Direct translation
The four secrets of the truly rich are beyond your expectation
Reporter : Xia Yu / Editor : Li Huanyu / https://www.epochtimes.com/b5/25/4/21/n14488630.htm / Image : Truly wealthy people live within their means and don't flaunt their wealth even when they spend money. In essence, it is more important to consistently save than how much you earn or how much you spend. (Shutterstock)
The vast majority of people want to be rich, so what is a truly rich person? Live in a mansion, wear luxury goods, and have lavish meals every day? A truly wealthy person is not just someone with a high income or a lavish lifestyle. They are the ones who maintain discipline, purpose, and a long-term vision in their financial lives, and who understand that true wealth comes from wise decisions.
Truly wealthy people live within their means and do not flaunt their wealth even when they spend money. In essence, it is more important to consistently save than how much you earn or how much you spend.
Dave Ramsey, a well-known American financial expert, has hosted the financial program "The Ramsey Show" for 32 years, proposing solutions to the financial problems of the audience.
gobankingrates reports that one of Ramsey's most enduring financial advice is that wealth accumulation does not necessarily depend on how much money you make, but on how you manage your wealth. Many people assume that higher incomes automatically lead to wealth, but Ramsey believes that disciplined spending and saving are more important.
“When you stop worrying about what other people think and truly live for yourself and your family, your spending habits and lifestyle will be completely different,” he said.
Here are four secrets that truly wealthy people understand and consistently practice.
Don’t dress to attract attention
Rich people do not leave their financial future to chance. They make plans, stick to them and review them regularly, so they don’t leave themselves too much room for extravagant purchases like designer clothes. Just look at Buffett's lifestyle.
Ramsey recommends taking small steps to build an emergency fund, pay down debt or invest for retirement before spending thousands of dollars on a pair of pants or shoes. Truly wealthy people know where their money goes every month, and it’s not hanging in their closet.
Image : Schematic diagram. (Shutterstock)
No vacation photos
Once a person grows to wealthy levels, they tend not to be public about their wealth or spending.
Some of the rich's biggest lavish expenses include traveling, but the truly wealthy won't let you know.
"They take wonderful vacations, but they rarely post them to you on Instagram because they don't take you on vacation. They want to go on vacation themselves," Ramsay said.
Image : A couple enjoying the view on a cruise ship. (Shutterstock)
Controlling holiday spending
Generosity is the mark of a truly wealthy person, and giving often brings more satisfaction than financial success. But that doesn't mean you can't control your spending.
"Christmas gifts around the tree are very reasonable," Ramsay said of the money the truly wealthy spend on presents.
Live within your means
True wealth comes from taking a long-term view and avoiding debt, which means that large expenses such as buying luxury cars should be avoided as much as possible.
“They drive something so low-key that the valet is rarely impressed until they get a tip. It’s usually a used Camry, a nice used Honda, or some kind of vintage pickup truck,” Ramsey said.
Rich people understand that owning a reliable car with no mortgage payments will take them further in their future financial lives than other cool options.
Buffett reportedly drives a used 2014 Cadillac XTS, which replaced his 2006 Cadillac DTS.
"The truth is, I only drive about 3,500 miles a year, so I rarely buy new cars," Buffett said, according to Forbes.
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