25 "Secrets" Rich People Know...

[Dicey]

I'm no fan of Yahoo Finance, but this article does make some good points:

https://www.yahoo.com/finance/news/25-secrets-elon-musk-every-170031902.html

What would you add or remove from the list?

[MDM]

A pretty good list, although "It's Important To Hire Advisors" is in direct conflict with "Avoid Fees at All Costs."

[Dicey]

A pretty good list, although "It's Important To Hire Advisors" is in direct conflict with "Avoid Fees at All Costs."

I gave that one the side-eye, too. I think the difference could be hiring experts on an irregular or limited basis as needed vs. tying investments up in things that have ongoing fees.

[oldladystache]

It also said to get rid of your credit cards and pay cash. I guess they're assuming if you use a credit card you are buying something you don't have the cash for.

[Fishindude]

Pretty good list, although I'm not in agreement with "using other peoples money" as a key strategy.
That would require paying interest and fees.

[mistymoney]

seemed like mostly well worn platitudes then mentioned kiyosaki and then I was done - anyone buying into that falsified claptrap doesn't have anything I'm willing to invest my time reading.

[Dicey]

Lol, I missed the RK mention, which certainly would have had the same effect on me as it does you, @mistymoney. I admit, I just scanned the list and thought it wasn't terrible, especially considering the source. I thought I'd post it here just to start a conversation. I like talking FIRE talk.

[vand]

Hilarious how they had to shove "Elon Musk" into the title to play the SEO game

[MustacheAndaHalf]

Pretty good list, although I'm not in agreement with "using other peoples money" as a key strategy.
That would require paying interest and fees.

To quote from that section, I think it refers to starting a business:

"Using money from banks or investors and hiring people to work for you is a time-tested formula for building wealth -- not to mention the tax laws, which heavily favor businesses."

[mistymoney]

Lol, I missed the RK mention, which certainly would have had the same effect on me as it does you, @mistymoney. I admit, I just scanned the list and thought it wasn't terrible, especially considering the source. I thought I'd post it here just to start a conversation. I like talking FIRE talk.

I like talking about it too :)

[DaTrill]

Survivorship bias.  Ask unsuccessful people what they did and you will find the same answers.  Meaningless article. 

[mistymoney]

Survivorship bias.  Ask unsuccessful people what they did and you will find the same answers.  Meaningless article.

interesting, i would have thought there was a little bit of difference?

But its really just spend less than you earn and do something with the difference that will one day make you not have to earn.

The rest is just details.

[cool7hand]

Thanks for sharing!

[daverobev]

Seriously this is clickbait crap.

Don't use credit cards. Get an expensive advisor. Make sure you save enough for retirement. Be your own boss (yeah sure - but most businesses fail...).

Oh look a picture of Elon Musk, and one of Warren Buffet.

[talltexan]

I guess the other question is whether these are "secrets".

All of this information is available publicly, after all.

[jnw]

It also said to get rid of your credit cards and pay cash. I guess they're assuming if you use a credit card you are buying something you don't have the cash for.

Credit card companies pay me to use their cards with sign up bonuses and cash back, to the tune of around $1k per year.  I never pay a dime of interest.  Gonna keep my cards :)

[Morning Glory]

Seems like the perfect thread to share this article:

https://www.theatlantic.com/health/archive/2019/01/skin-care-secret-wealth/579337/