6 Top Money Secrets Rich People Know

#1. It's all about where you keep your money - Rich people earn interest on their money in a bank account such as high yield accounts, cash back & reward accounts. They key here, is use your rewards credit card for all your purchases, then pay your credit card balance in full each month. Why? It's cheaper & you earn something for spending money. 

#2. Everyone I know with a high income has full coverage auto insurance. But that's not the key. The key here is, purchase a slightly used vehicle never become the 1st owner of a brand new release unless it's exotic. Even still, the resale value should be more than what you paid. The value should appreciate not depreciate. The second option that most rich people do are, lease a vehicle. The third option is rental vehicles which most rental companies offer insurance coverage included with the rental. Only do this if it makes sense. A few years back, I knew a guy who bought a Toyota Prius and was paying $900+ dollars each month for insurance & car note. For that amount, he could've leased a a slightly older model luxury vehicle. 

#3. Own stock in another company, industry other than yours. It makes sense. 

#4. Land acquisitions & real estate. 

#5. 780+ credit scores.