A self-made millionaire shares 8 money secrets rich people know that ‘most of us don’t’


The journey to achieving a multimillion-dollar net worth can be a long and challenging one, often requiring years of trial and error.

For one successful investor, it took two decades of hard work before he was able to draw income from the 18 companies he founded and the 12,000 apartment units he owns at the age of 64.

However, he believes that he would have been able to achieve his success much earlier if he had understood how ultra-wealthy individuals think about money.

Through building relationships with many millionaires over the years, he has been able to observe their habits and gain insights into their money mindset.

Here are eight money secrets they know that most of us don’t:

1. They don’t diversify their investments right away.

Investment experts often advise individuals to diversify their portfolio by investing in a mix of different stocks, funds, and other investments to minimize risk.

However, as wealthy individuals build their net worth, they tend to take a different approach. They often go all-in on their own projects, and then diversify as they start earning more. For instance, Elon Musk, the tech entrepreneur, bet the $22 million he made selling his first company, Zip2, which was an online business directory, entirely on his next business project, an online banking service called X.com.

This bold decision paid off when X.com merged with PayPal, and Musk made $180 million off PayPal’s sale to eBay. This gave him the cash to invest in other ambitious ventures like Tesla, SpaceX, and SolarCity. Many experts believe that this approach to investing is risky, as it requires a lot of faith in one’s own ability to succeed and a willingness to take on significant financial risk.

However, for those who are successful, it can be a lucrative way to build wealth quickly and achieve their goals.

2. They know that debt is for businesses, not people.

Throughout my journey of building my net worth, I made a conscious effort to avoid accumulating debt on non-essential purchases such as designer clothes or luxurious homes.

Even though I could have easily afforded the bills, I didn’t want to waste money paying interest charges. Instead, I wanted to use every penny I earned to generate more wealth. This meant that I invested my income back into my business, which was my primary source of income.

One of the things that helped me stay debt-free was paying cash for my homes. I never took out a mortgage, which meant that I never had to pay any interest on my home loans.

Additionally, I have never accumulated any interest on a credit card. I always paid my credit card bills in full every month, which helped me maintain a good credit score.

However, I also understand that in some cases, taking on debt can be a good thing. For instance, if you’re trying to build a business, taking on debt can give you access to income-generating assets sooner rather than later.

But it’s important to be careful and strategic about how you use debt to avoid getting into financial trouble.

3. Homeownership isn’t always their first investment.

The American Dream has traditionally been associated with owning a primary residence, but it may not be the first choice for the wealthy.

While homeownership is often viewed as a sound investment, it may not always yield the same return on investment as other financial instruments.

Speaking from personal experience, I believe that it is important to exercise caution when investing in real estate. As a homeowner of three properties, I did not purchase them until I had the means to buy them outright in cash.

This approach allowed me to avoid taking on unnecessary debt and ensured that I was making a sound investment.

4. Instead, cash-flow real estate is the place to protect and grow money.

Investing in real estate can be a great way to grow your money, and there are different types of investments you can make.

One option is cash-flow real estate, which is commercial property that generates a monthly profit from rent after you’ve paid your mortgage, property taxes, and maintenance expenses.

This type of investment allows you to make passive income through ownership of the property. Additionally, it can be easier to sell a profitable rental property than a primary residence.

When selling a primary residence, you have to find someone who can envision themselves living there, which can be a challenge.


However, when selling a cash-flow real estate property, you only need to find a buyer who is interested in making a profit. This makes it a potentially more appealing investment option for those looking to grow their wealth through real estate.

5. They always buy in bulk.

It is a well-known fact that those who are financially well-off are willing to spend more money on each purchase in order to get a better price per unit, as well as to save time spent on repeating useless activities.

This principle is applicable not only to businesses, where the wealthy may choose to contract to buy bulk supplies or equipment, but also to personal life.

For example, when possible, it is a wise choice to buy everything without an expiration date in bulk. This not only ensures that you have a sufficient supply of the items you need, but also saves you money in the long run.

Additionally, it reduces the amount of time you need to spend on shopping, allowing you to focus on other important tasks.

6. They invest in their network.

Having someone invest in you without knowing you can be a rare occurrence, but it’s not impossible. However, most of the real estate I own today was purchased from sellers who chose me over other qualified buyers because we had an existing relationship.

Having a strong relationship with someone creates trust and confidence in your abilities. It takes time and effort to build a strong connection, but it pays off in the long run. The more someone gets to know you, the more they will trust you and believe in your talents and skills. If you have a good relationship with someone, then this can lead to better opportunities, speedier decision-making, and higher margins.


When people have confidence in you, not only are they more likely to work with you, but they may also introduce you to others who can help you grow your business or career. Therefore, it’s essential to invest time and resources into making and maintaining the right connections. Building strong relationships requires effort, but it’s worth it to have people in your corner who believe in you and your abilities.

Whether it’s attending networking events, reaching out to old contacts, or simply keeping in touch with people, investing in relationships can help you achieve your goals.

7. They are never content.

I once had a conversation with a friend of mine who has been a CEO for several companies. He has had the opportunity to work with some of the wealthiest people in the world.

I was curious about what made them so successful, so I asked him what they all had in common. Without hesitation, he replied, “None of them were ever satisfied with what they had already accomplished, but instead focused on the next thing that could be accomplished.”

It seems that the wealthy never settle for what they have achieved in the past. They are always looking for ways to improve and achieve even more.

This mindset enables them to think big and pursue ambitious business ideas, inventions, investments, and other wealth multipliers. They are constantly striving for growth and success, and are willing to take calculated risks to achieve their goals.

By remaining focused on the next big thing, they are able to maintain their drive and motivation, and continue to make progress towards their objectives.

8. They don’t waste time trying to do everything themselves.

Highly successful individuals understand that time is the most valuable and limited resource that we have at our disposal. No amount of wealth can purchase more time, so it’s crucial to make the most of it.

One way that they achieve this is by relinquishing the desire for complete control over every minor aspect of their businesses or investments.

Instead, they focus on efficiently outsourcing and delegating tasks to competent and intelligent individuals, who are willing to exchange their time for remuneration.

By doing so, they can utilize their time to engage in activities that are more meaningful and productive, thereby achieving greater success and fulfillment in their personal and professional lives.


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