• Jonathan Shiek

8 Secrets Of the “Invisible” Rich

The invisible rich are just that—invisible. They are the people you see every day watering/mowing their lawns (wearing a subtly fancy watch), or standing in line behind you at the grocery store (premium cheese and wine only), and riding up the elevator with you at work, smelling like a million bucks. They are the people who live modestly and without pretense. These are people who live well within their means despite that big number in their bank account.

While there are several key secrets of the invisible rich and the millionaires next door, below are a few of the most common secrets that we can all incorporate into our own lives to grow wealthy.

1. They don’t spend beyond their means

First things first: Get a firm handle on your budget and spending. Track your expenses for a month, determine where your money is going so you can learn to live within your means.

2. They never stop learning

The invisible rich realize that an investment in their own education is the best investment that they can make. After all, knowledge is power—and greater knowledge can also lead to a bigger paycheck down the road.

3. They look at lifetime earning potential when choosing their career

They seek professions that will provide the most financial security and stability. Evaluate your career choices.

4. They save and invest early The invisible rich understand the value of putting their money to work. Whether through retirement plans, plans for college or any other kind of savings plan, the invisible rich understand the concept of compounding and how money can grow over time.

5. They have good insurance coverage

The invisible rich believe that the cost of insurance is worth it in order to protect what they own and their loved ones. Whether it be house insurance or life insurance, the invisible rich place great importance on protecting themselves and their family from unforeseen circumstances.

6. They’re wise with unexpected cash windfalls

The invisible rich don’t go out and buy a new yacht after receiving a large inheritance. Even with mega millions, you can expect this group of people to act responsibly with their newfound funds.

7. They hold onto their houses and cars

The invisible rich look for cars with moderate loan payments and homes priced at a number that won’t leave them house poor.

8. They avoid debt

The invisible rich believe in paying off their debt. They don’t let the balances on their credit card accumulate and prefer to pay bills off as they come in.

If you struggle with making debt payments, consider ways you can reduce your debt or at least make it less expensive.

Tip: In addition to avoiding debt, the invisible rich also take care to protect their credit scores. Checking your credit score every few months and learning what can help or hurt your score can help you secure a good credit rating.

Source: TheBalance

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