4 Tips for Getting Rich and Staying Rich
It’s not really a secret that lots of people who suddenly land upon a fortune end up losing it quite quickly. There are enough stories about people winning the lottery and then having it all disappear within a year. Celebrities also have the same problem and some who were worth millions have had to file for bankruptcy. The truth is that even if you have a ton of money, you probably still can’t live like the Rich Kids of Instagram who spend money so lavishly on Ferraris, private jets, and everything high fashion that it can only be described as out of this world.
What are the secrets behind people who get rich and stay rich? Because you want to have an action plan just in case you get lucky. So today, we’re going to look at the top 4 tips when it comes to what successful rich people do with their money.
- Prioritise your debt
Let’s be honest. Most of us have some debt. Whether it’s a mortgage, or a student loan, or just regular credit card debt. This is probably the first thing you want to get rid of when you hit the jackpot. And if you don’t have enough to pay off everything at once, then what you need to do is prioritise your debt. The ones with the highest interest rates should be ranked up at the top of your clearing list. But make sure you keep paying the minimum on the others to keep out of trouble.
- Envision the future
Picture yourself in 10 years. 20 years. 30 years. Even to your retirement. What do you see? Do you want to buy a house? Do you like to travel? If you won’t have a family, do you want one? Maybe you hate your job and have a passion you want to follow instead. Once you begin to imagine to your future and see what are the really important things for you, then you’ll see what you need money for. Then you can start putting money aside for these goals through a savings plan of some sort – or if you had just won a million, then purchase it outright.
- Invest to make more money
Money can sometimes go much more quickly than you imagine. A Ferrari here, a yacht there, and before you know it, you are no longer a millionaire. Successful rich people are always investing in things, not just buying things. They put their money in assets that appreciate in value. Like iPhones are damn expensive to buy and they are certainly great for a year or too, but after a couple of years and models, you can’t resell them for money and they’re destined for the bin. Meanwhile, putting in your money something like bonds or a savings account will give you interest on your money. Most of us aren’t familiar with all the options, so if you do get yourself a windfall, talk to a personal financial advisor.
- Stay within your means
This one may seem obvious. But you’d be surprised how many people have problems with this. And it’s especially hard if you got rich quickly because you don’t have a true sense what this can mean. Lots of people are stuck in jobs they hate, and many will want to quit as soon as they become financially independent. That makes sense because there’s no need to stay unhappy if you don’t have to, but just remember to keep a close track of your money and investments to make sure you don’t have to work again.
Yes, sudden money feels good, but always keep your long term goals in mind. Of course, once in a while, it’s nice to splurge a little, and by all means, do treat yourself, because that’s what money is for. With these 4 tips – or maybe even golden rules – you now have what it needs to build your wealth. More importantly, you also know how to keep it if it suddenly falls into your lap. After all, no one wants to miss an opportunity for early retirement!
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