The 6 Biggest Money Secrets Most Rich People Won’t Tell You
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 even though our chances of becoming a millionaire are slim, we can still manage our money like one. No, we’re not going to tell you how to buy hundreds of shares of Apple stock. Or how to pick out the perfect yacht.
These are simple money moves any normal, non-millionaire person can make today. Each secret can get you closer to achieving your big goals.
Take a look:
1. You Can Cancel Your Car Insurance
Did you know you can save some serious money just by switching car insurance companies?
Its true — rates are at historic lows, and you could be paying way less for the same coverage. All you need to do is look for it.
But don’t waste your time hopping around to different insurance companies. Use a website called EverQuote to see all your options at once.
EverQuote is the largest online marketplace for insurance in the US, so you’ll get the top options from more than 175 different carriers handed right to you.
Take a couple of minutes to answer some questions about yourself and your driving record. With this information, EverQuote will be able to give you the top recommendations for car insurance. In just a few minutes, you could save up to $610 a year.
2. You Can Give Your Family $1M
This is one of those occasions when spending a little bit of money each month can pay off later.
Have you thought about how your family would manage without your income after you’re gone? How they’ll 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 don’t have the time or money for that. But your application can take minutes — and you could leave your family up to $1 million with a company called Bestow.
Rates start at just $16 a month. The peace of mind 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.
3. You Can Stop Paying Your Credit Card Company
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 — some up to 36%. But a website called Fiona could help you pay off that bill as soon as tomorrow.
Here’s how it works: Fiona can match you with a low-interest loan you can use to pay off every credit card balance you have. The benefit? You’re left with just one bill to pay every month, and because the interest rate is so much lower, you can get out of debt so much faster. Plus, no credit card payment this month.
If your credit score is at least 620, Fiona can help you borrow up to $250,000 (no collateral needed) with fixed rates starting at 2.49% and terms from 6 to 144 months.
Fiona won’t make you stand in line or call a bank. And if you’re worried you won’t qualify, it’s free to check online. It takes just two minutes, and it could save you thousands of dollars. Totally worth it.
All that credit card debt — and the anxiety that comes with it — could be gone by tomorrow.
4. See if You Could Lower Your Car Payment by Hundreds a Year
You know you can refinance your house to save money on your monthly mortgage payment — but did you know you can refinance your car, too?
It’s not a money-saving tactic people talk a lot about, but it could save you a ton of money. A website called Upstart is helping borrowers save an average of $1,025 a year on their car payments. That’s about $4,800 back in their pockets over the lifetime of their loan.
There are no origination fees, and you only need a minimum FICO score of 510. You don’t even need to enter your car’s VIN, and you won’t get any spam calls.
And with an APR range of 2.20% to 29.99% Upstart is saving customers over 17% per month when they refinance. Upstart has helped borrowers save more than $20 million on their car payments in the past year alone*.
Ready to start saving? It takes just minutes to check your rate and see how much you could save.
5. Buy an Apartment Building (Even if You’re Not Rich)
The uber wealthy 1% have access to exclusive, lucrative real estate investments that seem totally out of reach to the rest of us.
But not anymore. A company called CalTier lets you invest in commercial real estate — specifically, multi-family apartment complexes across the country — for as little as $500.
Traditionally, you’d need a six-figure income or a million-dollar net worth to invest like this.
Instead, CalTier lets you invest like the big wigs in the real estate world, even if you’re not rich. Investments in multi-family housing have outperformed the S&P 500 for the last 20 years* — and it’s expected to grow another 33% this year alone.
CalTier also gives you a 30 day money-back guarantee. And if you have any questions along the way, you can talk to a real human to get them answered.
Ready to join the ranks of wealthy and institutional real-estate investors? It’s easy to open a free account and get started here.
6. Invest in Famous Art (Even if You’re Not a Millionaire)
Here’s the deal: If you’re not investing in contemporary art, you might be missing out on an asset whose prices have outpaced the S&P by 164% from 1995 to 2020. (FYI, the S&P tracks 500 of the largest companies in the stock market)
You’re probably thinking you need at least a few more zeros in your checking account before you can even start thinkingabout investing in Warhols and Monets, right?
But a company called Masterworks lets normal people like us invest in multimillion-dollar works of art — something typically only available to the super rich.
You don’t need hundreds of thousands of dollars to buy a masterpiece outright; with Masterworks, you can invest in multimillion dollar paintings with only $1,000.
It takes less than a minute to sign up for a free account.
Investing in contemporary art is a long-term strategy, so patience pays off here — literally. But once your piece of art sells, you get your share of the potential profits.
*See important Regulation A disclosures at masterworks.io/cd
*Monifi: Terms and conditions apply
**subject to approval
*Upstart: Car refinance loans not available in IA, MD, NV, or WV. Car refinance loans in IL and MO are originated by Cross River Bank or Midwest BankCentre. Car refinance loans in CO, KS, and TX are originated by Cross River Bank or Rising Bank, Member FDIC. Car refinance loans in FL, GA, and AL are originated by Cross River Bank or Drummond Bank, Member FDIC. All other car refinance loans are originated by Cross River Bank, Member FDIC.
The full range of available rates varies by state. The average 5-year loan offered on Upstart will have an APR of 9.91% and 60 monthly payments of $426 per $20,000 borrowed. For example, the total cost of a $20,000 loan would be $25,540. APR is calculated based on 5-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
This information is estimated based on all consumers who were approved for an auto loan through Upstart and accepted their final terms. As of 2/1/2022 the average monthly savings amount is 17%. To evaluate savings on a loan you are considering refinancing, it is important to compare your APR and remaining term from your existing automotive loan to the APR and term offered by Upstart.
1 This is a limited time offer. To be eligible for cash rewards, a minimum deposit, every 30 days, must be made into your Sesame Cash account. Rewards earnings are available for credit score improvements of ten points or more within a 30-day reward cycle. Improvements are calculated from your baseline credit score, as determined by Credit Sesame. Please review the full program terms for more details, including the minimum deposit amount for this program term.
2 Cash back offers are powered by Empyr, Inc. and Button, Inc. Cash back requires the activation of any active offer before payment is made. Offers vary by geographic location and are subject to change. Please review the full program terms for more details.