustration it is very likely that they experience especially for some people who live with small capital, because maybe the small capital they carry is the only hope they can utilize.

The journey of developing a business with a certain amount of capital is quite tiring for some people, especially if they have partners who are very dishonest in terms of cooperation. Of course it will be very sad for those who are starting to build a business with minimal capital, but I will always salute those who do not like to give up when they experience failure and frustration due to the failures they experience through their own business.

Because people who don't like to give up when they fail are real warriors when it comes to business so such people are usually better to be seen as examples to motivate ourselves when we fail at something. What you say is also quite logical, but at a business point I see people who like to struggle more than people who like to complain when they fail or blame circumstances when they experience a downturn.

[Jatiluhung]

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.

Financial problems very often we become a problem so that disputes occur because of it finance. proper management of ways to avoid things that we don't want if it happens we can make a plan to set policies so that monthly and weekly expenses we can arrange

Apart from what @Ucy said about donations, I think it's a good thing, but if we have excess funds and are included in the category that we don't need to concern ourselves with the name of making money. So, responding to what you said that good financial management is basically I agree. it must be with governance and discipline when running. indeed, if we see that everything is necessary, but it would be nice to filter which of the most urgent needs we should prioritize first.

Good financial management is indeed the most important thing that must be owned by someone who wants to increase the financial level in life. To become a person who is good at managing finances, a fairly broad insight into finance and all things in the economic sector is needed. Like being good at investing and smart at seeing good business opportunities for growth from time to time. And yes, in doing so it requires high discipline. Because without discipline, sometimes we will come out of the planning that has been made carefully.

It is common knowledge that people who are generous always get more luck when they become more generous. Because maybe it is generosity that makes a person seen as a good person and makes it easier for many people to trust us and it becomes easier for us to build relationships. And more importantly, donating can awaken a sense of humanity and a sense of unity in compassion for fellow human beings.

[khiholangkang]

It sounds simple, but I want to ask if any of us have become rich? I don't think anyone here is rich because if we were rich we wouldn't be here. In my opinion, we should not teach someone how to get rich because we ourselves are not richer than anyone. And in my opinion, there is no recipe or secret to getting rich. If we want to be rich, we just need to do one thing, that is to work hard and think of our own path because each person will have a life, a separate path to go, no one is the same.

OP's question is pointless and any answer that teaches others to get rich is also pointless because we are not rich yet so we cannot teach others. Second: It's unlikely that a formula that works for us will work for someone else. So find your own path to success.

Perhaps you are right, I noticed a long time ago that people who managed to get rich either come here very rarely, or do not come at all. But we cannot say that this applies to all users, I do not exclude that there are people who like to be on the forum, just as someone likes to visit social networks. In any case, someone's advice is not a call to action, there are a lot of possible tips on the forum, but only you can decide for yourself what to do, because you know best the situation in which you are.

No, it's not a useless thing to do anything that can be said here will never be in vain, although you are right that it is impossible for rich people to be here to spend their time discussing in forums it is quite illogical, but maybe some graduates from forums these became rich people after they shared their knowledge, maybe today we can only talk based on the assumptions and theories we found on the trip, but who knows when we get a better position from the investment or that, what we have talked about here before became provision of building wealth systematically according to what we are talking about here, we will never know that.

Aren't some of the people here who have earned their lives in a decent position and don't come back and prefer business. I think many of the members who have stopped their activities in the forum have become rich people out there, and one of their knowledge comes from their experience in the forum.

[MarjorieZimmermanGinger]

I don't think that moving one's business to a tax haven is legally wrong. Companies do that including big corporations like Shell. According to this article, several multinationals do this to avoid paying huge taxes. I do not say this is morally right but in the eyes of the law, they committed no offence.

Do you understand what it means to move a business to a tax haven and do you observe Shell companies dealing with tax matters. I don't think they are avoiding taxes but rather trying to make taxes cheaper by means of insurance services and each company that is in a certain jurisdiction may vary the amount of tax to be paid. Further, maybe you can re-read the included link and try to understand how the Shell company handles tax issues.

You are right, mate. I don't even know why some people think that there's really a secret to archiving wealth. While there are just some general rules to acquiring wealth, if anyone truly follows them, they can also build more Wealth for themselves. Also, some people attach more liability and too much responsibility to themselves, which continually keeps them on one level; they never seem to level up because they have a lot of things on them.

In some parts of the world, some people are getting married to more than one wife, while others are giving birth to more than six children. Some people too are only receiving a small amount of salary every month, but yet they are showing off as if they have a lot of money to spend, and this causes them to even spend more than they earn. Some people don't also save to invest or to archive any goals; all they do is eat all they earn and even take credit.

If we wish to simplify the matter then we should refer to the relevant levels of capital and wealth-generating plans. If we don't have these supporting factors, I think it's impossible for us to generate wealth. Business can grow when someone has these two things and the problem is not everyone has the same ability. A person's level will further increase as their mindset advances and it is from here that they start choosing a plan to make a lot of money.

Spending more than we earn is an unnatural lifestyle, financial stability will be quite disturbed when this is enforced and finally they are entangled with the name of a loan to fulfill their lifestyle in spending something that is not productive. The middle and lower level people take loans not to support business but to make ends meet, while the middle and upper level people take loans as a way to develop their business to be bigger, this is where the difference in a person's level in using loans

[AicecreaME]

Building an apartment as a business here in my country is much profitable than building a house and post it for rent online.

The secret I believe is always prioritize your needs, if you want to earn money go for the things that will give you money in return, like investing, making a small business to big business as an upgrade, buy and sell cars or bikes, etc. There's a lot of ways to generate money even with a small amount of capital, it will depends on how you're going to make it circulate well.

[xSkylarx]

Building an apartment as a business here in my country is much profitable than building a house and post it for rent online.

Mostly if you are into metro or in a capital city, this is really a go-to for most middle-class people and even others renting that can't afford a whole house. Also, subdivisions right now are in demand, and a lot of people are finding this because we know that you own a house unlike an apartment, but both of them are expensive. Mostly, if we are talking about shelter, it is really expensive right now and always in demand by people.