THE SECRETS TO BECOMING WEALTHY

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THE SECRETS TO BECOMING WEALTHY
THE SECRETS TO BECOMING WEALTHY

Updated 01 2021.  What is the secret to success when it comes to obtaining and holding wealth? [i]The truth is there is not one secret formula to becoming wealthy and staying wealthy. There are many different avenues available for those seeking answers. However, many people use the tried-and-true method of saving and investing.

Almost anyone can save his or her money and then invest it wisely, which means that almost anyone can eventually obtain wealth.  What kinds of strategies do the wealthy employ when setting out to build and protect their wealth?

Marriage and Wealth

First, those who accrue wealth tend to be married and they tend to stay married. In fact, according to one study, married people typically have about 10 times the assets of a single person by retirement age. Obviously, divorce can cripple one’s wealth as well; so being able to maintain one solid marriage is a huge benefit. Likewise, having only one home aids in maintaining wealth. Holding onto a home and passing it onto heirs will give it a new value and give the recipients a nice tax break.

Risk and Wealth

The wealthy usually take risks. However, they do not gamble with their wealth. There is a difference. The investment world is full of risk as there are very few “sure things” and it takes educated and sound strategies to achieve successful investments. Safe investments usually pay off in the long run. On the other hand, while high-risk investments can be very lucrative, if they fail one can be left with almost nothing. So do take educated investment risks, but don’t gamble your wealth away with silly risks.

Financial Advice

Wealthy individuals almost always use financial advisors to help them protect their wealth. While many people think they can manage it themselves, trained professionals should offer insight and expertise to assist the wealthy in holding onto and increasing what they already have. These are a few of the secrets that high net worth individuals use to maintain their wealth.

http://www.timesunion.com/business/article/Secrets-of-the-rich-and-smart-9178374.php

 

We hope you found this article about building wealth helpful.  If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us at Info@GROCO.com or visit www.GROCO.com. Unfortunately, we no longer give advice to other tax professionals gratis.

[i] http://www.timesunion.com/business/article/Secrets-of-the-rich-and-smart-9178374.php

 

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