What is stealth wealth, you may ask? The fundamentals of stealth wealth are having a lot of money but not flaunting it. It entails keeping your (big) sums of money a secret from everyone, including your friends and family.
But how does one achieve wealth in the first place? Here, we mention some of the secrets of stealth wealth, and perhaps you can adopt these ways of living to achieve your own level of stealth wealth one day.
Don’t Try Keeping Up With the Joneses
Envy is a nasty thing when it gets in the way of our savings. That new car that your neighbor or friend got may be beautiful and nice to admire, but getting a nice new car just because someone you know got one is no way to spend money wisely.
Be happy for their purchase, but there is no need to try and live up to it if you are serious about building wealth. To practice stealth wealth fully, it’s not imperative to restrict yourself all the time, but when it comes to buying something big like a car, it’s best to stay modest and live within your means.
Avoid Lifestyle Inflation
You just got a raise (congrats!), or you recently changed jobs and got a decent salary bump. This is great, but it doesn’t mean that you should be spending more money just because you, well … have more money to spend.
To build wealth fast, you are going to want to ensure that you save as much of the excess money that you did not spend every month. Getting a higher incoming source of money is a great way to save more if you can keep your spending habits the same as before you got an increased income.
Diversify Your Assets
As the famous saying goes: “Never put all your eggs in one basket.” When it comes to investing or managing your money, it’s a terrible idea to put all your money in one place, as you are putting your wealth at great risk. It’s best to diversify your assets by investing in various asset classes, such as the stock market, real estate, and bonds.
Be Intentional With What You Spend Money On
To build wealth fast, it’s crucial to learn how to live with less by being smart with the way you spend money. In doing so, you should practice cutting out spending money on things that don’t add value to your life.
It’s okay to spend money on things that make you happy, given you are spending within your means, but when you are wasting money on things that don’t add much value to your life, then you are doing something wrong.
Build a High-Quality Wardrobe
When it comes to spending money on clothes, you can either choose to spend three times the amount on a clothing item with utmost quality that may last you a lifetime, or you can buy something a lot cheaper but may only last you a couple of seasons.
When it comes to buying clothes, it’s important to go for high-quality materials such as cotton, linen, or leather. They may be expensive at first, but they are going to last you many years, so you won’t have to repurchase these items anytime soon again, as opposed to cheap clothes that easily fall apart after a few years.
13 Signs You’re Financially Better Off Than the Average American
Achieving financial stability where you can meet your current financial obligations comfortably and still plan for the future is a goal everyone strives to attain.
However, while you may be able to pay your bills, save for vacations, and afford to dine out occasionally, you may feel left behind, especially if you compare yourself with your peers or others with higher salaries. You may be doing way better financially than the average American.
13 Signs You’re Financially Better off Than the Average American
8 Things the Middle Class Won’t Be Able to Afford in Five Years
Unfortunately, inflation’s vice grip on the middle class shows no sign of relenting anytime soon. Here are eight things about to get significantly more expensive for those in the middle of the pack to fit into their quickly tightening budgets.
8 Things the Middle Class Won’t Be Able to Afford in Five Years
20 Luxuries That Were Attainable 50 Years Ago That Now Escape the Middle Class
Specific experiences and commodities from the past were part of everyday life, accessible to most, and cherished by many. Fast forward half a century, and you’ll find these once-common threads have become silken and exclusive, reserved for the wallets of the well-to-do.
The landscape has shifted from leisure activities that bond families and friends to necessities that ensure health and happiness.
20 Luxuries That Were Attainable 50 Years Ago That Now Escape the Middle Class
14 Companies That Will Give You Free Food and Products Just for Asking
More companies are now offering free samples to get customers to try a new product. Over time, these companies gain loyal customers and can increase their sales. As a customer, you also get to test out free products and sample foods you’ve never tasted.
Here are some companies that will give you food and products for free just by asking.
14 Companies That Will Give You Free Food and Products Just for Asking