4 Secrets of Rich People That You Can Use, According to a Financial Influencer
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Gabrielle Olya
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Amen Oyiboke
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Genesis Hinckley, aka Genuinely Genesis, is a motivational speaker and financial content creator with the goal of making her followers “rich in both your wallet and mind.”
“Poor people work for money, rich people make their money work for them,” she said in a recent reel post on Instagram. “If you grew up poor or in a middle class family, it’s likely you don’t know these things about rich people. I have lived in both scenarios, and I want you to break through that financial barrier.”
To help people move from poor or middle class to rich, Hinckley shared four “rich people secrets.“
Choose Your Hard
Hinckley acknowledges that becoming rich isn’t easy, but you have to “choose your hard.”
“It’s hard to be fat, it’s hard to be fit; it’s hard to be poor, it’s hard to be rich; it’s hard to not get what you want; it’s hard to get what you want,” she said. “You can live your life always blaming the external, but at the end of the day, you do have a choice.”
Build an Emergency Fund
Hinckley said that it’s difficult to become rich if an unexpected expense will put you into debt. That’s why it’s important to always have three to six months’ worth of living expenses accessible in a savings account.
“It is not your daily cup of coffee that is making you broke,” she said. “Actually, it’s that one-off thing that happens that you were not financially prepared for. Your car breaks down, your bathroom’s flooded, you need a new dryer. An emergency fund will protect you and shield you from the ‘what ifs.'”
Pay Off Your High-Interest Debt
You can’t build wealth while you’re still saddled with high-interest debt, so Hinckley recommends making it a priority to pay this off.
“This prevents you from going under,” she said. “If you’re living paycheck-to-paycheck, constantly trying to figure out, ‘How am I going to get out of this?,’ the only way is to live below your means and get rid of all of your consumer debt.”
Invest Your Money
Once you’ve built your emergency fund and paid off your high-interest debt, you’re ready to start building wealth. The best way to do this is to invest, Hinckley said.
“Invest your money depending on what feels comfortable for you,” she said. “This is when you’ll finally have the freedom to put your money toward assets. And if you do this very thing, you will not be living off Social Security when you retire.”
These four simple “secrets” are the key to getting and staying rich, Hinckley said.
“Rich people didn’t really crack the code to anything,” she said. “They followed the steps, took action and listened to the little financial guru on their screen. They chose their hard.”
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