16 Surprising Money-Making Secrets Wealthy People Don’t Want You to Know

I’m not super rich by any means, but I’m well off. Everyone knows that you can do well by going into business or finance, tech, medicine, and law, but people seem not to realize that *teaching* those things can be pretty lucrative as well. Being a professor in a professional school like law or medicine is a very sweet deal. It’s hard to make under 150k in the US doing those things, and top earners – usually in med schools – are bringing in 500k from salary alone.

DrHydrate , fauxels Report

When you’re making money pretend like you’re not. All you gotta do is save for a few years. Then you do whatever makes you happy for a business. It takes just a few years of living broke while making money. It’s a grind but years down the road it will feel like it went by fast.

DeliciousHighway6521 , Nicola Barts Report

Have a wealth strategy:

The hardest path is having a job/career where you are just renting your time to someone else. This is most salaried corporate jobs and hourly pay jobs. To become wealthy doing this long term, you need to rent yourself at a pretty high pay rate and live well below your means for a long, long time, saving and investing well.

More realistically, your career needs to involve building equity in something. That could be starting your own business, or could be getting equity in someone else’s business as part of your compensation. As mentioned before, there’s no need for this to be anything innovative or sexy. Just something you are able and willing to put the effort into to be competitive and make happy customers.

Another way of building equity is having a job with a generous defined retirement/pension program and taking full advantage of it. Cops and teachers, for e.g., while not considered to be particularly wealthy, often have good retirement programs that allow them to retire early (as early as age 50), and draw a pension equal or nearly equal to their salaries when they were working. Private pensions can be risky, because they can be gutted as part of a corporate bankruptcy restructuring. But, depending on your wealth goals (ie. you want to retire early and live comfortably vs. always want to fly 1st class) some state and federal defined pension programs are good ways to go.

squirlnutz , Tima Miroshnichenko Report

Small in comparison to other’s comments, but utilizing a high yield savings account, and setting up monthly transfers (no matter how small!) to automatically pull into savings or investing. If it’s already gone I don’t miss it, but if it’s there I often spend it!

LuckBeALadyyy , Anna Shvets Report

I don’t consider myself wealthy – but as an IT Consultant, i was an employee, and earning “ok” money.

I left and started my own business – only me, freelance and contract IT guy – no plans to hire staff or expand – but I’m still 2.5x my prior salary.

I’ve been in IT for 30 years, and know my stuff. Not an overnight success.

Anyhoo – the only way to earn GREAT money is to run a business.

You won’t EVER get wealthy as an employee.

EDIT : As a manager or higher-up in a big company, partner in a law firm – YES, can make good money.

I’ve gone solo / self employed – and earning CEO money. Essentially taking ALL the fee earning $, without any management levels above.

Simply answer – work hard, don’t think about the money, and it will come…

Available-Trust-2387 , fauxels Report