What, you thought rich people stopped thinking about making money once they reached a certain point? Not likely! Rich people know that there’s always room for growth.
They also know not to keep all their money in one place — the stock market, say, or corporate bonds. Diversifying a portfolio is key to financial success.
Here are a few tactics that wealthy people use to keep their dollars growing. These same tactics work for the not-yet-rich, too. Start earning!
1. They secure their wealth with gold
Gold was the definition of wealth for thousands of years. “The only universal currency” is how U.S. President James Madison described it. Rich people knew that, and they invested in gold.
These days you don’t have to be rich to buy precious metals. With help from a company called Goldco, you can invest for the short or long term.
Gold increases in value over the long term, which is why rich folks diversify their portfolios by putting 5% to as much as 10% of their wealth into gold. But it also tends to do pretty well in the short term, especially when we’re hit by inflation or some other financial crisis.
In the past, everyone wanted gold. These days, everyone needs gold: Modern electronics require gold (and silver) for their manufacture. It’s a pretty safe bet that we’re not going to give up computers, smartphones and other essentials.
You can even open a gold IRA to help secure your retirement savings. Goldco will set one up in strict accordance with federal laws, and store it safely until you’re eligible to take distributions.
Rich people invest in gold for a very simple reason: Gold equals lasting value. Want to learn more? Get your free investors kit now.
2. They invest in million-dollar paintings
Billionaires didn’t become billionaires by making bad investment choices. And billionaires have been collecting art for generations; for example, the Rockefellers amassed a collection that sold for an eye-popping $835 million in 2017.
But it isn’t just the ultra-rich who can invest in art by Banksy, Warhol and Picasso. With a company called Masterworks, you can invest in iconic artworks as well – right alongside deep-pocketed folks like Bill Gates, Oprah Winfrey and Jeff Bezos.
Sometimes an artwork will appreciate beyond all expectations. For example, a work by the late Neo-Expressionist painter Jean-Michel Basquiat rose by 5,286% in value in just a few decades.
Art also has one of the lowest correlations to stocks that you can find. In other words, art’s value doesn’t have anything to do with the stock market’s wild swings, which makes it …….