7 Money Lessons We Can Learn From the Mega-Rich

Ever wonder how the wealthy seem to effortlessly increase their fortunes while the rest of us toil away just to keep afloat? It’s not all about luck or inheritance; there are strategies and habits that set the affluent apart.

From investing to making and saving money, the rich have a different approach to money management. Let’s peel back their curtain to reveal key insights that can help middle-class folks tap into the wealth-building tactics of the rich.

Get ready to transform your financial mindset and learn how to make your money work for you! Not all these suggestions will work for your situation, but some will, so read them all.

1. Diversify your wealth with gold

If a large part of your savings is in the stock market — as it should be — you’re well aware that what goes up can also go down. You can’t control the market, but you can hedge against uncertainty by having other forms of wealth.

One of the best ways to protect your savings is diversification. Keep money in different types of investments, ideally ones that go up when others are going down. For example, stocks tend to do poorly when inflation and interest rates are rising and there’s political turmoil brewing.

But there’s one investment that thrives in this scenario: gold.

Be careful who you deal with, though. Lots of companies in the gold business are pretty shady and won’t hesitate to sell you gold and silver at vastly inflated prices.

Goldco, on the other hand, has an A+ rating from the Better Business Bureau, an AAA rating from Business Consumer Alliance, and 4.8 to 5 stars on Trustpilot, TrustLink, Google reviews and ConsumerAffairs. They offer just about everything, from precious-metal IRAs to gold coins and gold bars.

You’ll even receive up to $10,000 in free silver on qualified purchases. If you’ve ever thought about investing in gold, why not take a look?

2. Get a second set of expert eyes

To properly manage your money, work with a professional — it’s totally worth it. If you’re not doing this, you could be missing out on some serious financial gains.

A 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 financial advisor. That’s twice as much!

If you’ve got at least $100,000 in investments, check out a free service called SmartAsset. You fill out a short questionnaire and instantly get matched with up to three vetted financial advisors in your area, all legally bound to work in your best interests.

Even if you don’t want help picking investments, an advisor can help lower your tax burden, create a comprehensive financial plan for you, maximize your Social Security, and serve as a second pair of eyes to make sure you’re on the right track.

Using SmartAsset only takes a few minutes, and in many cases you’ll be offered a free consultation.

Please carefully review the methodologies employed in the Vanguard white paper, “Putting a value on your value: Quantifying Vanguard Advisor’s Alpha.”

3. Instead of paying your mortgage, get paid

You’ve spent years maintaining and building equity in your home. Now it’s time for your home to pay you back.

A reverse mortgage is an insured loan that lets homeowners 62 and older convert their home equity into cash, but without selling the home. Take the money however you’d like: monthly, lump sum or line of credit. Use it however you’d like: home repairs, bills, traveling or simply living a better life.

Your home remains yours. You hold the title until you die or choose to move elsewhere, provided you maintain the home. When you leave the house, the loan is repaid.

A reverse mortgage can make a huge difference in your quality of life. But they’re not for everyone, so it’s important to get more information. Also important: not all lenders are equal. Be careful who you deal with.

One lender that’s highly rated and happy to answer questions is Longbridge Financial. They’ve earned 4.9 of a possible 5 stars from Trustpilot and ConsumersAdvocate.org said, “By far the best online experience and tools among all the reverse mortgage lenders we reviewed.”

If you’re 62 or over and have equity in your home, it’s time to at least need to see what your options are.

4. Protect your family and your future now

Here’s hoping your retirement years are active, healthy and vibrant, and that you’re able to function as you always have, right up until the time you shuffle off this mortal coil.

But don’t bet on it. 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.

“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 long-term care 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.

One place to find long-term care insurance is GoldenCare. (Unless you live in the four states where GoldenCare doesn’t operate: Alaska, Florida, Hawaii and Washington.)

At least check it out and see if it’s a fit. Because planning now could mean a more secure tomorrow.

5. Protect your home from costly surprises

Home repairs aren’t cheap. Whether it’s a leaky roof or a broken appliance, your castle can quickly crumble and cost you hundreds, or even thousands.

Unless, that is, a home warranty company has your back. Example? First American will protect you from giant bills by covering everything from home appliances to electrical, plumbing, heating and cooling systems — even pools and spa equipment.

They also allow you to customize your plan, so you only pay for what you need.

When something goes wrong, just call First American, day or night. The company has a network of prescreened technicians and typically dispatches an independent contractor within 48 hours.

Hey, if you’re handy and like to repair stuff yourself, that’s obviously the cheapest route. But if that’s not you, a penny spent now could save you big bucks later.

Get your free quote in 30 seconds.

6. Climb a CD ladder

One of the simplest ways to earn 5% these days is by using a CD (certificate of deposit) laddering strategy.

How it works: You open several CDs with staggered maturity dates — for instance, a CD due in one year, another in two years, three years and so on. As each CD matures, renew it at the best current rate.

The logic: If rates rise, you have some money coming due fairly soon to take advantage of that. If rates go down, you’ve locked in money for longer terms at higher rates.

Since bank CDs are FDIC insured, this is an extremely low-risk strategy. But act fast! Rates can, and do, change often.

7. Stop guessing, start investing

We all want to make money in stocks, but it’s easy to get overwhelmed by Wall Street jargon and fancy investment tools.

Moby gets it.

Launched in 2020 by ex-hedge fund analysts, Moby translates complex market strategies into plain English. Think stock picks you can understand, timely market alerts (like when Nvidia and Tesla started to take off), and educational resources that won’t put you to sleep.

Their user-friendly platform is like having your own investment guru whispering smart choices in your ear!

Moby boasts serious results — outperforming competitors by over 300% and the S&P 500 by 400% in 2023!

And the price? You’ll likely more than cover it with one trade: just $16 a month. They’re so confident you’ll love it, they even offer a 30-day money-back guarantee.

Over 5 million users already trust Moby to guide their investments. They have more than 1,000 5-star reviews and their Trustpilot rating is a solid 4.7 stars. That’s a lot of happy investors!

Moby: Invest smarter, not harder. Check it out right now.