8 Secrets of The Wealthy That Most of Us Ignore
Life would be a whole lot easier if someone would just Venmo us $1 million, but unfortunately the chance of that happening is, well, probably zero. (Venmo doesn’t allow transactions that large anyway.)
But there’s still plenty of things we can learn from rich people. Here are 8 of the smartest ways they save money…
1. They Spend $5 to Own a Piece of Amazon, Google or Other Companies
Take a look at the Forbes Richest People list, and you’ll notice almost all the billionaires have one thing in common — they own another company.
But if you work for a living and don’t happen to have millions of dollars lying around, that can sound totally out of reach.
That’s why a lot of people use the app Stash. It lets you be a part of something that’s normally exclusive to the richest of the rich — buying pieces of other companies for as little as $1.
That’s right — you can invest in pieces of well-known companies, such as Amazon, Google or Apple, for as little as $1.
The best part? When these companies profit, so can you. Some companies even send you a check every quarter for your share of the profits, called dividends. It takes two minutes to sign up, plus Stash will give you a $5 sign-up bonus once you deposit $5 into your investment account.
2. They Don’t Waste Hundreds on Homeowner’s Insurance
You’re probably wasting money right now. And it’s probably on something you’d never expect — your homeowners insurance policy.
This isn’t something you actively think about — you just know you’re required to have it.
The problem is, you’re paying too much. Luckily, an insurance company called Lemonade makes it easy to find out how much you’re overpaying.
Lemonade’s policies start at just $25/month. And just because you’re saving money doesn’t mean you’re skimping on coverage. Lemonade will make sure you have what you need.
Just answer a few questions about your home to get started.
3. They Grow Their Money 11x Faster — Without Risking Any of it
Putting your money under a mattress or in a safe will get you nothing. And a typical savings account won’t do you much better. (Ahem, .09% is nothing these days.)
Act like the rich and use a debit card called Aspiration to earn up to 5% cash back and up to 11 times the average interest on the money in your account. Plus, you’ll never pay a monthly account-maintenance fee.
It takes just five minutes to sign up for an Aspiration Spend and Save account.
4. They Have at Least $1M in Life Insurance
Have you thought about how your family would manage without your income after you’re gone? How will they pay the bills? Send the kids through school?
Now’s a good time to start planning for the future by looking into a term life insurance policy.
You’re probably thinking: I can’t afford $1M in life insurance. But rates start at just $16 a month at Bestow.
The application takes just minutes, but the peace of mind of knowing your family is taken care of is priceless.
If you’re under the age of 54 and want to get a fast life insurance quote without a medical exam or even getting up from the couch, get a free quote from Bestow.
5. They Don’t Get Stuck With Credit Card Debt
If you have credit card debt, you know. The anxiety, the interest rates, the fear you’re never going to escape…
And the truth is, your credit card company doesn’t really care. It’s just getting rich by ripping you off with high interest rates. But a website called AmOne wants to help.
If you owe your credit card companies $50,000 or less, AmOne will match you with a low-interest loan you can use to pay off every single one of your balances.
The benefit? You’ll be left with one bill to pay each month. And because personal loans have lower interest rates (AmOne rates start at 3.99% APR), you’ll get out of debt that much faster. Plus: No credit card payment this month.
AmOne keeps your information confidential and secure, which is probably why after 20 years in business, it still has an A+ rating with the Better Business Bureau.
It takes two minutes to see if you qualify for up to $50,000 online. You do need to give AmOne a real phone number in order to qualify, but don’t worry — they won’t spam you with phone calls.
6. They Don’t Waste Money on Car Insurance
How often are you even using your car right now? Regardless, there’s one thing we’re nearly certain of — you’re overpaying on car insurance.
That being said, shopping for car insurance is a pain which is why we like using a free service like Gabi. In just a few minutes you can see if any other companies are offering a cheaper rate with the same coverage and deductibles you already have.
You don’t have to fill out any forms. Just link your existing insurance account and enter your driver’s license, and it will start looking for cheaper coverage.
They save customers an average of $961 a year. Plus, after you sign up, Gabi will keep looking for savings and alert you if there’s ever a way to reduce that monthly bill even further.
7. They Don’t Miss The Opportunity to Get up to $500 in Free Stocks
Yes, the stock market certainly is scary. Stock prices shoot up and down like a roller coaster ride, and it’s all just so unpredictable. But, what if you could get stock for free?
A company called Robinhood is doing just that by giving free shares of companies like Microsoft and Facebook.
Yeah, you’ve probably heard of Robinhood. Both investing beginners and pros love it because you can start investing with just $1. Plus, they don’t charge commission fees, and you can buy and sell stocks for free — no limits.
To get your free stock, download the app and fund your account with at least a few bucks (it takes no more than a few minutes), Robinhood drops a share of free stock into your account. It’s random, though, so that stock could be worth anywhere from $5 to $500 — a nice boost to help you build your investments.
8. They Cut Their Cell Phone Bill to as Little as $5
Here’s the thing about a lot of millionaires: They want name-brand stuff — the best of the best — without paying full price for it.
We found a discount wireless company called Tello that offers cell phone plans starting at just $5 a month. How much are you paying now? Exactly. Imagine cutting that to just $5.
Tello operates on Sprint’s nationwide network, offering 4G LTE data everywhere Sprint does. It lets you choose a wireless plan based on how many minutes and how much data you want, and you can even use Tello’s coverage tool to see how strong its network is where you live.
You can bring your own phone (Tello works with any Sprint-compatible phone), or buy a new one through them. Even better — there are no early termination or activation fees, no contracts or phone-exclusive plans, no tricks of any kind.
If you decide you don’t like it, you can always just change your mind. See how much you could save here.
*** Financial investment involves the risk of loss