How the wealthy make and keep their money

Contrary to popular belief, most self-made millionaires come from everyday backgrounds. Many are modest earners who diligently saved for retirement through Super and other investments.

Some individuals over 65 are working out of necessity rather than choice, no one wants that. Building wealth is a marathon, let’s learn from the wealthy!

There are commonly seen approaches that help wealthy people keep growing their money over time.?

Wealthy people have a long-term financial blueprint.

Wealthy people prioritize long term investment strategies over short term gains. They often invest in diversified portfolios including stocks, bonds, real estate, and other assets that appreciate over time. They understand the power of compound interest and are patient, allowing their investments to grow steadily

The pursuit of quick profits through stock trading isn't a common strategy among the wealthy.

Wealthy people get the right help with making this plan and know what steps they must take today to stick to it.?

They optimize their tax situation

The wealthy have become adept at minimizing their tax liability through careful financial management.

Wealthy individuals maximize tax breaks to minimize current and future tax burdens. Tax reduction is a core part of their financial strategy.

They've overprepared for retirement

Retirement often means a reduced income for most, but the wealthy can maintain their lifestyle with careful planning.

By carefully planning, wealthy individuals sustain their standard of living well into retirement and ensure their money lasts.

Financial education and advice

They continually educate themselves about financial matters and seek advice from professionals. This ensures their wealth is managed effectively and efficiently. Despite working in the industry, seeking independent financial advice was invaluable for my wife and me.

Living below their means

Super important. Contrary to popular belief, many wealthy individuals live below their means. They are mindful of their spending, avoid unnecessary debt, and prioritize saving and investing over extravagant spending. This disciplined approach helps them accumulate and preserve wealth over time.

Philanthropy and giving back

Many wealthy people engage in philanthropy and charitable giving. They understand the social and personal benefits of contributing to the communities and the causes they care about.? This not only helps them create a positive legacy but can also offer tax benefits and reinforce a sense of purpose and fulfillment.?

Let's use these tips to grow our money.

Thank you for reading.

Dean Lawson

#financialwellness #financialwealth