Have you ever encountered people who were exceedingly affluent with big fortunes but would pass off as ordinary? No flashy cars or jewellery or clothes. Just like your regular neighbor or that person you saw at a cafe!
Society & social media have conditioned us to relate wealth with a flaunting attitude, big mansions, parties, etc. But that may not always be true. In fact, not flaunting their wealth is the new trend. Popularly known as ‘Stealth Wealth’ – a lifestyle equated with intelligent money decisions & keeping your finances private.
People who practice stealth wealth prefer to fly under the radar. It can prove to be one of the best financial moves you make.
There are a few things to consider if you want to follow the stealth wealth lifestyle. The method of accumulating riches is relatively straightforward. However, if you spend without thinking, it will be tough to maintain it. The key is to continue earning through multiple sources if possible & be prudent with your spending habits.
Make it a habit to save first and spend later instead of vice versa.
The more you save, the more you can invest and it will be worth a lot more later. It’s simple to perform after you’ve become used to it, though it may take some time to master.
Invest. Invest. Invest.
Investing is one of the best financial decisions you can make for your future as well as your loved ones. Diversify your investments across different instruments. You may also set up automatic contributions for your investments, so you don’t have to consider them.
If you fear investing, explore three steps to overcoming the fear of investing.
Keep your personal details private
No one has a clue about how much you make. Unless you reveal bank account and brokerage statements. They can only guess based on what you reveal in your purchases. It’s a good idea to not flaunt too much.
While it is okay to pamper yourself and use your money as you please, note that it brings in unwanted attention.
Keep your expenses low
Stay within your limits, establish a side hustle, and avoid wasting money. If you have enough money to live well without showing off your wealth, there’s no need to do so. Downsizing your house (if you don’t need a big one) is another option, and moving into a smaller home can help you save money on rent or mortgage payments while lowering your total living costs.
If you are affluent, practicing stealth wealth is an intelligent way to live. Don’t inform others about your net worth if you want to prevent individuals from asking for money or favors and develop genuine connections.
A rational mindset and a balanced lifestyle positively impact your efforts to build your net worth. Yes, expensive purchases evoke strong happiness (& sometimes accomplished) emotions – but these materialistic pleasures do no good to add any form of value to your life.
A successful business/a good job is necessary but insufficient to grow your net worth. What you need is the art of spending wisely, acting cautiously on your investment calls, and living a balanced life. Being rich holds its perks but also brings its share of challenges.
So, in my opinion, yes, the stealth wealth lifestyle is a good spot to be in – and something you should consider adopting in your life.
If you’re ready to undertake the stealth wealth approach or want to learn more about this trending lifestyle – book a slot with me to get your concerns clarified today.