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Rich May is a legal services company based out of Boston, Massachusetts.

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The 7 Best Kept Secrets To Being Rich May Surprise You

Dec 8, 2020

Why do we believe that when you make a lot of money, that means you are rich? What does rich mean? The Dictionary defines rich as “having a great deal of money or assets; wealthy,” but let’s think about that for a minute. How are you spending your money? Just because you may be making a large amount of money doesn’t necessarily mean you are rich. A common trap of high-income earners is that although they may be bringing in a lot of money, they are also spending a lot of money . There is this idea that they need to show off their money and enjoy their money, which often leads to overspending. People often don’t realize that instead of spending your money as it comes in, you can get your money working for you through investments, then earning passive income on those investments. When you get your money working for you and have your money generating even more money, that is the sweet spot. Lady in red arrival with red carpet before boarding an airplane. getty 1. Don’t spend your money on depreciable assets The largest depreciable asset people spend the most money on are vehicles . It is tempting to purchase a beautifully branded, fully loaded luxury vehicle that will cost you close to six figures, if not more. Still, that money would be better invested and paying you a return on that investment. 2. Never spend more money than you make It’s tempting to keep up with the Joneses and spend money on gadgets, luxury items that do not hold value, and “stuff” that you don’t need, but if you are spending more money than you are making, that accumulates debt, and debt costs money to carry. Your money would better serve you invested where it pays a return. MORE FOR YOU 3. Compound interest is the eighth wonder of the world When you invest your money and are earning interest on top of interest, your money grows at an exponential rate . However, the reverse is true when you are carrying debt. You pay money to have that debt at an exponential rate as well, and it eats up your money quickly. 4. Invest in a financial education When you invest in yourself and learn how to manage your money, that return on investment will be immeasurable, provided that you implement what you’ve learned. There will be a high return on investment for years to come when you use the financial skills you have learned to manage your money better. 5. Invest and track your net worth Track your net worth is the best way to measure your wealth. Your net worth = all of your assets (what you own) less all of your liabilities (what you owe). The higher your net worth number is, the richer you are. Your wealth lies in the assets you own, such as investments, assets such as rental properties, and anything you own that holds value for a long time. 6. Your net worth lies in your behavior around money How you spend, save, and manage your money will determine how wealthy you are or will become. One of the common threads between the most affluent people is that they are not showy about it. They have incredible amounts of money but are not commonly seen vacationing on the most expensive yachts, wearing flashy clothes, or living an excessive lifestyle. Take a good look at Warren Buffet’s lifestyle . 7. Layout a plan for success Having a plan is by far the most important secret of all. A goal without a plan is just a wish, so for you to achieve your financial goals, you need to plan out your investments. When you plan and map out your goals, it’s easier to measure your results against your goals and hold yourself accountable. Having a plan makes your goals actionable. The bottom line is if you are not giving your financial plan the attention that it needs to build your wealth, it is time to do so. The return on that investment of time, money and energy will multiply itself over the years and will likely be the best investment you have ever made for yourself and your financial future. Follow me on  Twitter  or  LinkedIn . Check out my  website  or some of my other work  here . The opinions expressed in this article are not intended to replace any professional or expert accounting and/or tax advice whatsoever.

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