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The best way to accumulate wealth is:

Do not do what poor people do.

Do what wealthy people do.

Wealthy people often don’t look wealthy.

Poor people look wealthy.

Poor people appear to have money. What appears to be wealth is the shiny, glittery, residue left over from wealth wasted. Gold rings, diamonds, baubles, chains, expensive cars in front of shacks and trailers, people filling their Bentley with 87 octane fuel, trying to get it repaired at oil change shops. Buy assets that appreciate consistently. Real estate is up and down, but mostly up. Classic cars, valuable collectible firearms, commodities, gold, silver, palladium, rhodium, when purchasing at low prices. But none of this is smart if you can’t pay your monthly expenses. First and foremost, don’t borrow money, don’t charge expendables on credit cards (gas, food, power, water, rent) Once you get in that rut, your days are numbered before you’re bankrupt, or homeless. Credit cards are a death-spiral into the ground. Stay away from credit, always try to spend less and make more, buy assets, not liabilities, sell assets for more than you paid for them. The way to make money buying and selling is when you buy an item. If you get a deal, you can be confident you’ll sell for more than you paid. Never pay retail for a commodity. You cannot make money on a house unless you pay cash for it.

One last thing (actually, I just thought of several more things), NEVER trade in your car, sell it, then buy another. If you have a car that is paid for, keep it, fix it, maintain it. That’s cheaper than any new car will ever be. If you can’t afford to keep your car in good condition, regardless of whatever happens to it, you have the wrong car for your income level or you need to learn to do it yourself and get a better source of income. Your car is your horse. Walking people are never successful. Have a second vehicle as a back-up to keep you from losing your job. You don’t need a TV or cable subscription. Read books about how to spend and earn wisely and conservatively. Learn to buy the larger package. Buy things by the ounce price, not the posted price. Save money everywhere you go. Drink water at fast food places, better yet, make your own lunch, take a thermos with coffee instead of throwing your $ away at Starbucks

Credit: Robert Nissen