updated - August 12, 2020 Wednesday EDT
Rich people always fascinate the majority of us. Many people had similar assumptions about how wealthy conduct themselves and how they do things. But the thing that a lot of people equate with wealth is the ability to buy expensive goods like sports cars and jewelries, living in big and expensive homes and a large bank account.
People would be surprise that their common perceptions about rich people are way off mark. Here are some secrets of rich people on how they stay rich.
Rich people maintain and accumulate further wealth by employing the services of financial advisors. These experts give sound financial advice to help the wealthy make good informed decisions.
While a lot of rich people do maintain an extravagant lifestyle, some of the wealthiest do the opposite. One example is the late Steve Jobs of Apple and Mark Zuckerberg. On screen both men are famous for their casual attire. The multibillionaire Warren Buffet still lives in a modest home he bought more than 50 years ago.
There is a mistaken belief that rich people do not have debts. This is simply not true. They do have debts but not all of them can handle it well. A lot of celebrities and professional athletes are struggling financially, despite earning millions of dollars in salary and product endorsements.
A lot of rich people became rich because they came from a wealthy family, but this is not the case for some rich people, as many of them became rich despite coming from a middle class or poor background. One such example is Oprah Winfrey. She came from a poor Mississippi family and later became a multimillionaire owning her own television network.
Rich people do declare bankruptcy. However, the ability to bounce back is the key for them to stay rich. Walt Disney created a brand that includes a movie studio and theme parks but early in his career he had to declare bankruptcy. Only through his vision and tenacity was he able to succeed.
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