Want To Get Rich? Money Experts Say Buy These 5 Things That Make You Money — Here’s How
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Nicole Spector
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Cory Dudak
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In order to get rich, you should steadfastly save your money, right? Well, not quite. There are actually a few worthy buys that finance experts recommend in order to build your wealth.
Let’s explore their recommendations, both great and modest.
Books About Personal Finance
It’s crucial to build knowledge around personal finance topics, so investing in books that deeply cover them are essential to improve financial literacy.
“The most critical items I’ve found to help in building financial freedom are books,” said Sean Shahkarami, CPA, CFF and CEO at Opilio. “Napoleon Hill’s ‘Think and Grow Rich’ states that success begins with the way we think about money. ‘Rich Dad, Poor Dad’ by Robert Kiyosaki, in my opinion, is an essential read, as it reinforces the importance of financial education. Understanding the principles of investing, as advocated in ‘A Random Walk Down Wall Street,’ can also significantly impact your financial journey.”
Shahkarami has also found Ray Dalio’s “Principles” to be a valuable resource for guiding financial decision-making.
“When considering your financial strategies, remember this: ‘Making money isn’t about what you do,'” Shahkarami said. “If you try to ‘do’ you will inevitably end up trading your effort (time) for money. Rather it is about how you think. Ask yourself only one question, ‘How can I add value?’ Find the answer and then do that, and only that.”
Iconic Art: A Worthy Investment?
Art isn’t just for making your walls look interesting, it’s also a clever investing tactic.
“Investing in art has become an increasingly popular avenue for diversifying one’s portfolio,” said Jeff Rose, CFP and founder of GoodFinancialCents.com. “Platforms like Masterworks have democratized the art investment scene, allowing individuals to buy shares in iconic artworks without having to purchase an entire piece. This way, you get a slice of the art market’s potential returns. Historically, blue-chip art (or works by renowned artists) has outperformed the S&P 500, making it an attractive alternative investment.”
Real Estate Continues To Be a Valued Investment
Real estate is usually a great investment because inventory is so low and home prices keep going up over time, a reality which can act as a hedge against inflation.
“Many folks invest in properties, whether residential rentals or commercial spaces, because they often appreciate over time and can generate steady monthly income,” Rose said.
Dividend-Paying Stocks Are Often Overlooked
Another buy that can help you get rich is dividend-paying stocks.
“While stock values fluctuate, dividends provide steady payouts you can use to reinvest or supplement your income,” said Matthew Silverhardt, private wealth advisor at Claire Reid Wealth Advisory. “High-quality dividend stocks tend to increase their dividends over time too.”
Buying (or Starting) a Viable Business
“Those with an entrepreneurial spirit might consider starting or buying a business, although this involves greater risks compared to other investments,” said Andrew Latham, CFP and managing editor at Supermoney.com.
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