Self-made millionaire: Here are 8 things rich people do differently that make them ‘ultra wealthy’

As I built my net worth, I didn’t accumulate debt on non-essential purchases like designer clothes or luxurious homes.

Even if I can pay the bills, I don’t want to waste money paying interest. Instead, I wanted to put everything I was earning into making more money. For me, that is putting my income into my business.

I also paid cash for my homes, and I never accrued interest on credit cards.

In some cases, if you’re trying to build a business, a loan can help you make money by giving you quicker access to income-generating assets.

You might think that buying a primary residence is The American Dream, but it’s rarely what you see the wealthy go for first.

In my opinion, home ownership doesn’t always see the same return on investment as other places you could put your money. I owned three houses, but I didn’t buy them until I could buy them with cash.

On the other hand, cash-flow real estate — commercial real estate where you’re making a monthly profit on rent after your mortgage payment, property taxes and maintenance — is a great way to make your money grow.

You can create passive income from owning these properties, and they are often easier to sell than a primary residence. When you sell a primary residence, you need to find a buyer who can envision himself living there. When you sell a profitable rental property, all you need to do is find a buyer who wants to make a profit.

The rich are willing to spend more on each purchase in order to get a better price per unit and save time spent on repeating wasteful activities.

This can apply to a business – the wealthy may contract to buy bulk supplies or equipment – ​​or to your personal life. When I can, I buy everything without an expiration date in bulk.

I’ve never had anyone who didn’t know me. And most of the real estate I own today was purchased from sellers who chose me over other qualified buyers because we had an existing relationship, and they had confidence in my ability to close.

The more someone gets to know you, the more they will trust you and believe in your talents and skills. This leads to better opportunities, faster decision making and higher margins.

So invest time and resources in building and maintaining the right connections.

A friend of mine, a serial CEO, has worked with some of the wealthiest people in the world.

I once asked him what he had in common, and he said: “None of them was satisfied with what they had. already accomplished, but instead focus on the next thing could completed.”

The rich are never satisfied with their past achievements. They believe they can always achieve more. This helps them to think big about future business ideas, inventions, investments and other wealth multipliers.