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We managed to get in touch with one of the Redditors who started this discussion, Sunnybestie, and they were kind enough to have a little chat with us about it.
As of now, their post has 13.1K upvotes and 6.7K comments, so it's obvious that it struck a chord with many.
"Actually, I was just karma farming," Sunnybestie told Bored Panda about the origins of the post. "I made my account on December 3, and I didn't expect that my fourth post on that same day would go viral."
"I mean, I expected only thousands of views, but I was surprised that it reached millions within a few hours ... and I was very happy that I now have enough karma for a year. Mission accomplished!" the Redditor, who is also a content creator on other platforms, explained. "I asked that question because I know people are interested in wealth and money."
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After reviewing the comments under their post, Sunnybestie mentioned that many Redditors discussed how wealthy people spend their money.
"Some are frugal, while others don't mind splurging, like dropping $2K for a laid-back lunch with friends," they noted. "Other Redditors expressed disdain for the wealthy due to the mistreatment they experienced; they were underpaid and denied even a minor raise, while their wealthy bosses were quick to splurge on extravagant items."
A few Redditors also talked about how they admire wealthy people for their positive attitude, while others expressed the deep unease they feel about the stark inequalities in lifestyle and wealth. So basically, the stories were mixed.
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So one thing they do is go about their lives like a normal person.
To provide us with a better understanding of how wealthy people see the world, Grant Cardone — who owns and operates seven privately held companies and an over-$4-billion portfolio of multifamily projects — put together a list of eight money secrets they know that most of us don't:
They don't diversify their investments right away. "It's generally good practice to diversify your portfolio by investing in a mix of different stocks, funds, and other investments," Cardone wrote on CNBC. "But as the wealthiest people build their net worth, they often go all-in on their own projects, and then diversify as they start earning more."
"Elon Musk, for example, bet the $22 million he made selling his first company, an online business directory called Zip2, entirely on his next business, an online banking service."
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They know that debt is for businesses, not people. "As I built my net worth, I did not accumulate debt on non-essential purchases like designer clothes or luxurious homes," Cardone, author of 'The 10X Rule,' recalled. "Even if I could afford the bills, I didn't want to waste money paying interest. Instead, I wanted to put everything I was earning into generating more money. For me, that putting my income into my business."
"I also paid cash for my homes, and I have never accumulated interest on a credit card," he added.
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Homeownership isn't always their first investment. Cardone owns 12,000 apartment units, and he said that buying a primary residence is rarely what you see the wealthy go for first.
Instead, cash-flow real estate is the place to protect and grow money. "On the flip side, cash-flow real estate — commercial real estate where you are making a monthly profit off of rent after your mortgage payments, property taxes and maintenance — is a great way to grow your money," he explained.
"You can make passive income off ownership of these properties, and it is often easier to sell them than a primary residence."
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They always buy in bulk. According to Cardone, the wealthy are willing to spend more on each purchase to get a better price per unit and save time spent on repeating useless activities.
They invest in their network. "I have never had someone invest in me that didn't know me," the businessman said. "And most of the real estate I own today was purchased from sellers who picked me over other qualified buyers because we had existing relationships, and they had confidence in my ability to close."
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They are never content. Cardone said that the wealthy are never satisfied with their previous victories and believe they can always achieve more. "This helps them think big about future business ideas, inventions, investments and other wealth multipliers."
They don’t waste time trying to do everything themselves. Rather, they delegate. "The wealthy know that time is the only truly scarce resource," Cardone said. "You can't buy more of it."
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However, when it comes to everyday life, they might not have all the answers. "Everyone is different, but generally speaking, many rich people are out of touch with the struggles of ordinary people," Sunnybestie said. "[Maybe] someone who went from rags to riches [could] understand the poor [better] than the poor can understand the rich."
"I grew up in a country where the majority of people romanticize struggle and poverty, but I also met people from my university and work who are extremely affluent," they added. "I also worked for one who was featured in Forbes magazine. There's a huge difference in mindset between the poor and the rich."
"The poor will be able to understand the rich when they surround themselves with wealthy people, learn from them, and get rid of their limiting beliefs. I may sound elitist, but it is what it is."
"Many extremely rich people (capitalists), however, are also one of the reasons why the poor remain poor," the Redditor said.
There's a lot of truth to their words. For example, in 1950, the share of total wealth owned by America's top .01% was 2.3%. In 2018, that figure stood at 9.6%. It's not that easy to see eye to eye with those you are at odds with.
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