A few tips to serve your money grow .
At a time when inflation and America’s economy is among the biggest concerns in the upcoming election, people are naturally trying to find any way they can to hold on to their money.
According toEmpower.com, 37% of Americans do not have at least $400 for unexpected expenses. Meanwhile, 21% don’t even have an account for emergency funds.
A few weeks ago, weaskedfinance grads and rich people, in general, from theBuzzFeed Communityto chime in with money tips that keep the rich wealthy. Here’s what they said:
1.“You want to play it safe, and if something seems to good to be true, then don’t listen to the person or people saying it.”
" While I ’m not full-bodied and affluent , I ’m pretty well off , so I require to share some financial crown that incur me where I am today . First , do n’t pass all your money on things you do n’t take and ca n’t afford ; alternatively , invest it into things that matter to you or benefit you . Do n’t feel pressured into spending all your money on those style on TikTok or poppycock to make you cool . If you could afford it , great ! If you ca n’t , then do n’t buy it . Second , never spend a large percentage of your pay on a house or a car because even though you may give for it , you will likely require some money for surprisal expenses . Third , and finally , you need to play it safe , and if something seems too good to be true , then do n’t listen to the person or masses saying it , as often they desire to scam you out of your hard - take in money . "
— cutekitten20
2.“Real life has a LOT of high-risk, high-reward scenarios.”
3.“You have to learn how to invest money yourself.”
4.“Normal people can take advantage of one easy way to build wealth for their children: open a Roth IRA for them when they start earning money. You can then deposit the greater of your child’s annual income or the annual IRA contribution limit (currently $7,000 for 2024) each year. Invest the money in S&P 500 index funds or other diversified ETFs. Even a small amount each year will help them build their financial future.”
5.“The secret is that nobody knows what they’re doing. Put all the money you can into an S&P 500 index fund, and never look at it.”
– Anonymous , CFO , Multi - Billion Dollar Private Company
6.“As the child of a HNWI (high net worth individual), the ability for me to achieve what my parents did is basically impossible.”
7.“Invest in a diversified global market tracking fund. It’ll go up and down, but in the long term, it will be a great bet.”
" Start a pension as soon as you set off earning . colonial pursuit works over time and the more time you have , the exponentially big the oddment event is .
I lost religion in pensions because of the spectacularly Brobdingnagian drop in rente rate many geezerhood back , which seemed to make them terrible compare to what they used to provide . And while the heady day of big rente are all but kick the bucket , pensions now are more like bank accounts that you ca n’t access until ( in the UK ) 55 , but which the regime pays into when you do and which has a partial revenue enhancement alleviation when you add up to withdraw . "
– u / thecomicsellerguy
8.“I would say the best money tip is to learn how to play the credit score system. Keep your credit card debt below 30% of the limit. Learn to make principal-only payments. Take advantage of interest-free payment plans rather than putting it all on a credit card. Interest rates and credit scores are the biggest obstacles I see people struggle to get over.”
9.“I’m worth mid-eight figures now (I’m 41) and was -$250k net worth and homeless at 25. I started my first business at 30, which I sold for $50m last year.”
" My advice off the top of my head for starting a business organisation :
– Dig all the way into something and find the sucky thing .
– line up out how much mass will pay to have that thing suck less . instead , how much that sucky thing costs them now , and see if you may do it tawdry .
– leave value to people by making that thing suck less .
– Have multitude talk about how you made that thing sop up less for them on camera , and show it to other citizenry who have to deal with sucky things .
– Get more customers and specify them .
– rent where appropriate .
– u / butthole_nipple
10.“If you’re American, Roth IRAs.”
11.“If you want to exceed in something, hire a professional trainer to help you get there.”
12.“Always keep a steady income. Grow where you are planted. Continually put money away. Look for opportunities.”
– u / atcmatt18
13.“I had to stop with the handouts. I was being ‘too nice’ and got taken advantage of (several times) by ungrateful people. My intent was to help, but I ended up feeling like an idiot when these people I ‘helped’ came back and started complaining because I would not continue to help them.”
14.“Acquiring wealth passively through compound interest requires knowing WHERE to park your money. Most people just have their cash in a savings account earning nothing, but they could be earning 5% in an HYSA, 25% in Gold or the SMP 500, or even more possibly (NVDA is up 150% over one year). Sure, the market involves risk, and you may even have down months/years, but over the long run, parking your money in the right places can lead to amazing gains. Especially considering a 30-year type of timeframe.”
– u / ForcefulOn
15.“You can avoid inheritance taxes (which are HEFTY, by the way) by gifting your children cash while you’re still alive.”
16.“Have some money for safe investments and some money for risky business to learn. Even if it’s only $100 here and there, that stuff adds up. I bought Nvidia and AMD back in the day and now they’re worth so much more.”
– u / marcopolo3112
H/T:r/Rich&r/Entrepreneur
take down : Submissions have been edit out and distil for clarity .
