What are some financial secrets that you know of? - page 12.

Zlantann

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Quote from: Hermez11 on July 20, 2023, 09:15:07 PM

Hey everyone. What are some of your wealth secrets that you could share with us?

Buying homes with cash and taking loans out on it?

My best option will be to buy a house with cash because interest from loans could be challenging especially if the company is greedy. I have also seen people that have to keep rescheduling their loans because of some economic factors such as the loss of jobs. But if I have access to a reputable and reliable mortgage firm, I will consider owning my house. House rents are so high in my location that my savings from rents would give me more finance to invest in other sectors.

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Setting up trust funds in foreign countries and setting offshore corporations to avoid capital gains and taxation? (Sorry tax avoidance for any LEO reading this)

This option is for super-rich people. I have not even considered this option because I can manage what I own now within my country. But establishing these offshore companies in tax havens is a legal way of avoiding tax but I am not a supporter of such moves. It promotes inequity because the rich now have the privilege of earning more but paying less tax.

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What are your secrets?

I don't have any secrets. I keep my expenses low while I seek more sources of revenue. When I have extra money or make profits, I invest them in long-term projects. I don't spend on luxury because I have always desired to live a modest life. I avoid alcohol, drugs, cigarettes, and other behaviors that can lead to addiction just to ensure I don't waste my resources.

Razmirraz

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Your question is very simple, but leads to something very personal. Although there are certain tricks that are done in order to achieve success, no one is willing to reveal the secret here. Just do it the way and experience you have, as long as you keep trying and never give up, sooner or later you will achieve success. Make good use of your funds, never be lulled by something that is uncertain. Success can be achieved by anyone as long as they don't give up easily when facing difficult conditions.

Apatu Ek Am

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Quote from: Hermez11 on July 20, 2023, 09:15:07 PM

What are your secrets?

The secret, Calm and Happy. in investing. let alone already have large capital and experienced high flying hours. if you are already a person who has many assets like BTC. Keep calm and relax if you share your dream with many people, for example if you want to buy a house, you will fail. many eyes will be on your wallet. if last anelia you are very far from my thoughts.

Lorence.xD

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Quote from: Hermez11 on July 20, 2023, 09:15:07 PM

Hey everyone. What are some of your wealth secrets that you could share with us?

Buying homes with cash and taking loans out on it?

Setting up trust funds in foreign countries and setting offshore corporations to avoid capital gains and taxation? (Sorry tax avoidance for any LEO reading this)

What are your secrets?

Well I think there's no secret when it comes to different strategy and skills in earning money maybe if it's illegal activities of course they wouldn't share it online even the fact that they are anonymous here since people would be aware with it. In my case, I took a loan for buying a house with a monthly payment. Well of course I couldn't afford to pay million of cash since that's the amount of money needed to afford a house, then I made it rental so the payment of people who's living for renting my house would go straight to paying the loans. In a long period of time, the house and lot would be named after me then the rental still going on then here you go passive income. Of course it's not that easy, you'll have to take care of the papers plus open your wallet since you'll need to have some cash for fixing the house for them to be safe for rental.

Joshapat

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I have no special secrets about my finances, I just go with the flow of life, if I have tried my best and still lack money, the solution I do is sell assets or get into debt, the presence of many online lending platforms is something we can use when we really need money .

tabas

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Quote from: Hermez11 on July 20, 2023, 09:15:07 PM

Hey everyone. What are some of your wealth secrets that you could share with us?

Buying homes with cash and taking loans out on it?

Setting up trust funds in foreign countries and setting offshore corporations to avoid capital gains and taxation? (Sorry tax avoidance for any LEO reading this)

What are your secrets?

Avoid getting into any debt. While many rich people do take good debts but for someone who's not even an average guy has to avoid any means of debt. Trust me, you're going to be more than happy than anybody else when you don't have to think about any debt because you've got a peace of mind. The rich people does take it because they can attain to pay sums of it but for an average or even lower, it's best to avoid it and pay everything in cash. And with that, next to it is to live simply and frugally. As you grow old, you'll realize that simplicity is what all you need in this life.

dothebeats

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Quote from: Hermez11 on July 20, 2023, 09:15:07 PM

Hey everyone. What are some of your wealth secrets that you could share with us?

Buying homes with cash and taking loans out on it?

Setting up trust funds in foreign countries and setting offshore corporations to avoid capital gains and taxation? (Sorry tax avoidance for any LEO reading this)

What are your secrets?

I wouldn't call it a secret since I'm sure a lot of people already knows it and are applying it to their lives and financial decisions, but investing is really a good way to ensure you have something you can rely on when things go south. For example, investing in lands can ensure you that you have a property and can use it in case of emergency.

khiholangkang

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what I know is buying agreements that benefit us with politicians for contract protection that will never be interpreted by the next leadership, just like the Freeport company in my country which is right in Papua province, where in essence they work with corrupt politicians, with mentioning that they cannot be interpreted by any party and they are given strong authority to continue the contract, I think that is what I have discussed, and of course this is the secret of how to trick us so that we have money on a large scale.

Minecache

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Quote from: Plaguedeath on July 21, 2023, 12:30:06 AM

There's no secret.
1. Have a job with good salary.

No one wants to be poor, no one wants to work for someone else, and no one wants to do a low paying job. But the problem is that many people do not have a high education or do not have too many skills, how can they get a good salary? You try to ask everyone, does anyone criticize the good salary? But it is not easy to get there.

Quote from: Plaguedeath on July 21, 2023, 12:30:06 AM

2. Don't save, instead of invest your money.

I also advise those who want to get rich to invest, but investing is still risky and not 100% guaranteed to be profitable. So, having no savings and putting all your money into investments is bad advice.

Quote from: Plaguedeath on July 21, 2023, 12:30:06 AM

3. Avoid spend your money for unnecessary thing e.g. expensive food, cloth, entertain etc.

Depending on the needs and circumstances of each person, excessive savings will also cause your health to go down seriously, and without health, you cannot earn money. Save wisely, don't be too stingy with yourself.

Yamane_Keto

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There is no specific rule for how to become rich because there is no clear definition of wealth. Do you mean by wealth the ability to be able to pay the basics and luxuries, or do you mean that it is wealth that makes you not need money throughout your life or that you have enough bank balance to manage projects for borders and continents? The rich in one country may be poor in another country, as a million dollars is wealth in one country, and it is an average amount in another country, and some social classes, such as the billionaire, may consider the millionaire as a poor man.

The lack of definition and the difference in skills and areas makes there more than a million ways to become rich, all of which agree in being a solution to a problem or providing a service or product at a cheaper price and better quality. It is also a science for those who want to take risks and learn from their mistakes. This is how wealth is made and not with wishes as some books tell us.

20kevin20

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It’s very important to realize and notice the way you see money. Typically, it works like this: poor people see money as a way to buy things. Rich people see money as a way to make more money.

When you start following the latter, there’s no way you can’t see investment opportunities everywhere around. Your environment’s literally filled with investment opportunities, you just don’t/didn’t care atm about any of it. If the salary you get paid is spent on things like going out, shopping etc then you’ve got to make some changes, mate!

Frankolala

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Quote from: Plaguedeath on July 21, 2023, 12:30:06 AM

There's no secret.

1. Have a job with good salary.
2. Don't save, instead of invest your money.
3. Avoid spend your money for unnecessary thing e.g. expensive food, cloth, entertain etc.

That's all, I'm sure the next 10-20 years you will become rich.

The reason why many people can't become rich are because they can't follow the three requirements I mentioned above. Most of people work in low or minimum salary job, most of people can't take risk, most of people want to impress other people and want to entertain themselves.

Hmmm. I see,you must be a rich person from the way you stated this with assurance. At some point I stopped reading and have a thought of your three steps towards successful and number three was very cool with me. To be successful in life is not easy because one must be discipline, committed and have positive thoughts towards his goals.

I see that presently,bitcoin investment is the only investment that you can be sure of good profit from if you invest in a long term because of its volatile nature and it is also inflation resistance. The problem of other businesses is that they are been affected by inflation and maybe some change in government policies. Buy a good number of bitcoin and hodli for 8yrs,don't even think of taking profit because when you start a business,you don't start spending money from the business. What i mean is that your are to make availability for emergency funds, so that you don't go and take money from your new business.

All these will lead to failure of the business. Allow your business to grow for some period of time and when high profits have started coming out,you can take little from it. That's is how you go with your bitcoin journey after that,you can diversify into other physical businesses.

MFahad

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actually wealth does not comes immediately but one should work hard and with little amount he can save money to settle a business. At start everyone faces some difficulties due to minimum income but with passage of time everything becomes easy.

When you save enough money then build a house and give it on rent or make some investment in Bitcoin or gold will help you to enhance the worth of your invested money so in this situation whenever you need money you can cover your needs by getting profit out of it.

xSkylarx

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The secrets that are usually told to us by the rich are to take risks and work hard and smart. That is really what they've done to be financially free: they took a risk to have a business and got lucky that it is working. Though there are no risks, it was already told to us that we should work hard and always have motivation to continue to strive until we achieve our dreams.

icalical

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All of the replies said there is no secret, and its probably true. Maybe the question should be revised, 'What are some financial tips that actually work, that you know of?'. I am on my late twenties now, and to be honest lately I made a lot of bad decision on my financial.

I would really like to hear some of advices given by people on their 40+, I lost my parents on my early twenties, so I couldn't ask them before I realize I need to make good financial decision.

Ucy

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Donating tons of clean money to the needy especially those in "third world countries" and make sure the money is put into good use for the benefit of the needy. Consider the donation as a seed that eventually grows into a fruitful tree to the direction of the donor to reap the fruits.

EluguHcman

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What is secret is always secret unless there is a vapour or a confiding on it.

Else talking of financial secrets is not magical but demands sacrifices of your creative productiveness in your endivoirs.

These secrets are your risk taken, ability to take advises, cautiousness and adopting to strategical methods on what consumed someone else investment as an experience.

Do not settle for less, invest, keep investing and broad your investment circle to save high rate of lost.

mirakal

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Quote from: Poker Player on July 20, 2023, 09:56:33 PM

There's no secrets. If you want to get rich, or as I prefer to say it to improve your economic situation, do it simple, slowly and boring.

Save an emergency fund, get rid of consumer debt, increase your income and then invest, reinvest and keep reinvesting.

That's it.

That’s true mate. There are no secrets to success and being wealthy, everything comes with a long term process that also needs the right mindset and the positive attitude to keep it going. Just avoid all forms of debt, focus on what you need rather on what you want, do not rely on a single source of income but have some side hustles, and never forget to enter into potential investments and re invest everytime you are in profits.

Z390

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Seek experts advice, there are some people that are very good at this but many answers on here won't be as good as hearing from an expert.

Some experts know how to use debt to their own advantage and they can get everything down using debt, I've read about it before but I don't remember much anymore.

I always stay away from loans and debt and I focus on hardworking only, peace of mind is way better than anything in this life.

My advice to someone like you is to start from somewhere, read some books, watch some videos and stay away from anything that won't give you money in return, like buying expensive things that don't matter.

Save up some money and start a business, or learn a new skill that can bring in money and use the money to establish a business.

rat03gopoh

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I'm not rich enough so I don't have any secrets to getting rich. In financial management you are required to be smart to fight against a bad financial system, it is generally known that inflation eats up your wealth slowly. So I only think about financial instruments that are able to maintain the value of my wealth, it can be in the form of a side business or investment. I've even heard that by taking advantage of inflation, you can actually eat without spending anything.

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