How to become a millionaire: four 'unpopular' rules of rich people - ForumDaily
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How to become a millionaire: four 'unpopular' rules of rich people

Vivian Tu became a millionaire at age 27. For publication CNBC she identified 4 “unpopular” rules of rich people that most people do not follow. Next - from the first person.

Photo: IStock

I haven't always been good with money. I had to learn this. I grew up in a Chinese immigrant family with two very loving but frugal parents, where clipping coupons and reusing Ziploc bags was the norm.

It wasn't until I started working on Wall Street that I realized that rich people aren't as concerned about saving. They are more focused on investing and growing their wealth.

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By observing and learning from their habits, I made my first million by the age of 27. Here are four unpopular rules of rich people that most people don't follow.

1. Not caring about impressing people

Rich people focus more of their spending on buying assets (things that will make them money over time) rather than liabilities (things that will cost them money over time).

Instead of buying, for example, a luxury Lamborghini, which loses a third of its value as soon as you drive out of the parking lot, a truly rich person will take the same amount and buy a semi-detached duplex and rent it out.

They don't care what you think of them or whether you're impressed. They'll be happy to just cash your rent checks and let you pay their mortgage.

2. Think in terms of abundance

Many people have a scarcity mindset - the constant feeling that there will never be enough money, that we are one mistake away from disaster and that we must save every last cent.

The problem with this type of thinking is that it can make some people very competitive with others in similar financial situations. As a result, people at the bottom of the pyramid spend all their time and energy fighting each other for resources instead of trying to overthrow those at the top.

Rich people have an abundance mindset. Because they know they can pay their bills, they don't worry. This gives them the freedom to decide what they want to do in their free time, rather than focusing only on what they need to do to survive.

3. Think long term

Rich people understand that sometimes everything takes time, and they are happy to wait. Such people are the kings and queens of delayed gratification.

For example, a rich person has no problem putting money into a retirement account. Yes, the $6 they contributed to an IRA this year cannot be used until age 000½.

But they know that if they cannot spend this money now, this does not mean that the funds have disappeared. On the contrary: the longer they wait, the more money they will receive later.

4. Share and exchange

Rich people love to be called the smartest in their group of friends and noted for their exquisite taste and competence in the world of trends. You will often hear from them: “I have a great tax specialist - you should work with him”, “I found the best cocktail bar - you should try a martini there”, “I joined the best country club - and I will sponsor you so that you can join there too.”

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These people understand that when they speak openly about their knowledge, others will be more willing to share what they know. It's another valuable form of currency, and it's for this reason that rich people love nothing more than promoting their friends up the corporate ladder.

Their logic is: “I’m not cut out for this job, but my friend is, and once she gets it, she’ll be very indebted to me. Then, as soon as she takes a leadership position, I will automatically have access to this entire network.”

Yes, this is because they enjoy seeing their friends succeed, but also because they think strategically and long-term.

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