if you've ever thought that there must be some hidden Insider knowledge about making money that only the wealthy are privy to and that they might be intentionally keeping it from you to maintain their status you're not entirely wrong recent estimates reveal that the richest 1% of the population controls nearly 50% of the world's wealth this staggering concentration of wealth has been growing over the past few decades driven by factors like capital gains asset accumul and the widening Global wealth Gap this isn't a coincidence or luck the wealthy don't rely on chance they believe in strategic
planning now while the likelihood of an average person like a Gary Smith becoming a billionaire is Slim that doesn't mean we can't adopt some of the same Financial strategies the wealthy use the truth is achieving wealth typically boils down to two essential principles determination and Smart Financial Planning with that mind we're going to share some of the secrets the rich prefer to keep to themselves but which can help you take control of your financial future so grab a pen and paper you'll want to jot these down because these insights could bring you closer to reaching
your financial goals before diving in welcome to real money on this channel I share valuable knowledge and insights to help elevate your financial game if you find this content useful be sure to give the video a thumbs up to boost it in the YouTube algorithm so others can Discover it as well drop a comment saying I'm ready to receive financial wisdom and don't forget to subscribe if you're new here also a huge thank you to everyone who's commented on our previous videos your support is truly appreciated now without further Ado let's get started principle number
one your money should be working for you not the other way around conventional wisdom says that you must get a job and work hard to build wealth there's truth in that but if your only means of income involves trading time for money then your income potential is limited by the number of hours you work in a week the wealthy know that making money doesn't always require hard work and they take every opportunity to generate new sources of passive income passive income can come from several sources including rental properties royalties on Creative works or investing you
don't need a lot of money to start investing but it's important to keep your portfolio Diversified so you don't expose yourself to too much risk don't try to time the market by selling when you think it's at a peak or buying when you think it's at rock bottom that approach is almost guaranteed to lose you money you're better off buying quality Investments and holding them for the long term it's important to understand the costs associated with all of your passive income streams for example if you run sever veral rental properties there may be maintenance costs
that eat into your profit similarly when you invest there may be costs associated with your investment products like fees for each trade or expense ratios on mutual funds try to keep these low to help maximize your profits index funds are a great choice for investors who want a cheap way to diversify their portfolios and earn substantial returns principle number two don't waste money to impress others contrary to popular belief most rich people don't spend their time and money trying to impress others riches and wealth are not a race they know their value and most don't
see the need to show Financial dominance in fact many wealthy individuals wouldn't have become rich if they had spent their hard-earned money buying things to keep up with the likes of John down the street who lives in a big house and just bought a brand new sports car authors Thomas Stanley and William Dano also agree to this statement in their 1996 bestseller The Millionaire Next Door the surprising secrets of America's wealthy in the book they mentioned that a couple of key secrets of the country's richest people are living below their means and rejecting big spending
Lifestyles spending money to appear Rich before you actually are rich is a Surefire way to sabotage your wealth building goals so forget about the Instagram Millionaires and focus on what matters accumul ulating wealth in the coming years principle number three it's best not to go It Alone wealthy people don't always know the most about finances or investing but they do understand the value of expert advice from a professional while some people might shun away the cost of hiring a financial advisor to manage their money the wealthy understand that with an advisor's help their money could
grow faster than it would if they were managing it on their own a financial advisor may be able to suggest Investments and strategies that you hadn't considered to achieve your financial goals more quickly it's crucial that you choose a fee only advisor though unlike fee-based advisors fee only advisors don't earn commissions on the investment products they sell to you so you don't have to worry about any potential conflicts of interest wealth rarely comes overnight but by being responsible with your money seeking out new and greater sources of income and asking for help when you need
it you can steadily grow your net worth over time principle number four have plenty of liquidity the rich make sure they have sufficient liquidity or cash to cover their short-term needs they maintain an emergency fund so they don't have to disrupt their life for an unexpected occurrence the fact that rich people have money set aside for a rainy day isn't solely a function of their wealth they have cash reserves because they are disciplined enough to save everyone should aim to build an emergency fund with enough cash to cover 6 to 9 months worth of expenses
however you don't have to set that much aside all at once you just need to be working toward that goal with every paycheck with that in mind arrange to have a set amount automatically transferred from your checking account to savings each month principle number five you can buy an apartment building even if you're not rich so let me teach you how you see historically real estate investing offers the best long-term returns a real life proof of this is Rockefeller ring a bell there are companies and investment companies that help you in making long-term investments in
apartments and Office Buildings all over the country although you will not fully own the property you have the opportunity to have a stake in the action the beauty of this is that you don't have to be a millionaire all you need is $500 to get you started these are companies like Diversy fund and such companies have helped rich people continue to own their share of the real estate Pi without having to strain their pockets when starting out do consider such options principle number six avoid fees at all costs fees can easily get out of hand
and eat away at your wealth whether it's a late fee on a credit payment a foreign transaction fee from using a debit card abroad or an overdraft fee on your checking account it's important to avoid incurring unnecessary fees as stingy as it may sound the rich know how much of a pest these fees can be they understand that every fee they pay means less money in their pockets so they try to avoid them at all costs if you've been enjoying the content so far please click the like button and if you're new here please subscribe
to the channel and help us reach 100,000 subscribers we're on our way there can I count on your help if you already subscribed comment I subscribed just go ahead and comment I subscribed thank you for doing that now that you've commented let's continue principle number seven time is your most valuable currency when it comes to investing your most valuable asset without a doubt is time trading time for money is a losers game especially as technology makes redundant many jobs that don't require a highly skilled human being for this principle you need to throw away any
teaching you have heard about working long hours for money if you truly explore this Avenue you will find that hard labor is tasking yet the returns aren't substantial enough principle number eight growing money non-wealthy people think you get Wealthy by finding the hot stock but rich people understand the key to Building Wealth is compounding this means you can build wealth by watching your money grow year after year principle number nine don't quit until you get the deal know your worth and stick by it do not sell yourself short ensure you get the best because you
deserve the best most people are comfortable taking the L's because they are used to it but the rich will always stand their ground and claim compensation principle number 10 asset location is as important as asset allocation the rich don't keep all of their Assets in one type of account instead they spread it around wealthy people also have investments in brokerage accounts to limit the impact of taxes in retirement principle number 11 salary isn't the whole story the rich know that in order to grow wealth it's important to make your money work hard for you not
the other way around generating income from passive rather than active income sources is the best way to do this principle number 12 savings if you are already Vigilant about tracking your finances you're already on the right path the ability to live beneath your means rather than look wealthy is crucial if you're angling to become a millionaire by the way if you're enjoying the video so far and want more topics like this comment I want more just go ahead and type I want more so I know principle number 13 understand value over cost the rich know
the importance of value over cost they are prudent in their decisions and keep close people that help them maximize their wealth especially over multiple Generations principle number 14 use other people's money the key is leveraging other people's money to increase your own wealth using money from Banks or investors and hiring people to work for you is a - tested formula for Building Wealth principle number 15 don't pay with credit cards credit cards are a great way to build your credit score but if you want to be wealthy it's important to never live above your means
one way to ensure that is to only spend money you actually have rather than charging purchases on a credit card and getting stuck in a cycle of highin payments in conclusion while it may seem like the wealthy have access to secret strategies for Building Wealth the truth is these principles are available to everyone the key difference lies in the mindset and discipline to apply them by focusing on Smart Financial Planning living within your means diversifying income streams and leveraging time and resources anyone can take meaningful steps toward Financial Independence wealth building is not about overnight
success but about consistently making decisions that set you up for long-term growth now that you're armed with these strategies it's up to you to implement them and take control of your financial future if this video has added value to your life and you're excited to make the most of it I'd love to hear your thoughts please share your feedback in the comments below and don't forget to include the phrase I watch the video till the very end so give me a heart when I see your comment I'll make sure to give you a heart to
continue your journey to success there are three important steps you need to take one like this video two subscribe to this channel three turn on the notification Bell by doing this you'll ensure you never miss out on the life transformative information we share each week for free don't miss our future videos where we'll be sharing even more golden nuggets of knowledge all I ask for is your subscription and I sincerely appreciate it creating quality content for you is our passion and your support keeps us going strong if you've enjoyed our content and would like to
contribute consider buying us a coffee simply go to the description of this video and click on the buy me a coffee link to make a donation your contribution helps us produce more videos explore new topics and enhance the overall experience for you also you can become a member of the real money team today and unlock exclusive benefits choose from Real Money Team 1 Real Money Team 2 or Real Money Team 3 to gain special perks behind the scenes access and more your support helps us continue creating inspiring and motivational content click the link in the
video description below to join now and be part of our Journey to Excellence and financial success if you if you enjoyed this video it's because you understand the importance of improving your financial situation but you might be wondering how do you actually Achieve Financial success and build generational wealth that's where I can help I'll guide you through the steps to financial success for detailed insights click on the video linked here tell us in the comments how this channel has impacted you we'd love to hear your story thank you for tuning in you are the real
money makers be sure to watch our other videos displayed on your screen now we love you
