There’s an angel that aphorism introduced by Percy Bysshe Shelley in his book in a defense of poetry that claims the rich keep getting richer and the poor keep getting poorer. but what do rich people do that helps them save money and keeps enabling them to grow their wealth? Today we’re looking at 10 ways rich people accumulate more wealth. Welcome to the-digital-services.com.
1: Fine Art :
Art seems like a strange thing to spend money on. art can be drank or lived in consumed or worn but on the contrary art brings you status, wealth and oh the credit advise you since 2016 art secure loans jumped 40% to total $21 billion globally according to a 2019 report by the Deloitte it seems that banks and the rich have an appetite for Art as fast way to create Available capital and people are Just not aware that Art based Financing can Be a fast route the capital.
2: Energy efficient home improvement :
The reports are mixed as to whether the rich actually do save energy but they certainly have access to every energy saving device to save them on their electrical bills. More recently, wealthy households are doing more than anyone else to reduce Their electricity bills despite these efforts, so wealthy households still burned through the most energy but it still costs them less than it would originally
In many Countries adding energy efficient devices or design leads to savings and there are also tax incentives for spending on home improvement. So by adding energy efficient systems into the home, the rich Not only save money on their power costs, but they also get a nice deduction come tax season.
3: Collectibles :
Rich people love charity auctions, not just because they want to support the cause, but also because collect doubles are a great investment and you can pick up some good binds that appreciate in value. You might not be able to find yourself an antique tie cop, but if you could get Your hands on rookie cards of anyone like Kobe Bryant or LeBron James. You may be in front row seats in the years to come. Here’s a free tip young NBA star Luka Don judge’s rookie cards are set to increase in value. See if you can rustle up a few and put them away for your retirement rare Bus ball, basketball hockey cards are a good way to have something fun to collect and to see growth in value. stamps and coins are also a solid and Submit thanks to online forums collector number are growing however, stamps and coins are being phased out thanks to digital alternatives, so they will increase in value as they become more rare.
4: Personal trainers :
If you think personal trainers cost a lot then do a little math. How much does an average gym membership costs work out the cost of a year now divide this total by how many times you go to the gym a year Be honest, if you’re the kind of person who often cancels going to the gym for a stop at Taco Bell on your way home, you might be surprised at how much you’re paying per session. The rich save money by hiring a personal trainer is set by appointment the person that literally rocks up at your house so you can’t exactly cancel a trainer is after results. their reputation relies on it. They ensure you stick to a solid routine not just go to a gym and sit on a bicycle for 40 minutes scrolling Instagram without breaking a sweat. In other words, when you hire a personal trainer, you get what you pay for a good exercise routine. However, the same can’t always be said for the money the average person gets for paying for a gym subscription.
5: Buy right once :
Fast Fashion can be tempting, but it’s just that here today gone tomorrow. When you add up all the money you spend on the massive wardrobe of yours, it’ll probably run into the thousands of dollars if not 10s of thousands, the sad reality is you probably stare into your closet sometimes and it feels like you stay don’t have anything to wear. This is where the rich often get it right. Instead of buying a fast fashion outlet, they’re drawn toward classic lines a neutral color, that blend together to make well put together and classy looks when you’re spending upwards of a few hundred dollars on an item, you can spend a minute checking if it fits and considering if it’s or really worth the price tag. We are When we can swing into H&M on the way home It seems in consequence of the dress is a perfect fit what We can buy two get one free so you grab them both trying them on but the truth is It’s more like bye to get non for you if you don’t end up wearing either them because they look like a sack of floral on you, the wealthy don’t waste their money buying cheap junk that breaks and they have to replace again next season. Whether it’s a golf shoes or a wallet, often in the time you have six or seven of something, a wealthy person would have had one of a status brand that still looks like it’s in great condition. It pays to buy right once and do not have to replace it until you want to as opposed to have to. But wealth isn’t only what you spend your money on. It’s also about what you don’t spend but stick around for our bonus to see what I’m talking about.
6: Invest in real estate :
Real estate is a safe investment, even if you’re a value goes down. If you write it out it will increase again which can really be said for any other investment. You can also increase the value of your property by yourself through upgrades or changing the purpose just Something more lucrative like turning a factory into loft unit. Plus, the more you upgrade your property and the more homes you create, the more tax breaks you receive in most countries. Basically it’s a no brainer and you can create a passive income for your life.
7: Health :
The saying goes healthy wealthy and wise you are your greatest asset and that means a healthy you the rich know that investing in their health saves them money in the long run. Not only do they avoid preventable illnesses where they can they supplement their health with daily medication treatments and other healthy foods that lead to longevity. Another sure-fire way to save your wealth is to avoid unforeseen expenses and that’s why the rich invest in a good health insurance, knowing that you won’t have to shell out hundreds of thousands of unexpected dollars in the case of an accident or illness makes up for the planned monthly expense of private health insurance. Something few people know is that with my Premium and private credit cards you also get free travel health insurance, so be sure to check your benefits before you pay for travel insurance You know once we can finally jet set once again.
8: They fix leaks fast :
The rich don’t like to lose money retaining money is what keeps the rich well rich, the rich don’t pay high interest on overdrafts While they’re only getting low interest on their savings. They don’t pay off low interest loans early if they would need to get expensive credit elsewhere to maintain their lifestyle. You won’t catch a wealthy person wasting money on late penalties, unnecessary banking or transaction fees if they can get the same service for free by paying on time or switching to another bank, they know that their business is worth more to a bank than losing them. So they shop around and will happily up and move if they aren’t getting good enough rates. This is the total opposite to the average person who is so scared of the banks that we pay them more than we should for keeping our money at their establishment. It might be time to savvy up when it comes to your bank charges and to make your bank work for you for a change rather than the other way around.
9: The rich don’t waste money on Sh*t and frivolous spending :
You Won’t often find the mega rich at a mall Not only are malls just kind attached to them, but also because the rich know that malls are designed to make people part with their money. This is something rich people don’t like to do. They aren’t trying to keep up with the Joneses. They don’t even know any Joneses. They’re more concerned about the Rockefellers, Murdoch Oppenheimer’s and the Bezos types of wealth, which is more about paper wealth and what Nikes your warehouse or if you’ve got the latest iPhone or air pods, if you want to bet on the big leaks, you need to look beyond how you can spend your money and look at how you can retain your wealth. Which is exactly where we’re heading with our bonus fact.
So I’m glad you stuck around. But first, what’s the biggest way you waste money and how are you starting to save today? Let us know in the comments.
Now back to that bonus point we talked about Warren Buffett is well known for promoting the millionaire formula When it comes to financial gain, as he summarizes it, “do not save what is left after spending but spend what is left After saving”, this means when you get your salary you should first put away a percentage toward community Upliftment then invest a percentage toward financial goals. After this is safely aside you can Spend what’s left drop the idea that saving Starts once you’ve paid off your expenses, instead you should factor in your expenses after all your saving is taken care of. If you think like this You won’t be poor for long, with savings building up, you’ll be well on your way to wealth.
Thank you for reading