I've read articles and heard stories that generally suggest that the children of the wealthy end up wealthy themselves not only through inheritance, but also because of what their parents taught them about money management. Essentially, they have better strategies to reduce expenses and maximize income from investments, etc., than people who were not raised by wealthy individuals. I have no idea what those strategies could be and don't know anyone wealthy that could share some ideas with me.
Are there hidden secrets to money management that aren't common knowledge to average people?
Generally speaking, I would consider tactics such as eliminating debt, saving for retirement, and investing wherever possible to be common knowledge (based on most posts seen in this sub), but maybe that's just me. Is there more to it than that?
Thank you in advance for any insight you can provide!
Edit: To clarify, I'm looking for some creative ideas on what my husband and I can do with our money once we get our financial house in order in a few years. The gist of responses so far lean toward hiring a financial planner to help us and possibly opening a business if we can to diversify our portfolio. Thanks to those of you who responded!
Submitted June 25, 2017 at 06:07PM by PerfectionEludesMe http://ift.tt/2tK9sM1
