What are the 10 secrets millionaires live by? Well I will share what I have read below from various books, money magazines, blog posts, and by word of mouth. These secrets can be attained by anyone looking to do things smarter, better, and financially sound regarding personal finance. Did you know I have a direct line of contact with Warren Buffett? So he actually told me three of these awesome secrets. (I’m Kidding) The rest were found on a very trustworthy site like Reddit. No seriously keep reading as it is worth it to find out the fabulous secrets the rich use day in and day out to grow their wealth.
The secrets do not involve insider trading or being on a fancy executive chair position when Facebook buys your online company for billions. No they will be secrets that are actually attainable in life, and will definitely not put you behind bars. One of the secrets if you already read this blog and I’ve stressed from the beginning is deciphering the value and symbolism of money.
The 10 Secrets Millionaires live by:
They use Tax Havens to Protect Income and future Capital Gains. (Residence in Puerto Rico offers no capital Gains tax)
They hire a team of people who help their Business Succeed.
They don’t buy something that costs 50%+ of their Net Worth. (Like a person with 30 grand in retirement savings buying a 30 grand BMW)
They take chances and constantly invest in new opportunities.
They know how risky debt can be, and only use it as a wealth building tool where the income pays off the debt payments.
They have a bigger than average network of dependable investors and experts.
They are not worried about financial matters and thus can visualize opportunities others can’t fathom.
They understand where their money is invested and ask questions when they don’t understand. (They don’t trust blindly)
They live on a smaller percentage of income because income is already above average, and invest the surplus. (Leads to constant asset growth strategy)
They understand the value of Money and the freedom it brings.
I know all of these secrets might tickle your fancy and you can’t wait to share a secret Mr. or Mrs. Millionaire, so have at it by leaving a comment. By doing so you will enrich the minds of many readers, and make the world a rosy place for all to enjoy. If you do not want to spread the good word, then no worries just stop by and read this post again when you become a millionaire. This is a no hassle, in your face, blunt blog, and if you don’t believe me ask around. I’m about ¼ as famous as Mr. Money Mustache. Well the joke is now officially over and I really hope you got some value out of the 10 secrets millionaires live by? If not there’s still hope in tomorrow.
Comment on the 10 secrets millionaires live by?
Rich Uncle EL
"They understand where their money is invested and ask questions when they don’t understand. (They don’t trust blindly)" good one. No one cares about your money more than you!
My recent post Sticky Business: A busy bee ‘s work is never done
I was just watching a video about the tax incentives Puerto Rico is offering to the wealthy. They are hoping to revitalize the economy with these new incentives. Plus it being a Territory of the US it's very easy to pick up and move there. No visa issues! I am from Puerto Rico and am very happy to hear about these efforts in the island. Hopefully they will boost the economy.
My recent post How to Prepare for Home Improvements
Yes it’s been all over the media, a new place for people to get some unique tax incentives, in addition to the fabulous weather in the island. I hope it’s still available when I save my 2 million bucks.
You've got it man. Money is freedom. I think if more people realized that, they would work harder at achieving financial independence.
My recent post 5 no-effort ways to save money today