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Things rich people do in order to stay rich

Clyde Buie

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Things rich people do in order to stay rich

The world has a number of highly wealthy people who all got there in different ways, but the outcome is the same, wealth. These wealthy people would also have methods they pursue in order to stay at their level of wealth.

They are not necessarily smarter than the average salaryman; however they have mastered techniques and methods to obtain wealth and to keep their wealth.

Here are some things that rich people do in order to stay rich.

They have a financial mindset

Wealthy people will often have a mindset that is concerned with financial growth and how to continue it. They will have creative ways to pursue riches, as well as keeping a mindset that focuses on their goals of success and wealth.

It is this constant mindset that keeps them pursuing new ways to create wealth in order to keep it.

They have a network of professionals and people with similar mindsets

Wealthy people usually like to hang out with other highly successful people.

This network allows them to have more connections and opportunities to create more wealth. It also allows them to maintain and grow their financial mindset by listening and socializing with other people who share the same mindsets as they do.

 

They have multiple streams of income

Wealthy people will have multiple streams of income, whether that be through investments or entrepreneurial pursuits, they will usually have more than one form of income. This ensures that they have a constant cash flow.

The rich are creative in their financial pursuits, and will always be looking for ways to grow their wealth. This coupled with a financial mindset and a network of wealthy professionals and connections, creates multiple income streams in which they obtain, keep and grow their wealth.

 

I am a Chicago - based reporter for Forbes covering breaking national news, with a focus on financial topics. Previously, I wrote about investing for Money Magazine and was an intern at Forbes in 2018 and 2019. I graduated from the University of St Andrews in 2016, majoring in International Relations and Modern History.

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Money

How to invest your money and turn it into wealth

Clyde Buie

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How to invest your money and turn it into wealth

There is a vast amount of information on investing your finances, with various methods to do it. With so much information available to us nowadays with the Internet as a major information platform, it can be easy to get overwhelmed with what exactly to do. When you invest money, you are buying a small piece of a company with the intent of increasing the value of this piece over time. Investing is not a get rich quick method, but with the correct investments, you are sure to bring in some extra money.

Here are some ways to invest your money and turn it into wealth.

The stock market

The stock market is a great place to start investing your money. The stock market lists a whole range of companies which are offering parts of their company for sale. When you buy a stock in a company, you own a tiny portion of that company. You should be looking to increase the value of this portion over time. When the company profits, the value of your portion increases, as well as when the company grows. With this growth, the price of your portion increases, which you can then sell at a later date for higher than what you bought it for initially.

Investment bonds

Purchasing a bond means that you are loaning money to a company or the government. The company or government will then pay you interest on the investment over the bond’s duration. Investment bonds are usually a safe investment, but the return is much lower than riskier investments.

These are some ways to invest your money, and with the right investments picked, over time, you can turn them into more money and wealth. Generally, the higher the risk and amount you put into the investments, the more you can earn, and lose.

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Ways to make extra money on the side

Clyde Buie

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Ways to make extra money on the side

You might be stuck in a situation where you need extra money, maybe you aren’t going to make rent this next cycle, or maybe you have some free time and want to earn a bit of side hustle money. Either way, it’s always helpful to have a bit of extra cash coming in.

Here are some ways to make extra money on the side.

Become a ridesharing app driver

Uber, Lyft and Ola are all apps available to the public for ridesharing.

These apps allow you to join, if you have a clean driving record, and become a driver to transport people to their destinations. If you have some extra time after your normal job, this is a good way to make some extra money on the side and is relatively simple to get into, provided you have a car.

Join market research studies

There are numerous market research studies available looking for participants. These can be found over the Internet, and range in pay depending on how much needs to be done and the duration of the study. These are easy ways to make a bit of extra money and don’t take much effort usually.

Sell off old items on Ebay or Amazon

There’s sure to be a bunch of old items you have lying around your property that you don’t need or use anymore. Many of these items can be sold on websites such as Ebay or Amazon, bringing in some extra cash. These items could be books, second hand appliances, sports equipment/gear and clothes.

These are some relatively simple ways to make extra cash on the side. It is always good to have extra cash coming in, and it would be wise to look into some of these ideas which can provide quick busts of capital.

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Money

Reasons why money is important

Clyde Buie

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Reasons why money is important

Money is definitely one of the biggest motivators in our life, and is the reason we go to get an education and then a career. It allows us to buy the things we need and want in life. From housing, to food and water, to electricity, and then superficial needs such as new clothes, new shoes and entertainment.

Money essentially makes the world go round.

Money itself is not anything special, but the value of money is what can afford you to have choices and freedom in life.

Having money means you can choose where you want to live, how big the house is, as well as the resources available to you. It also allows you to have luxuries such as a bigger house, entertainment devices, the ability to go out and have a good time on the town and so on.

On the other hand, not having money can severely limit your lifestyle, and affects everything about the way you live.

It can mean having a smaller house in a place you don’t want to live, not being able to go out and do what you want, and general struggle in life.

Money is needed to cover basic life expenses such as food, water and shelter. Beyond this, the money you need is determined by what type of life you want for yourself. Some lifestyles will require large sums of money, whereas some would be more content with middle class living. Generally, middle class living means you have access to higher education, some luxuries and enough extra to be able to enjoy your life.

Money is obviously important, and should be strived for in line with your lifestyle goals. It is important to also keep in mind the other things in life besides money, but money is generally important for your basic lifestyle needs.

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