The rich don’t want you to know that they aren’t happy. While it’s true that money can’t buy happiness, it can help you achieve a high level of satisfaction. The rich may not be happy, but they certainly feel better than those who are struggling financially.

Read also: Success is made up of 3 things: you control 2 of then

Invest for growth, not for tax breaks.

Investing is different from speculating. Investing is about building wealth over time, whereas speculation is about trying to make a quick buck.

The rich don’t want you to know that they’re not interested in tax breaks; they want you to invest your money so it can grow into more money.

The rich understand that investing doesn’t have anything to do with short-term gains, but rather long-term returns, so they’re willing to put their hard-earned cash into investments such as stocks and bonds that may not see immediate profits but will eventually pay off big time if they’re invested wisely over a long period of time.

The rich know that if they want their money to keep growing after taxes are paid out on capital gain distributions, then one should invest for growth rather than for tax breaks alone — especially during periods when there aren’t many other options available (such as now).

Spend less than you earn.

If you have a limited amount of money to spend, the best way to manage it is to create a budget. A budget is simply a plan for allocating your financial resources over time, and one of the most effective ways to stick with your plan is by making it public.

The easiest way to do this is by creating an Excel spreadsheet or writing out all of your expenses on paper and sticking them in a binder or planner.

Another option is using apps such as Mint or Personal Capital, which will automatically track how much money comes in each month (your income) and how much goes out each month (your expenses).

Once you have created an accurate picture of where your money flows every month, it’s time to decide where it should go instead.

First off: stop spending so much! You may be surprised at just how much money goes toward items that aren’t necessary or even things we buy without thinking about whether they’re worth our hard-earned cash — eating out too often can add up fast; buying coffee every day adds up even faster; buying books on Amazon without checking if they’re available at the library first adds up even faster still!

Know your net worth.

Knowing your net worth is one of the most important things you can do to manage your finances. It will help you determine if you are on track with respect to preparing for retirement, paying down debt, and saving for the future. Your net worth is simply what remains after subtracting all of your assets from all of your liabilities.

The goal should be for this number to be positive, not negative. You can use an online calculator like this one from Bankrate or download a free copy of Quicken (which includes a built-in calculator) to figure this out quickly and easily.

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Start an emergency fund.

When you’ve got a financial windfall, the first thing you should do is build up an emergency fund. This is money that’s earmarked for use in case of job loss or another major life event that causes you to need cash quickly.

The minimum amount you should have in your emergency fund is three months’ worth of expenses; however, it can be helpful to aim for six months’ worth of expenses so that if your job does get lost, you won’t have to worry about paying the bills for too long.

When building up this reserve, start with small amounts and work up from there: put aside $100 per month for several months until you get enough saved up to cover at least three months’ worth of living expenses (or as much as possible).

Once this goal has been reached, continue adding money until it equals six months’ worth of living expenses (or more), then add more when needed later on down the line — if an unexpected expense comes up, such as replacing broken car parts or buying new clothes after losing weight unexpectedly due to illness so they don’t fit anymore!

Avoid carrying large debts.

In order to be successful, you must avoid carrying large debts. There are two types of debt: good and bad.

Good debt is something that will increase your net worth over the years, like student loans or a mortgage on a home. Bad debt includes things like credit cards and car loans, which will actually decrease your net worth over time because they are so expensive to pay off with interest rates as high as 20%!

If you currently have high balances on your credit cards and lack discipline when it comes to spending money (and don’t we all?), then I highly recommend focusing on paying off these debts before focusing on any other financial goals such as saving for retirement or building an emergency fund.

As an example, let’s say that you have $3k in good quality clothes that aren’t used anymore but haven’t been worn in several months; instead of buying more clothes or shoes until those old ones are sold or donated (or if they’re too ratty), why not put those funds towards paying off one of those pesky balances? You’ll save tons by doing so!

Build a financial team.

You don’t have to be a millionaire to build a financial team. In fact, it’s probably even more important for those of us who aren’t rich yet because we can’t afford the services of all three at once.

For example, if you want help with investment decisions, consider investing $500 with an advisor and paying them 1% of your portfolio every year.

That way they’re paid based on results instead of how much time they spend with you (which many advisors get paid hourly). A great place to start looking for one is NerdWallet’s list of the best online brokers.

For tax planning and estate planning help, start by hiring an accountant — preferably one who specializes in small businesses like yours!

They’ll charge anywhere from $200–1,000 per hour depending on experience but will save you thousands in taxes over time if done right.

Read also: Do these simple things to have everything you want

Learn to say no and be disciplined.

The rich don’t want you to know that they are disciplined and learn to say no. If you need something, save your money for it and do without for a while until you have enough saved.

If a friend invites you to go on an expensive trip, politely decline and tell them that you can’t afford it now, but would love to join them in the future when your finances improve.

If your budget allows only $20 per week for entertainment, then don’t spend more than $20 per week on entertainment. Don’t go out every weekend with friends — set aside some nights just to relax alone at home or read a book instead of going out partying all night long every weekend (and ending up exhausted).

Asking yourself if this purchase is worth it will help keep us from buying things we don’t really need or want but decided impulsively that we needed anyway because “it was such a good deal!

CONTRIBUTED BY Paul B.

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