It is easy to assume that getting rich and staying rich is only for the elite few, but there's no need to write off wealth as the purview of only those with hefty trust funds or well-paying jobs. Anyone can improve their finances with these top five money secrets.

1. It’s Not About the Quick and Sexy

Building wealth and becoming a millionaire is not a quick or innovative process. It is rare that individuals stumble upon endorsement offers or product ideas that give them quick fame and riches. Instead, think of wealth building like exercising and dieting. You can stick to the latest fad diet or exercise routine, but the bottom line is that you lose weight and get healthy by eating better and moving more over the long term.

As far as building wealth goes, it is the simple practice of spending less than you earn, investing smart, and increasing your expertise and earnings each year. Don’t fall for the latest “get rich” scheme, because the truth is that for most, wealth building takes time and work.

2. Get Rid of Poor Thinking

If you think and act like those who are poor, then you are going to stay poor. Poor people wait until they have enough money or until they have a better job before they start saving or investing in themselves. The problem with this thinking is that the time never comes. Saving money each month needs to be intentional, because most people spend whatever money they have, unless they designate some of it for savings or investing. 

3. Rich People Know the Value of Time

How much is time worth? For rich people, time is a valuable commodity. They understand the power of hiring people to fulfill tasks at which they don't excel themselves. They do whatever possible to allow themselves to make the most of their time. Many less-well-off people waste their time on unproductive tasks or on projects that do not increase their expertise or paychecks.

For example, if a person excels at designing software and can make $70 an hour doing so, then that is where he should focus his time. However, if that person forgoes his work hours to do menial tasks, such as sitting in meetings, writing correspondence and performing other office work that doesn't utilize his unique ability, he is wasting valuable time that could be spent moving up the pay scale.

4. Think of Things Like an Investment

The common misconception is that the rich spend lavishly. While this might be true for some celebrities and other wealthy individuals, most rich people spend wisely. They think about investing rather than spending. For example, if they go to the store and see a closeout sale, they don't buy everything because it appears to be a great deal. Instead, they consider which purchases are worth an investment and whether the money spent is better utilized in savings or investment account.

For example, why waste $20 on a clearance jacket that might only last a season when a high-quality jacket can be bought for $120 and stay timeless for five or more seasons? More to the point, a rich person is unlikely to waste $20 on a clearance deal when his closets are already full and the money can serve him better elsewhere.

5. Create Multiple Streams of Income

Rich people do not rely solely on their paychecks for income. While a regular paycheck might be the main source of income, rich people also create multiple sources of income. Some wealthy people create additional income through side jobs, such as consulting, freelancing or selling a product. Other wealthy individuals create more income through rental properties.

The true secret of the wealthy and frugal is that they treat their money with respect and care. They do not waste it on bad investments or impulse buys. Each expenditure is planned and budgeted for.

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