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But that doesnt mean the rest of us cant learn from the rich.
The financial principles thatkeep the rich richare accessible to all of us.
GOBankingRates spoke with financial experts to uncover fivekey things the wealthy know about moneythat the middle class often doesnt.
They save for retirement early and … look at it as saving to provide options,' Enright said.
With daily compounding, youll have more than $595,000 in 40 years.
Start with $1,000 and save $1,000 every month, and youll have almost $1.2 million.
Thomas J. Brock, CFA, CPA and expert atAnnuity.org, agreed.
This goal-oriented approach helps maintain financial discipline.
Strategic Use of Debt
The wealthy have a different perspective on debt.
As Enright explained, The only debt they might carry is productive debt.
Doing so is counterproductive to wealth.
The difference is that every dollar beyond core necessities is invested to create more money.
Thats what the wealthy do differently, Wang said.
Aaron Cirksena, founder and CEO atMDRN Capital, reinforced this point: Money is a tool.
Cirksena added an important distinction: The wealthy take it and invest it so it can grow.
They also understand that a high income does not mean you are wealthy.
It is how you manage that income that allows you to accumulate wealth and build your net worth.
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