Ever wonder how the wealthy stay wealthy? For one, they don’t just leave their money sitting around in some savings account. Here’s what they do with it instead...
First things first, people who sustain wealth are able to do so, often, because they put financial plans in place. This means, at one point in time, they considered where they wanted to be. They envisioned this wealth for themselves.
Whether you make a five-year plan, a 10-year plan or longer, making a plan is key. A financial plan helps you to hold yourself accountable and remember your “why,” which can continuously serve as inspiration for you. Setting up shorter-term milestone goals can also help keep you motivated along the way.People with hefty amounts of savings don’t necessarily have that savings because they left it sitting. More likely, they have it because they invested it.
While there are certainly risks involved when it comes to investing, the average annual return on investments is 10 percent. This means that your money can make a lot more money when it’s invested than it ever could in a traditional bank account. So the risks are worth it, given the potential rewards.The reality is that most people have debt, and most people are stressed out by the thought of their current or future financial situations.
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5 Ways The Wealthy Stay WealthyEver wonder how the wealthy stay wealthy? For one, they don’t just leave their money sitting around in some savings account. Here’s what they do with it instead...
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