The Advantages of Stealth Wealth and How to Practice it

Becoming wealthy has never been easier in America. However, surviving as a wealthy person on the other hand, has never been tougher as the wealth gap continues to widen and that is where stealth wealth comes in.

This article contains information on what stealth wealth is and how you can practice it. The following are the main points:

• What is Stealth Wealth
• Advantages of Stealth Wealth
• How to Practice Stealth Wealth
• Should You Flaunt Your Wealth?
• How to Tell if Someone is Secretly Wealthy
• Stealth Wealth Watches
• Stealth Wealth Fashion
• Benefits of Being Wealthy
• How does The Wealthy Stay Wealthy
• How to Attract Rich Friends
• How Much Money do You Need to be Wealthy?
• What Do Rich People Invest in?
• How to Become Wealthy in 5 Years
• What Bank do Rich People Use

What is Stealth Wealth

Stealth wealth is the practice of keeping your true wealth hidden from others — even friends and family members.

And though the name might bring to mind mystery, espionage, and images of the Monopoly man dressed as a ninja, the practice is anything but that. Examples of stealth wealth can be any of the following:

• The rich techie who wears hoodies instead of suits and forgoes a Ford Mustang for a Ford Fiesta.
• The millionaire CEO who’d rather drink a cheap beer with her friends while watching a football game than Dom Perignon at a polo match.
• The college student who commiserates with his buddy’s complaints about student loans — while secretly owning a trust fund himself.

So if you want to know exactly why someone practices stealth wealth, you’re going to have to ask directly.

That’s hard, though, because by definition those who practice stealth wealth aren’t in the business of telling anyone about it.

Advantages of Stealth Wealth

You avoid uncomfortable conversations and situations. Money makes people weird. Having it, especially with people who are in need, can create strange and uncomfortable situations that you probably don’t want. Do you want friends and family members asking you for loans or to invest in their new (probably bad) project? Do you want to have to tell them no?

What if they’re in a dire situation of their own doing and they need “just a little bit” of help to get out? What if you think that little bit of help won’t help but is actually enabling them? What if it’s your brother or sister? Or your parents? Or a childhood friend?

If it looks like you have wealth, people start showing up thinking they can get a piece of it. Some of them are totally innocent, like an old friend who is seeking investment in his new project, and some are not, like an old friend who is seeking investment in his new project – will you know the difference?

No one can see your bank account unless you show them.

You don’t pay the driveway tax. My realtor told me once that we had a nice long driveway that didn’t look like a long driveway, since it meandered through the woods. The “driveway tax” is what contractors call the markup they add to a job whenever the driveway is super long and super nice. With services that have no set price, people wise up to the fact that rich people can pay more for the same things and are eager to increase their prices.

They’re not being dishonest when they do this, they’re merely responding to market forces. It’s no different when you compare the price of services in Manhattan and Omaha. Is it fair to charge more prices in a higher cost of living area when the work itself will be the same? Of course. Your expensive house is a higher cost of living.

Do they like you or do they like your access to money? Imagine the recently rich lottery winner who goes to a bar and meets a woman he feels is out of his league – is she interested in him because he’s awesome or because he has an awesome amount of money? What about the tech entrepreneur who meets up with an old friend and discovers he’s perfect for this new business venture?

This is a common concern for individuals who have wealth. It’s hard to know who likes you for you and who likes you for your net worth.

There’s a reason why LeBron James’ entourage and business associates consist of friends he’s had since childhood. These guys, like Maverick Carter, were initially ridiculed in the press because they had no experience. They’ve since proven themselves to be more than capable of the task.

Part of it is loyalty and a “don’t forget where you came from” but much of it is an issue of trust. How can you tell the difference between a legit operator and Bernie Madoff?

You can’t. Unless no one knows you have wealth.

You won’t be kidnapped. Kidnappers don’t kidnap poor people, right?

This is a morbid way of saying you won’t become a target. Whether it’s a target for kidnapping, fraud, or other ill will; being flashy makes you a target and it can be for any number of reasons. Don’t give them a reason!

You won’t feel the pressure to maintain that appearance. Stealth wealth is very affordable. When you throw your money around, whether it’s for good or for attention, you have to keep throwing it around. That attention is like a drug and the only way to fuel it is by burning money. New stuff becomes old stuff and you’ll have to buy more stuff.

When you lend financial support, it leads to more financial support. How many stories have you heard where someone gave someone else $500, they got on their feet, paid it back, and all was well? Not too many because it’s rare. $500 usually is a precursor to more. Or it’s a precursor to an uncomfortable conversation.

How to Practise Stealth Wealth

Below are some ways to practice stealth wealth

Never drive a nice car to work or to any public setting

Drive the most economical, safe car you know so that when you ultimately run into your co-workers, they’ll think you’re frugal or poor.

Take public transportation and proclaim your love for buses and trains profusely. You don’t want to roll into the office in a Benzo and have your boss see you. His or her immediate thought will be to cut your bonus since you are doing so well.

Driving up to an employee salary negotiation meeting in a Bentley isn’t going to work in your favor either. Instead of choosing a new Range Rover Sport and deducting the vehicle as a business expense, consider a more moderate BMW X3 or Jeep Grand Cherokee instead.

When cops huddle for breakfast thinking about which car they want to ticket, do you think they are going for the guy in a 10 year old Toyota Corolla? Cops make $50-$60,000 a year on average and are on a mission to equalize.

Always say it’s fake

Whether it’s your Panerai watch, Birkin bag, Armani suit, or Louboutin shoes, always tell the person who asks that it’s fake. Resist the urge to brag about your material things. You’re already an established individual.

You can tell them you got it at Ross, Target, or at a flea market overseas and marvel with them how good knock-offs are nowadays. The quality things that you buy are for your own pleasure after all. Pretend you don’t know brands or how much things cost. Just say you like how it looks.

Be careful who you give your home address to

People love to snoop online to see what you paid for your house. Not only will they see what you paid for your house, they’ll also be able to tell whether you’re under water or making huge equity. Instead of giving an exact address, you can give them cross streets and a description of the house. e.g. I’m at the corner of Jackson and Teller. Brown wood shingle house. You can’t miss it.

Inevitably, they will find out your exact address if they pay attention, but delay that information for as long as possible. Your house is your sacred abode. Protect its privacy. I recommend claiming your house online and trying to make the house look as bad as possible. Property tax assessors look online all the time now to try and jack up your taxes.

Spread your assets around

Do not become one of the biggest land owners in your community. Do not become one of the biggest shareholders in a private equity deal unless you really, really believe in it. Spread your investable assets around so people can’t really tell how much you have. Diversification also ensures that your wealth doesn’t take a beating in case of violent downturns either.

Never reveal your full income

Without question, never reveal the full extent to how much you make. Only those who are insecure, seek adoration, or want to make money by teaching you how to make money enjoy flaunting their wealth. There’s definitely an inverse correlation with how much wealth you have and how much you show. You’re an invisible tycoon remember?

If you have a particularly high income level and you’re hanging around with people who make a fraction of what you make, be cognizant not to talk about your vacations or things you’ve bought. Be aware that the median national household income is $62,000 as of 2019. Earning anything more than 2X your state’s median household income will put you under fire.

Pretend you do not understand

You might be a brilliant person, but brilliant people are intimidating. Instead, pretend you don’t fully understand what another is saying by asking questions. Don’t think you’re better than others just because you see solutions easily. Guard your intelligence like you guard your full income and wealth.

It’s better to start your intelligence at a low level and dial it up if the occasion requires. Some of the smartest people I know have this eery look about them that screams stone cold aloofness. You know they are already thinking multi-variably, but from the outside it seems like they are a dull brick wall.

Volunteer to be on various charitable boards

Although charitable boards are a breeding ground for some of the wealthiest people, it’s hard to get attacked if your name is prominently on the brochure for good. Your role as a charity board member is mainly to fundraise since it is assumed you are relatively well-connected.

Rich people attract other rich people, who enjoy rallying around a cause. The more money you can raise for the charity, the less bad things other people will have to say about your wealth.

Always stay humble

Sooner or later, people will figure out you are not as poor as you make yourself out to look. When they do, they will realize how humble and unassuming you were all those times they were talking about their wealth and their achievements.

You know those movies where a girl falls in love with an ordinary guy she meets at a park, but he turns out to be a prince instead? You want to be that guy. They’ll love you even more and you may even affect their financial lives in a positive way.

Praise others for their success

Always be encouraging and positive of other people’s milestones. People who are insecure tend to be the ones who want to toot their horn the most. You know the types who constantly post pictures of themselves online, name drop who they hung out with the other day, or constantly share how great they are. Once in a while is absolutely fine. All the time just cries for desperation and attention.

Try really hard to bite your tongue and not “one-up” someone else despite any successes you have. Give glory to them. Be happy for others and never belittle their achievements.

Always attribute your success to luck

Eventually, people might catch on that you are wealthier than you make it seem to be. When they confront you, it is vital you attribute your success to lucky breaks. Once you do, there’s nothing more than can say because you’ve already acknowledged your skills and hard work didn’t get to where you are.

Take the confrontation a step further and buy them a drink or a meal to share your luck. You will instantly gain an ally if you do.

Should You Flaunt Your Wealth?

A lot of individuals go on social media platforms to show off their possessions, in fact, it has become the norm these days. But does mean you should join in and flaunt your wealth? Here are some reasons why you should not flaunt your wealth.

Not Everyone is Happy With Your Success

Not everyone is happy that you are more successful than them and not everyone is happy that you are living a good life.

Not Make Yourself a Target

I mentioned that not everyone’s happy with your success in the first tip, and this could even make some of those people make you a target for their evil plans.

People would also come close to you for the wrong reasons when you flaunt it. You make it difficult for yourself to have genuine friends and genuine people when you flaunt your wealth.

People Would Come Close to You For The Wrong Reasons

People Would Hate on You

Of course people would have hidden hatred for you when they know that you have so much.

Sometimes, you might be tempted to show off your wealth with no bad intentions, after all, they are a product of your hard work, but you should know that not everyone would see it as you do.

How to Tell if Someone is Secretly Wealthy

Have you ever looked at a person and feel they are probably wealthy or maybe they are practising stealth wealth? There are signs that can help you figure out if the person is secretly rich or he is just showing off. Some of these signs are listed below:

Attitudes about wealth

For the mass affluent, there is an inverse relationship between how much wealth you display and how wealthy you are. The more men try to showboat their wealth, the more likely he is spending beyond his means with credit card debt.

Women should question a man’s thoughts on debt and consumption by asking about the state of the overall consumer. Most wealthy men have a good understanding about finances in general.

They take calculated risks with their money and have firm opinions about politics, social welfare, and foreign affairs. Wealthy men try to look for as much value as possible because there’s a deeper appreciation for a dollar earned.

Education

If he went to a good university or has a graduate degree from a reputable school, chances are high he makes more than the median income. Memorize the fact that the median income for 29 year old MBA graduates from the top 20 schools is around $120,000 a year to start.

Know that first year cardiologists, radiologists, and orthopedic surgeons make at least $250,000 a year in big cities and 30%+ more in smaller cities. Here’s a chart of the median total pay package for graduates from the top 15 MBA schools.

Occupation

The large majority of people who’ve worked for more than 10 years in the field of medicine, strategy consulting, investment banking, private equity, venture capital, successful internet startups and high tech all make six figures a year and have networths of over $1 million dollars.

If they don’t, they will with enough time and financial competence. Hence, if you want a wealthy man find a man who is in his mid 30s or older. It all depends on how old you want to go as you can find plenty of 65 year old fireman with enormous pensions as well.

Items of clothing or accessories

It’s almost impossible not to wear anything nice if a man has money. Common things to look out for include watches, dress shirts, shoes, belts, and wallets. One good hint is to see whether his dress shirts are tailor made.

Tailor made clothing isn’t necessarily more expensive, but they do provide hints that the man cares about quality and potentially travels for work, which are both correlated to wealth. Many wealthy men also can’t help but drive a nice car or wear a nice watch.

Memorize that entry level BMW 3 series, Audi A4s, Mercedes C series, and Lexus IS models cost about $40,000-$60,000 and go up in 35% increments for each successive line. If he’s paid cash, you’re golden. If he leases, you’ve got to figure out whether he put in on his company (good), or whether he’s leasing because he can’t really afford it (bad).

Look out for watches like the Rolex Stainless Steel Daytona, IWC Big Pilot, Hublot Big Bang, Audemars Piguet Royal Oak, and Panerai Submersibles. They cost between $7,000 – $15,000 and are considered a wealthy man’s “everyday” watch. Finally, look out for guys who rock $100 digital watches from Casio and Timex. Wealthy guys love to go the complete other way.

Stealth Wealth Watches

A Lange & Söhne Richard Lange Pour le Mérite

The A Lange & Söhne Richard Lange Pour le Mérite in
pink gold, limited edition of 200 pieces. Ref: 260.002. A further 50 pieces are available in platinum.

While it could pass off as a regular $18,000 1815 timepiece, the PLM is anything but the base model. The Pour le Mérite collection from A Lange & Söhne is considered to be the pinnacle of watchmaking for the Glashütte-based watch manufacturer.

They are considered to be some of the most well-made, stunning, and complicated watches to be produced by the maison, and they are certainly one of the most desirable series of watches to collect for the longest time.

Showing the movement, L.044.1 with the characteristic three quarter plate arrangement. Note the apertures on the plate to show the fusée-and-chain which is the characteristic of the Pour le Mérite series. The Richard Lange Pour le Mérite is the only watch in the series that does NOT feature a tourbillon.

The 40.5mm Richard Lange Pour le Mérite is one of the five watches from the exquisite collection. While it might be the least complicated one (it is the only one without a tourbillon regulator), there is a lot more to it than meets the eye. Beneath the stunning enamel dial lies an incredibly finished movement that houses a fusée-and-chain mechanism.

The mechanism, which is made up of 636 components in this particular watch, allows the constant force to be supplied to the escapement as the mainspring (or fusée) unwinds itself. This prevents the loss of torque from the conventional mainsprings, which may affect the accuracy of the timepiece as it progresses towards the tail-end of its power reserve.

The newer Richard Lange Pour le Mérite, which comes with white gold case and a black finish silver dial, is priced at US$82,500 (approximately S$113,636). However, the original version with the white enamel dial (as seen in the picture above) has long gone out of production and is expectedly more desirable than the newer model.

Laurent Ferrier Tourbillon Grand Sport

Laurent Ferrier joins the ranks of the luxury sports watch world with an entrant worthy of the reputation – the Tourbillon Grand Sport, with the coveted LF Tourbillon in a new sporty case. It marks the brand’s tenth anniversary and also the founders’ motorsports careers.

Laurent Ferrier was once a race car driver in the 70s and also a pioneer watchmaker that worked on Patek Philippe’s Nautilus prototype. Cased in an unassuming stainless steel case and rubber strap, the tourbillon is only visible from the back. On the dial side, a simple time-only configuration is displayed. The watch is priced at S$280,000.

Grand Seiko Elegance Collection SBGZ001

The new Grand Seiko Elegance collection which marks the 20th anniversary of Spring Drive, reveals a new manual-winding thin dress series. The collection is made up of four different models, with the most talked about model, the Platinum SBGZ001 with a hammered case and snowflake dial.

All the watches in the collection offer one-second-a-day precision and a long power reserve, thanks to the dual mainspring design of both calibers; namely the Caliber 9R02 used in the Platinum models and the 9R31 in the other metals. This time-only watch is limited to 30 pieces and priced at US$76,000.

Citizen AQ6010-06A in White Gold

This is possibly the least expensive watch in the list, yet the most accurate of them all. When it comes to stealth, it’s difficult to name a more stealth-wealth item than this US$16,800 quartz watch in white gold.

While it’s not an exorbitant 6 digit timepiece, it must say a lot of its owner, who is willing to foot the bill for a timepiece that has a cousin that looks 95% alike and priced at $50 or less. This may just be the timepiece of choice for politicians in public settings.

Akrivia Chronomètre Contemporain

Rexhep Rexhepi might not be a name that many have heard of, but he is in fact one of the most talented watchmakers in the industry today – just ask Kari Voutilainen. You may have even heard of his brand, AkriviA.

Rexhepi is what many consider to be prodigious. At the ripe old age of 14, he joined Patek Philippe’s watchmaking school as an apprentice for three years where he honed his skills. He continued working for Patek Philippe for two years before moving on to BNB Concept where he worked on highly complicated movements and was put in charge of a team of watchmakers after just a year in – mind you, he was only 21 then. 

The AkriviA Chronomètre Contemporain represents the very best fine watchmaking and in particular, independent watchmaking. The watch pays tribute to the ancient art of watchmaking and does so by executing each technique and skill to the absolute highest level. The Chronomètre Contemporain in red gold is priced at CHF55,000 while the platinum comes at CHF58,000.

Stealth Wealth Fashion

Brunello Cucinelli

Originally launched as a niche purveyor of cashmere in 1978, Brunello Cucinelli is now a global household name (assuming the houses in question are owned by the top 10% of wage earners). Thanks to its commitment to material quality, the line’s ready to wear, shoes, and accessories for both women and men command some of the highest pricing in luxury. But, its designs fly high above trends and are easy to miss if you’re not sure what to look for.

One hallmark of the label and an easy way to spot it: the micro-bead detailing called “Monili” which appear as tiny gunmetal-tone beads (a bit like gray caviar) adorning mostly Cucinelli womenswear. They’re individually applied, similar to the Swarovski crystals on a minaudière, and thus make the pieces they decorate that much more special.

For a very similar aesthetic, see Fabiani Filippi, which also hails from the Umbria region of Italy, near the city of Perugia.

The pleasure in wearing a label like Brunello Cucinelli or Loro Piana, another cashmere-centric line, is the self-satisfaction of indulging in some of the best spun fibers (be they cashmere, cotton, silk, or something more technical), embellishments, and techniques available in the world—without attracting too much attention.

Classic Stealth Wealth

Since italist carries over 1,000 brands from all over the world, we carry many that could be considered classical stealth wealth. But, since our retail partners are all based in Italy and the country has long been the source of some of the finest clothing in the world, we also have pieces from labels, niche producers, and artisans you’ve probably never heard of.

Some classic womenswear stealth wealth labels to check out:

• Agnona
• Max Mara
• Fontana Milano 1915
• Giorgio Armani

Some classic menswear stealth wealth labels to check out:

• Loro Piana
• John Lobb
• Brioni
• Ermenegildo Zegna
• Zanone

Contemporary Stealth Wealth

In contrast, there are many contemporary labels with more recent origins creating high-end, low-key apparel and accessories. These blend well with the labels listed above, but have a slightly more youthful approach and current perspective on fashion.

Some contemporary womenswear stealth wealth labels to check out:

• Gabriela Hearst
• The Row
• Malone Souliers
• Fabiana Filippi
• Proenza Schouler
• Victoria Beckham

Some contemporary menswear stealth wealth labels to check out:

• Jil Sander (named a 2020 menswear collection to watch)
• Salvatore Santoro
• Giorgio Brato

Benefits of Being Wealthy

Financial Freedom

Off course, the greatest benefit of wealth is financial freedom. Despite common beliefs, financial freedom is much more than being debt free. Those who are truly wealthy understand that money is just a tool for manipulating their reality.

When used properly, money can create and expand options and opportunities in both our personal and professional lives. It can also support in the elimination or decrease of the expected and unexpected challenging situations.

Greater Options And Opportunities

The more wealth we generate, the more options and opportunities that emerge.  These options are usually of higher quality and generally add greater value and diversity to our lives. Usually, many of these options are often exclusive to the wealthy and largely unknown to the general public.

With respect to material things, higher quality options are usually more exclusive and generally retain or increase in value over time. Therefore, upon resale, the wealthy will usually recover the cost of the purchase and potentially make a profit.

Increased Time Leverage

Not only are the wealthy keen enough to use money to make more money, they also use it to leverage time. They achieve this by simply paying to have things done. They usually have systems in place including technology and human resources that automate and manage many aspects of both their personal and professional lives.

The wealthy generally have a team of people who control and organize their day to day operations. This team usually consists of managers, assistants, gardeners, private chefs, and even private travel agents, who arrange every business trip or vacation to the finest detail.

Remember, we all live with the same 24-hour day. As individuals, we can only physically do so much. Tasks, whether simple or complex, can take hours, days, months or even years to accomplish. However, the wealthy can arrange to have each task completed by the appropriate professionals in a much shorter time.

With the ability to leverage time, the wealthy are not always required to be involved in the immediate process. Therefore, they only need to do the things that are exclusively required of them. This allows extra free time to move on to other things such as creating more wealth opportunities or just enjoying life as they so desire.

Education And Self Development

With respect to higher education and self-development, the wealthy have access to world class advisors, tutors, mentors, and elite life coaches.  When the wealthy have struggles or just want to take life to the next level they seek personal coaching from the likes of Tony Robbins and Brendan Burchard.

Higher Quality Health

Globally, studies have shown that on average the wealthy have an additional 20 years of productive lifespan than the less fortunate. In the UK, the London Health Observatory reported a nearly 25-year gap between the affluent and the deprived. In the US, the American Medical Association suggest a 15-year gap.

– Higher Level Of Care

There should be no surprise that the wealthy in general, usually live longer. Due to the abundance of money they can fly around the world to access the most advanced medical and surgical resources that exist. This in turn provides access to world renowned doctors, specialists and experts from around the globe. For this reason, they are not restricted to local hospitals which often experience limitations in quality resources.

– Food and Diet

The wealthy have the privilege to eat as healthy as they desire. There is no secret to the fact that healthier food is more expensive. Additionally, the wealthy have access to a higher quality food selection that is not always available to the general population.

In many major cities, there are elite food service companies that cater exclusively to the wealthy. These services provide the highest quality food available in the form of private food delivery including meal prep services. These services are designed to suit many types of diets including vegetarian, vegan, Mediterranean and so on.

And let’s not forget, many of the wealthy have personal chefs who specialize in preparing the healthiest foods for the diet of their choice.

Crisis Management

We can never totally avoid crisis or even general problems that life throws our way. However, being wealthy provides the financial resources needed to prevent, eradicate or at the very least, reduce the seriousness of most situations.

– Legal

Depending on the situation, you may not always be able to eliminate it entirely. However, having the financial resources to hire the best legal team available will greatly increase your chances of at least minimizing it.

– War and Natural Disasters

For the wealthy, they have the ability to quickly evacuate from almost any situation. When there are warnings of civil or political unrest or the potential for life threatening weather conditions, they simply leave without thought. Whether they leave by private transportation or use public transportation, they are not restricted by the lack of money.

Off course there are some situations that occur without warning such as natural disasters, terror attacks and so on. For the super wealthy, they have access to elite classes of insurance that are not generally available to the non-wealthy.

This elite class of insurance provides security extraction or evacuation in the event of distressing or life-threatening situations. If such an event occurs, a S.W.A.T.-like rescue team including medical personnel are deployed to rescue and bring them to safety.

Additionally, many insurance packages that are available to the wealthy also provide recovery of high value material possessions. These possessions include items such as fine art, luxury vehicles, high value collectibles and so on.

How does The Wealthy Stay Wealthy

It is one thing to be wealthy, it is another to stay wealthy. The self-made rich aren’t necessarily smarter than anyone else, but they have mastered some important principles that help them get ahead and stay ahead. Most important, they treat building wealth as a learnable skill — and it’s one that you can learn, too. Here more:

Network with other successful people

Wealthy people understand the importance of surrounding themselves with other successful people. Wealthy people spend time networking with others who are wealthy but also have drive, talent and, most important, the potential to become wildly successful. The rich spend time every month getting to know other like-minded people at conferences, events and gatherings, or just grabbing coffee or a drink with someone interesting.

This is time wisely invested, as it keeps their minds focused on success and helps them meet new people who have fresh and thought-provoking ideas. Doing this also helps wealthy people fill their contact lists with relevant and influential people who can potentially help them (and vice versa).

Create multiple income flows

The more money you have, the easier it is to make more money. And the easiest and fastest way to make more money is to have multiple income streams. That way you always have money coming in and can use the excess income to invest in new income flows. This, in a nutshell, is the primary way the wealthy stay wealthy.

There are two basic forms of income: active income, in which you work for the money you make, and passive income, in which payment isn’t directly tied to the number of hours you work. Passive income includes rental property, dividend stocks, index funds, writing a book or creating an app, all of which will bring in a steady flow of income from sales or royalties.

Rich people make their money work for them. They know that investing is the key to growing their finances. While saving money for a rainy day is important, your investments are going to do the heavy lifting to help you become wealthy.

Invest

Saving means putting money into a safe place until you want to retrieve it, but most savings accounts don’t yield high interest, so this pile of money basically stays static — it’s not going to grow much beyond what you add. But smart investments will give you healthy returns, which you can then reinvest. When you invest in something, you also accept some amount of risk, so you never want to invest more than you can afford to lose.

Take calculated risks

The rich don’t gamble on big financial decisions; they do what they can to mitigate risk. They do their research and analysis, and determine which options best suit their financial needs and business desires. They weigh the pros and cons, and then take calculated risks.

They make financial decisions by asking themselves, “Will this bring me closer to my goal?” They avoid frivolous risks that aren’t really going to benefit them, and never take a cavalier attitude when it comes to money.

Get outside your comfort zone

Wealthy people are successful because they have learned that success comes to those who embrace a little discomfort. They understand that the only way to really improve is to push yourself beyond your limits. If you want to become wealthy, you’re going to need to fuel your creative spark, come up with unique business ideas and then take the plunge.

Wealth and success don’t emerge from the safety of a 9-to-5 job. They come from drawing on your inner strength and going for your big dream. All successful business leaders, visionaries and game-changers have gone beyond their comfort zones in order to achieve the ultimate success. The people who will go down in history had the courage to face their fears and take that first step into the unknown.

Focus on Self-improvement

Wealthy people are usually avid readers, but you won’t find many mindless beach novels in their bookcases. The wealthy understand the importance of self-education and pushing themselves to become better in all ways. In fact, if you look at the books piled by their beds, you’ll mostly find titles on self-improvement.

While 85 percent of rich people read two or more self-improvement books per month, only 11 percent read for entertainment, compared to 79 percent of the poor. And a whopping 94 percent of wealthy people read news publications, compared to 11 percent of non-wealthy people.

Take time to reflect

Many of the self-made wealthy spend time in focused thinking every day. Spending 30 minutes (or more) in a quiet space gives them time to reflect on their life and goals, to think about their health and relationships, consider their career and financial goals, and analyze where they’re currently at and where they want to be. Critical thinking time is essential to staying ahead of the market and considering what changes may be coming your way.

This is also time to focus on self-improvement and working through ideas. Some may opt for journaling or writing to help them come up with creative solutions and ideas. Just make sure you’re spending your time on productive thinking. Don’t waste your mental energy on ruminations or negative thought loops that will make you second guess yourself. The wealthy don’t.

How to Attract Rich Friends

Learning how to attract wealthy people is a skill like any other. Outside of the basic skills of being courteous and polite, also being compassionate and helpful is paramount with how to get into rich social circles. 

In terms of how to attract wealthy people in your life, there are a few key principles come to mind:

• Be authentic.
• Be interesting.
• Be optimistic.

All of these are vital to building a foundation of friendship. But even more so with meeting the wealthy.

If you’re familiar with the law of attraction, you’re aware of how to manifest things into your life. But perhaps you’re unfamiliar with how to manifest friends, and particularly how to manifest wealthy friends and associates. If you’d like to know how to surround yourself with winners, you need to “act as if.” Meaning, you need to act as if you are wealthy and a winner yourself.

The Law of Correspondence spells this out for us in very clear terms. “As within, so without.” So you need to feel (and believe) that you are worthy of wealthy friends. You need to imagine your life as if you are living and amongst the elite. The more you can take on this disposition and immerse yourself in the sensations of living a luxury life, then you will soon learn how to attract a luxurious lifestyle.

Find a way to walk amongst the wealthy, even if for brief moments in time. Perhaps you get a job in a place where the wealthy gather, like a country club, exclusive hotel, a high-end catering business. You may consider becoming a nanny or au pair for a wealthy family. If you’re into cars, get a job at an international import car dealership. If you like boats, try volunteering at a yacht club. Be creative.

How Much Money do You Need to be Wealthy?

To be considered “rich,” Americans say you need a net worth of at least $2.3 million.

That’s according to a recent poll by SeniorLiving.org, which asked 1,000 U.S. adults how much a person would need to have in order to be called “rich.” For those still working, you’d need to earn an annual salary of over $300,000 to earn the “rich” title.

About 1,000 adults between the ages of 21 and 75 told Schwab that you needed a net worth of $2.27 million to be considered wealthy.

Regardless of what you think it takes to be rich, don’t wait to start building up your wealth. You may not be rich today, but by saving up throughout your life, you can likely achieve real wealth and financial security.

“Building your net worth is a life’s journey — it’s not something that can happen overnight,” says Farnoosh Torabi, personal finance author and host of the “So Money” podcast.

What Do Rich People Invest in?

Personal Coaching

Personal coaching is smart investment rich people make when they know they need some help reaching their potential. Morgan Ranstrom, who is a financial planner in Minneapolis, Minnesota, told me he wholeheartedly suggests a high-quality coaching program for anyone who needs help taking that next step in their business.

Ranstrom has worked with various life and business coaches that have helped him understand his values and clarify his goals, become a published author, and maximize his impact as a professional and business owner.

“For individuals looking to break through to the next level of success, I highly recommend investing in a coach,” he says.

Personally, I can say that coaching changed my life. I signed up for a program called Strategic Coach after being in business for five years, and this program helped me triple my revenue over the next three years.

The thing that scares most people off about coaching is that it’s not free; in fact, some coaching programs cost thousands of dollars. But wealthy people know the investment can be well worth it, which is why they’re more than willing to dive in.

Mastermind Groups

It’s frequently said that Dave Ramsey was in a mastermind group called the Young Eagles when he first started his business. Entrepreneurs such as Aaron Walker and Dan Miller were also in the group, and they leaned on another for advice and mentorship to get where they are today. Ramit Sethi, bestselling author of I Will Teach You to Be Rich, is in a mastermind group with Derek Halpern from Social Triggers.com and other successful entrepreneurs.

These are just a few examples of masterminds that have worked but trust me when I say most of the wealthy elite participate in some sort of mastermind group or club.

Mastermind groups are insanely helpful because they let you bounce business ideas off other entrepreneurs who may think differently than you but still have your best interests at heart. And sometimes, it’s a small piece of advice or a single statement that can make all the difference in your own business goals — and your life.

Accelerated Learning

Most rich people read a lot of books written by people who inspire them in some way or have unique experience to share. I’ve always been a big reader too, diving into books like The 4-Hour Workweek by Tim Ferriss and The Millionaire Messenger by Brendon Burchard.

Reading is such a smart and inexpensive way to fill some of your free time and increase your knowledge, which is something the wealthy already know. If reading a few hours per week could help you stay mentally sharp while you learn new things, why wouldn’t you make that decision over and over?

But there are other ways to accelerate learning that don’t involve reading or books. You can also take online courses in topics that relate to your career. As an example, I’ve personally taken courses on YouTube marketing, productivity, search engine optimization, and affiliate marketing.

Going to conferences to learn new skills from others in your field is also a smart move rich people make. FinCon is a conference for financial bloggers I attend each year that I can attribute making millions of dollars from — mostly from meeting brands, learning new skills, and networking with my peers.

How to Become Wealthy in 5 Years

Most of us wish to be rich & wealthy, but few ever do. That’s because people don’t think it’s possible. Believe it or not, you can become a rich millionaire within the next year. However, becoming wealthy is something you’ll need to work on over a lifetime.

Find a Wealthy Mentor

Who better to learn from than someone who has what you want? Your friends can provide you with great support; however, unless they happen to be wealthy millionaires, they won’t always have the right answers or attitude.

A mentor is someone who understands what you’re going through. They will understand your ambition, and they can inspire you. They can also help you to build a wealth plan and help you stick to it.

How to Find a Mentor

Finding a wealthy mentor can be tricky. But, it’s worth the effort.

First, write a list of people you know that qualify for the position. This should be someone you respect, look up to, and of course, someone you call as wealthy. Build a strong relationship before asking them to be your mentor.

Remember, a mentor doesn’t have to be such a formal position. Instead of meeting in person, you could arrange a phone call, skype call or even send an email.

Maybe you only need to ask one question. Get straight to the point. Your mentor will respect you for not wasting their time.

Take Control of Your Finances

Wealthy people not only understand money, but they also take control of their money too. Staying on top of your finances is crucial if you want to stand any chance of becoming a wealthy millionaire.

Here are a few things you need to be on top of:

• Earn More Than You Spend: It may sound obvious, but keeping a close eye on the bottom line is something that many buddy entrepreneurs & businesses fail to do. The more profit & cash flow you can create, the easier you’re millionaire mission will be.
• Expenses: To make money, you need to be able to keep the money. And, that means controlling your costs.
• Keeping Your Credit in Check: The wealthier you become, the more you’ll realize how important your credit score is. Keep a close eye on any debts & loans you have to ensure you’re credit stays healthy and available.
• Financial Planning: There’s a good reason why a bank will always ask for financial plans & books, before accepting you for a loan. It paints a picture of how clear your vision is, and how organized you are with money. Whether you need to borrow money from the bank or not, keeping financial reports is just good practice. Give yourself a plan with clear objectives and goals, and then stick to it.

Having organized financial books and accounts will come in handy, should the taxman ever come knocking.

Become Financially Educated

Schools teach you many things. But, they don’t teach you how to become financially free. If you want to become a wealthy millionaire and stay that way, understanding money is essential.

That’s why so many rappers, singers and sports stars can make millions and still end up broke. They dedicated their lives to mastering their craft. But, they never learned money.

What you’ll need to learn

If you want to know how to become wealthy in 5 years, you’ll need to learn the following:

• How to read profit and loss statements and other financial forms
• The rules of Tax
• The difference between assets and liabilities
• How to improve your credit
• the difference between good debt and bad debt

How to learn about money?

Fortunately, their many ways you can learn about money. Here are a few of my favorite ways.

Read Books

There are hundreds of excellent books written by millionaires, billionaires, and successful leaders; which will teach you so much about money.

Save With the Intent to Invest

Store, store, store, and then Invest! That’s the motto.

If you want to become wealthy, you’ll need to make smart investments. To do so, you’ll first need to stack some money first.

To stick to this 5-year timeline, you’ll need to save intensely. However, in this case, we’re not saving for a rainy day, we’re saving to invest.

The key is to then invest your stored money on something that will earn you more money. This could be:

• Invest in Yourself: Courses are a way to improve you’re abilities & skills and can help to increase your income. Investing in your health can also make you more productive, which could lead to increased profits.
• Invest in Your Business: Buying more stock, hiring employees, and investing in marketing can all lead to an increase in money.
• Invest in Assets: Real estate is a popular investment that wealthy millionaires make to improve their cash flow.
• Invest in Stocks & Shares: Another popular option that the wealthy use to keep their money working long-term.

Suggested Read: Investments that will pay you a monthly income

Remember, big savings will result in even bigger earnings. So, the faster you can save, the quicker you can increase your financial wealth.

What Bank do Rich People Use

1. Bank of America Private Bank

Private Bank is the private banking division of Bank of America, and it targets individuals with a minimum of $3 million in liquid assets. The Wealth Management Interest checking account is geared toward high-net-worth individuals who want to earn a competitive rate on their balance. There are no monthly maintenance fees and members are eligible to enroll in the Preferred Rewards program, which offers exclusive benefits such as a 75% bonus on rewards earned with a Bank of America credit card.

2. Citigold Private Client

The Citigold Private Client Account Package is an all-in-one banking product that’s designed to simplify cash management for wealthy clients. The package includes access to Citibank checking, savings, and money market accounts. Account-holders also receive personalized guidance from a wealth professional, and many of Citibank’s typical banking service fees are waived for Private Client members.

3. Union Bank Private Advantage Checking Account

The Union Bank Private Advantage checking account is available to clients who maintain a combined minimum monthly balance of $250,000 in their checking, savings, investment, or retirement accounts. This account is free of monthly service fees. There are also no overdraft fees and no ATM fees worldwide.

4. HSBC Premier Checking

To qualify for the HSBC Premier Checking account, you must maintain at least $100,000 in combined investment and deposit balances with the bank. Premier Checking comes with a number of built-in benefits, including the ability to earn bonuses of up to $2,000 each year when you refer someone for a new HSBC account. Clients also enjoy personalized financial support, discounts on loan products, and a range of other complimentary services.

5. Morgan Stanley Active Assets Account

The Morgan Stanley Active Assets Account provides the usual check-writing and bill payment services, along with the opportunity to execute trades with margin privileges. Automatic cash sweep is another valuable feature; you’ll need a $5 million minimum initial investment to sweep into an Active Assets Institutional Money Trust.

6. UBS Resource Management Account

UBS is one of the world’s largest private banks, with $903 billion in assets under management as of December 2019. The UBS Resource Management Account provides a fluid way to manage your cash and investments. There is no maintenance fee on minimum monthly balances of $75,000. Banking clients always have access to a UBS financial advisor who can assist with all financial decisions.

7. BB&T Wealth Vantage Checking

BB&T’s wealth management division offers an impressive range of products and services. The BB&T Vantage Checking account offers perks such as tiered interest checking, fee discounts, and preferred rates on loans. If you’d like more flexibility, you can also open a Vantage Asset Management brokerage account, which allows for easy sweeping into and out of your checking account.

8. PNC Performance Select

The PNC Performance Select checking account comes with enhanced benefits, such as a personal private banker, the ability to earn interest on your balance, and bonus rates on selected CD and IRA products, in addition to fee waivers and discounts on consumer loan products including home equity lines. There is a $25 account maintenance fee, which is avoidable if you maintain a minimum monthly balance of $25,000.

9. BNY Mellon Client Access

The BNY Mellon Client Access account is a self-directed banking product that combines the functionality of a brokerage account with the features of a checking account. Clients have the option of placing trade orders for stocks and mutual funds, paying bills, and overseeing their general day-to-day finances. This account and BNY Mellon’s other wealth management products are appropriate for consumers with $2 million or more in investable assets.

10. Chase Private Client

Chase Private Client is designed for individuals who maintain a minimum daily balance of at least $250,000 in a combination of linked checking, savings, or investment accounts at Chase Bank. There’s no monthly service fee, and only a $100 deposit is required to open an account. Account extras include higher interest rates on linked savings accounts and CDs, as well as fee waivers on selected services, including wire transfers and foreign ATM withdrawals.

Conclusion

The true signs of wealth are very plain. It’s greater control of your time and the emotional strength to use it on the things you want rather than the things you feel you should be doing. It’s going on all your kids’ field trips. It’s ordering meals at a restaurant without looking at the price. It’s going on a hike or going to the gym during the middle of the day when the only folks around are retirees. Those are signs of wealth that do not betray a single thing.

If you want to stay wealthy, be stealthy.