Secrets of wealthy people?
Do millionaires they know something we don’t?
Let’s expand our horizons by considering what we can do or think differently to grow our money.
Here are 7 things rich people do differently.
This article was written by a Financial Horse Contributor.
1. Focus on assets
Wealthy people focus on accumulating assets.
More than ever, it is obvious that savings sitting idle will get eroded by inflation.
If you want money to grow, focusing on assets is your best bet to get significant returns.
In the past few decades, especially in land-scarce Singapore, most of the millionaires were made from property gains.
In the future, things may be changing but the same principles on investing in assets apply.
There are also more opportunities than ever to invest.
S-REITs that own Singapore real estate properties are required to distribute at least 90% of their specified taxable income to unitholders in order to qualify for tax transparency treatment.
An increasingly diverse spectrum of ETFs have also opened up opportunities to investors to expand geographical and sector alllocation within their portfolio.
There are more types of investments available to retail investors, at lower costs.
2. Investing > Savings
One common thread that millionaires are focused on is investing.
While striving for a high income is obvious, putting the money to good use is the difference between a high-income earner and a wealthy person who can sit on the beach (whenever they feel like it).
Consistently investing as a non-negotiable habit makes you rich.
Wealthy people invest
Early Consistently Patiently
3. Willing to invest in themselves and their network
Wealthy people invest in themselves.
They know that they only have 1 life, 1 body to make it happen and
