You’re going to be very surprised when you learn these 10 money secrets that help the rich build massive amounts of wealth. Rich people use these secrets to keep their money and exponentially grow their wealth year after year. But there’s nothing stopping you from doing the same. Learning the biggest money secrets that rich people won’t tell you could solve all of your money problems and help you not only become financially free, but make it so that you never have to worry about money again. Be sure to stay to the end because number one is sure to surprise you. My name is Chris and I help teach people about money, personal finance, and investing. If you’re interested in improving your financial future, make sure to subscribe to the channel and hit the like button if this video is helpful. Number 10, it’s critical to keep housing costs low. Overspending on a home can easily prevent you from building any amount of wealth. Spending a huge chunk of your income on a mortgage or rent can make it impossible to invest. Rich people make sure their housing costs are very low in relation to their income. When you see a beautiful, expensive home, you might think that those people are up to their neck in debt. They might be further burdened by other astronomical expenses for taxes, lawn care, and other maintenance. The fact is all of those costs probably barely have an impact on their budget because their income is so high. In other words, that house probably costs less than 10% of their monthly income compared to the average American who spends about 30% of their income on housing according to Business Insider. Keeping your housing cost to a very low and manageable level is one of the first steps to building extreme wealth. Number nine, don’t rely on earned income. Did you know that the average millionaire has seven different sources of income? This is because relying on one income stream from a job will not allow you to become wealthy. Earning a regular paycheck has its benefits. It allows you to pay your bills and basic living expenses, but it should be seen as a stepping stone to larger, more passive sources of income. Additional sources should pay you even when you’re not working, and they should have potential for growth. A common income stream other than a paycheck could be owning a business. It may require some time to manage, but it runs whether or not you work on it every single day. Having many sources of income protects you in the event that one of the incomes stops rolling in. It also means one source has the potential to be wildly successful. Relying on a paycheck is not a long-term solution. Number eight, spend modestly. When you see someone who has a lot of money, you’ll probably know right away due to their expensive home, extensive car collection, and designer clothing. What you don’t know is that all of those costs only consume a small percentage of their money. In line with the amount they spend on their housing costs, they restrict overall spending to a very small percentage of their income. This is fairly easy for them to do because when you have a ton of money, it’s easy to buy many of the things you want and still have money left over. However, this is one reason why the rich continue to grow their wealth and become even wealthier. The money that they don’t spend can be invested into assets that are just going to earn them more money. Number seven, invest consistently. Most people who are rich got there by investing consistently over a long period of time by dollar cost averaging into the stock market and other assets. By investing on a regular basis over a long period of time, your investments will begin to compound and grow exponentially. Through compounding, it becomes easier and easier to gain substantial wealth. Investing consistently entails finding room in the budget for investments even when money is tight. Investing during thriving economies and recessions and not being scared away by market drops or frightening news headlines. You need to have a long-term outlook and stick to the plan. Number six, buy things or experiences that are meaningful. Rich people are frugal when it comes to spending money, but that doesn’t mean they’re afraid to spend. They are more than willing to go all out on items or experiences that are important to them. While it’s true that they don’t waste money on aimless purchases, they’re happy to buy things that provide value and happiness. For example, they might have a passion for travel, so they spend a large amount of their money seeing new places. What’s the point in having a lot of money if you’re not going to spend any of it? The difference is that poor people tend to waste money by purchasing things that they forget about shortly afterwards and provide little to no value, while the rich spend on things that matter to them. Number five, you won’t always succeed. It’s unlikely you’re going to succeed with every endeavor, and rich people know this. For this reason, they try many different things in regards to investing, finding alternative ways to earn money, and even various career moves. If one thing doesn’t work out, they don’t quit entirely and revert to a low-paying job for the rest of their life. Furthermore, when they find one thing that has worked well, they don’t stagnate and remain where they are. They’re constantly finding ways to make adjustments, find room for improvement, and try new things that will help them further their success. While some people are intimidated by the possibility of not succeeding, the rich do not let this deter them. And this is one reason why they were able to get where they are. Number four, market crashes present opportunity. Rich people don’t care if the financial markets crash. Actually, they prefer to see things crash every once in a while because they see this as a huge opportunity. If the stock market drops 30%. Wealthy investors see this as a great time to buy when everyone else is selling out of complete fear. The people who panic when the stock market or real estate market crash are the ones who lose money and can’t afford to reenter the market when things become expensive again. Those who are prepared for these occurrences are usually people who are already wealthy, but not always. Anyone with sufficient savings can participate, and those who are able to invest at the market’s bottom earn incredible profits when things recover. Number three, focus on increasing income. How can you increase your income? This is a question you should be continually asking yourself to become wealthy. Investing is one way to create a fortune, but the problem is that it takes a very long time. Without the ability to earn market beating returns every single year, it’s going to take decades to reach the status of ultra wealthy. This is why the rich emphasize earning a high income that can be used to invest and grow that money. They’re not asking themselves how they can get a small raise or earn $100,000 per year instead of $70,000 per year either. They’re asking themselves how they can double or triple their annual income or even more. Most bosses would laugh at you if you ask them to double or triple your pay. That’s why rich people don’t beg for an incremental raise from their boss. They create their own future, often through running their own business. Number two, reduce tax liability. Taxes are one of life certainties, and no one likes giving up their hard-earned cash. The poor and middle class don’t have a tax plan. Instead, they simply go to work. Their employer holds a slice of their paycheck for the IRS and gives them the remainder. With proper tax preparation, it’s possible to pay much less in taxes. One reason for a lack of tax planning is that workers who earn a paycheck have fewer options than the rich. Wealthy people have many forms of income and potential tax deductions in addition to professional tax help. The tax code is extremely complicated, but there are plenty of ways the IRS allows people to reduce their tax liability. For this reason, the rich seek the help of a tax expert like a CPA whose job is to help people make the most of their situation. Number one, debt is good. Poor people know that using debt to buy things isn’t the best idea, but what they don’t know is that debt can sometimes help you earn money. Rich people take advantage of lowinterest debt if they can earn a higher return than the money is costing. Why would a rich person pay cash for their home when they could get a lowinterest mortgage and use that money to fund the growth of their business, buy more real estate, or invest elsewhere? For example, they could pay cash for a $2 million home in which to live and own one house outright, or they could put 20% down on the $2 million home and buy four $400,000 investment properties that will fund the mortgage. In addition, the interest paid on that loan could be a tax deduction. For those that aren’t disciplined or knowledgeable enough to use debt to their advantage, it’s best to stay away. The rich will never tell you these secrets about money. Even if they tried, the majority of people either wouldn’t believe them or wouldn’t listen. But now you know these secrets that will help you make exponentially more money and reach an incredible level of wealth.