As a Real Estate Agent, I often come into contact with a lot of wealthy people.
Oftentimes, I am invited into their homes and treated to lunch or dinner to talk about life and how I can be of service to them and vice versa.
After dealing with a few high-end clientele and studying other self-made millionaires I have begun to notice a trend in their lifestyles and how they make their money.
After careful research, I found out that there are several secrets to building wealth that the Rich know and that most of us do not.
Keep reading below where I share the top 5 wealth building secrets of the Rich and how to apply these same principles to your own life.
Working in the Real Estate industry I come across several professionals and individuals who make millions of dollars a year. When in contact with people who have high net worth, I quickly drum up conversation with them because I am always curious to know how can I achieve the same results in my life.
Almost every single time, my questions on how these individuals achieve insane financial success are answered the same. So, it comes to no surprise that the secrets to building wealth are unanimous across the board.
Below I have listed the top 5 wealth building secrets of the Rich.
The Top 5 Wealth Building Secrets of the Rich
1. The Wealthy believe in abundance.
The wealthy do not have a “scarcity mindset“. They truly believe in abundance and give money to others quite often. Whether it’s through charity or lending their own personal money to fund projects, they believe that the more they give the more they will receive. When the wealthy give money to others they give with the mindset that they have more than enough and are willing to openly share to those in need
2. The Wealthy read a lot.
A huge trend I noticed in some of my high-end clients’ homes were libraries and bookshelfs filled to the brim with books. Rich people read a lot. From Warren Buffett to Mark Zuckerberg, wealthy people read a ton of books and they all admit that reading has helped increased their incomes by millions. Wealthy people enjoy reading and have made it a habit to constantly nourish their minds with new information.
I have compiled a list of books that have been recommended by some of our country’s wealthiest people, click here to check them out!
3. The Wealthy create businesses.
Wealthy people create businesses. They decide earlier than others that working for someone else is not the key to building wealth and take the risk of starting their own companies. I had a 70 year old client tell me that he was a millionaire by age 27. How? He created several businesses from construction companies to finance consulting. Many wealthy people have taken huge risk by becoming entrepreneurs and creating and selling their own services or products.
4.The Wealthy fail a lot.
I have heard time and time again from several millionaires that there is no such thing as overnight success. Building wealth takes time and unfortunately, many wealthy people have admitted to creating businesses that have failed and/or going bankrupt a few times. Rich people have found that persisting in the face of adversity is the only answer to building long term wealth. Despite failing several times, many rich people build the muscle to persist and create their own opportunities to building wealth.
5.The Wealthy invest in Real Estate.
90% of millionaires become so through owning Real Estate- Andrew Carnegie
From Warren Buffett to McDonald’s founder Ray Kroc, the wealthy know that investing in Real Estate is one of the soundest investments that you can make in your lifetime. Whether they are buying Real Estate to lease, rent or sell at a later date wealthy people know that investing in Real Estate is always a good idea and will always make them more money. Several clients I have worked with actively fix and flip homes as well as rent properties thus creating several streams of passive income.
So there you have it, the top 5 money making secrets of the wealthy. Hopefully, you can learn to apply these same principles to your own life (I know I will!) and ultimately make the right decisions in creating financial freedom for you and your family.
You can also try checking this post on the Top 10 Books Rich People Read to Get Richer so that you can start on your path to wealth today!
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