How do the rich get richer? They use tried and true methods passed down over generations, and usually kept among themselves.
But every now and then, the beans get spilled.
Here are some money secrets the rich take advantage of, and now, you can too. The best part? Most of these ideas you can check out in about the time it takes to read them.
1. Millionaires rely on pros
The rich know there comes a time in life when it makes sense to get a second opinion.
You should know that, too.
Maybe you’ve been great at growing and managing your savings without help. But the more you have, the more attention your savings require and the more you lose by screwing up.
One Vanguard study found that, on average, a hypothetical $500,000 investment over 25 years would grow to $1.7 million if you manage it yourself, but more than $3.4 million if you work with a professional.
This is why most millionaires rely on pros to make them richer. Obviously, there are no guarantees a professional will do better than you. But getting a second opinion from a pro certainly can’t hurt.
Even if you don’t need help picking investments, they can help you create a plan, maximize your Social Security, protect your assets and offer you peace of mind by ensuring you’re on the right track.
They can also be there in case one day you’re not.
These days, there are no-cost online services that make it easier than ever to find vetted financial advisers in your area. For example, SmartAsset. You fill out a short questionnaire and are instantly matched with up to three local fiduciary financial advisers, all legally bound to work in your best interests.
The process only takes a few minutes, and in many cases you’ll be offered a free consultation.
Nothing to lose, lots to potentially gain.
Please carefully review the methodologies employed in the Vanguard white paper, “Putting a Value on your Value: Quantifying Vanguard Advisor’s Alpha.”
2. Diversification is how they stay rich
If you’ve got part of your savings in stocks or mutual funds — and you should — you’re well aware that what goes up can also go down; sometimes by a lot.
You can’t control the stock market or the world economy. But you can protect against uncertainty by having other forms of wealth.
One of the oldest and most common ways to diversify is with gold. It’s been used for thousands of years to protect against everything from inflation to currency devaluation to political risk.
Don’t go overboard; even millionaires typically only put about 10% of their long-term savings into the King Midas metal.
Also keep in mind that not everyone in the gold business is on the up-and-up. Be careful whom you deal with.
Oxford Gold Group is one company to consider. You can invest in a “gold IRA” done strictly to Internal Revenue Service regulations. Oxford Gold Group also sells gold bars and coins, as well as silver (including silver IRAs), platinum and palladium.
Oxford Gold Group has a 4.9-star rating (out of five stars) on Trustpilot, where 96% of reviewers call the company “excellent” and 4% call it “great.” It has an AA rating with the Business Consumer Alliance and an A+ rating with the Better Business Bureau.
If you’ve ever thought of investing in gold, request your free investors guide now.
3. Make more money
It used to be that investing in commercial real estate, like apartment or office buildings, required lots of money and lots of expertise.
Not anymore! Thanks to an online investing platform called Fundrise, now people with modest amounts of money can own a slice of a real estate portfolio.
Fundrise tears down the traditional barriers needed to invest in real estate property, and so far over 1.7 million consumers have used Fundrise to invest in commercial property.
It takes as little as $10 to get started, the platform is easy to use, it’s open to all investors (of all experience levels) and there are other investment options too, like IRAs.
Fundrise has delivered an average annual rate return of 5.29% over the past five years, a stark contrast to the average, annual 0.23% interest your money gets by sitting in a savings account.
Of course, nothing is guaranteed, and past performance is no indication of future results. Still, Fundrise has the potential to make more than you’re making now in the bank — or under the mattress. And you can get your feet wet for as little as $10!
Note: This is a testimonial in partnership with Fundrise. We earn a commission from partner links on moneytalksnews.com. All opinions are our own.
4. Think you’re covered? Think again
The rich don’t take chances with their health. Neither should you.
According to the U.S. Department of Health and Human Services, 7 in 10 people who turn 65 today will probably need some kind of long-term care.
Think you can’t get long-term care (LTC) insurance after age 40? Think again. GoldenCare writes LTC coverage for most people. (Unless they live in the four states where GoldenCare doesn’t operate: Alaska, Florida, Hawaii and Washington.)
“But won’t Medicare take care of all that?” Nope. Medicare doesn’t cover long-term custodial care — and paying for it out of pocket could take a huge chunk of your retirement savings. That plus inflation could mean near or total depletion of your nest egg.
Without LTC insurance, your options aren’t great: running through savings, borrowing money, burdening your family with your care, and possibly losing independence because you can’t live on your own.
It’s impossible to say whether your current health will stay good. That’s why investigating long-term care insurance is so important: It protects you and your family.
Plan now for a secure tomorrow.
5. Don’t let home repairs drain your savings
Home repairs aren’t cheap. Whether it’s a leaky roof or a broken appliance, your home can quickly become a nightmare and cost you hundreds or even thousands of dollars to fix.
But you don’t have to worry. Luckily, with a company called America's 1st Choice Home Club, you can safeguard yourself against giant repair bills. From home appliances to electrical, plumbing, heating and cooling systems, it can all be protected.
Plus, their in-house service team is available 24/7 to help and ensure a hassle-free repair process if anything goes wrong. You can even choose your own technician, or they can send you one from their nationwide network if you don’t have someone in mind.
All over America, homeowners are choosing AFC Home Club for the savings, service and peace of mind that it delivers.
Stop worrying about household breakdowns.
6. Help Protect Your Family By Leaving Them Up To $2,000,000
There’s nothing you wouldn’t do for your family, right? Well, if something happens to you, who’s going to pay the mortgage, or college bills? This is why life insurance is so important.
Not everybody needs insurance. If your kids are grown, and you have a sizable bank account, there might be less of a need. But if your family would have a hard time getting along without you, life insurance is definitely something you should look into. Just don’t pay too much for it by buying the wrong kind, or buying from a commissioned salesperson.
Shopping for life insurance used to be a long, complicated process. Now? Not so much. For example, Ethos is a company that lets you apply online in minutes without getting off the couch. There’s no medical exams, no blood tests, and you can get term life insurance ranging from $100,000 – $2,000,000. And for around $1/day you can get $250,000 in term coverage: less than you might be spending now on coffee.*
Simply answer a few online health questions and get a personalized quote in less than 5 minutes. This could be the most important thing you ever do for the people you love.
And Ethos is rock solid: They’ve protected more than 100,000 families and have provided over $34 billion in coverage. So, why not check it out?
*Sample quote based on 20 yr term for 40 year old non-smoking male
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