Last Updated on January 9, 2021 by Yetunde Akindele
Wealth creation is an act that the rich have mastered. They know how to make their money work for them to make more money! This isn’t an easy skill to understand.
While I sometimes dream of being born into wealth, unfortunately this is not my case and I believe same applies for most people.
However, there are ways we can learn from those who create wealth about how to change our situation for the better allowing us to achieve a life of financial ease!
1. They Spend less than $1 to Own Parts of other Companies such as Netflix, Amazon, Shopify & Google
If you take some time to study billionaires and their investing habits, you will notice a common trait- they buy a part of other Companies. The saying you need money to make money is so apt in this situation.
Yes, I know you are thinking ‘billionaires have more than enough so it is easy for them to buy stocks of other companies. Ironically, investing is about multiplying what you already have- no matter how little!
This is the reason why micro-investing mobile apps such as Moka exist in Canada. You are privy to one of the ways the rich keep getting richer by owning parts of other companies- and you can do so with the leftover change from your daily expenses.
Of course, as a part-owner in these big companies, you earn an income when they make a profit! Talk about a lazy way of achieving financial freedom!
Moka with its automated investing has simplified the investing process and made it easy for everyone. You need not have the technical know-how of investment portfolio management.
Investing with Moka is stress-free and tears-free…hahaha! It doesn’t involve any drastic change in financial lifestyle. Take, for instance, you spend $1.99 on French vanilla at Tim’s, Moka will round up to $2.00 and invest the spare change.
What’s more? You can also setup recurring monthly deposits to be invested and there are no minimums!
Moka has a team that manages your money for you by investing in low-cost ETFs. When the companies you own a part of make a profit, you earn a percentage.
Sometimes you even get quarterly returns from these companies which is known as dividends.
It takes just about 3 minutes to sign up on Moka. All you need to do is click here to download the app on your mobile device. As a plus, Moka will give you $5 just for signing up and to help you kick off your investing habit.
2. They Earn up to 30x More on Their Savings
Are you still keeping your savings or emergency funds in a low/negligible interest yielding savings account?
You should join the train of the rich who have mastered the act of wealth generation. Your money should work for you and bring you more money even if it is in a savings account!
EQ bank is a fully digital bank in Canada that currently offers a 1.50% interest on your money banked with them when you open their Savings Plus Account.
This is one of the highest interest rate on savings in Canada, not bound by a promo period.
Interestingly, there is no monthly fee attached to banking with EQ Bank. You also get to enjoy free transactions and cheap international transfers.
The sign-up process for EQ Banks’s Savings Plus Account takes less than 5 minutes and requires no ID verification like most other fully digital banking platforms.
You literally get to start earning 1.50% interest on your money as soon as you open up the account and make your deposit.
Check out my detailed EQ Bank review
3. They Get up to 50% off Life Insurance Plans
Right now, I can think of 2 things in life that is a surety. Change and death. Those who have mastered wealth creation understand that securing the future of their loved ones following their death is a must!
They invest in life insurance with most people investing in term life insurance because of the affordable monthly payments.
Generally, most insurance companies recommend you have a life insurance coverage that is six to ten times your annual income.
However, every individual situation is unique and depending on spending habits. You might be able to afford higher premiums for a higher coverage plus you could get up to 50% off Insurance rates with PolicyMe in Canada.
Over 50,000 Canadians make use of PolicyMe. An online platform that compares Insurance rates from about 17 of Canada’s top insurance companies to give you the best rates.
It is totally free to get a quote on PolicyMe and takes about 2 minutes.
4. They Get Guaranteed Best Rates on Mortgage
It is a proven fact that one way to build wealth and increase your finances is by getting as much discount as possible whenever you can!
In Canada, over 1 million mortgages have been closed using intelliMortgage– Canada’s premium digital discount mortgage broker.
As opposed to getting mortgage quotes from one lender or making use of traditional mortgage brokers who could give you quotes from about 10 lenders, intelliMortgage compares rates from over 100 of Canadas’ lenders.
It also guarantees that you are getting the best rates in the country- within minutes! You only need to create an account and use their mortgage builder to find your rate.
This is such an efficient way to go about sorting your mortgage business. You could save thousands on mortgage payments over time because you got the lowest rates possible.
Additionally, you are also saving hours that would have been spent by visiting a lender or Mortgage broker.
Related: intelliMortgage Review
5. They Cut their Mobile plans to as low as $15 monthly
Wealthy people do not spend money needlessly. They make a conscious effort to ensuring that they are currently making payments for what they need and that they are doing so efficiently.
Most of us spend $50 and over on monthly mobile plans with features that are underutilized!
However, with Public Mobile, you can get plans starting as low as $15 per month with the possibility of going lower when you refer your friends. If you sign up on Public Mobile using this link, you get a one time bonus of $10 credit!
This translates to a savings of $420 yearly when compared to a $50 mobile plan.
6. They Make Money by using their Credit cards
Wealth creation comes in many ways and earning money from using your credit card is one. The wealthy have multiple streams of income, coming together to form a huge river!
This is why most wealthy people in Canada make use of cashback credit cards especially those with no annual fee in making their daily purchases.
It takes less than 5 minutes to apply to any of these no annual fee cashback credit cards and you can find some of the very best currently available in Canada here.
7. They Avoid Paying Excessive Interest Rates on Debts
Sometimes the interest accrued on debt from multiple lenders can seem overwhelming. In fact, the thought alone could lead to anxiety and panic attacks!
LoanConnect a reputable online platform in Canada offers Debt Consolidation services that can help you with getting this sorted.
Debt consolidation in simple terms is about putting together all of your debts as one for the purpose of making them more manageable and with a lower interest rate.
You could get a loan with a lower interest rate to pay off your multiple debts. This ensures you are then left with only that loan to pay back. Applying for this service on LoanConnect requires that you have a job or own a home.
Once you are approved for a loan, you could get the money in as little as 24 hours!
8. They Make Money in their Spare time Taking Online Surveys
Manufacturers of products you find on store shelves have various ways of getting feedback. Surveys are one of such.
Most of these online survey platforms also offer other ways to make money asides from taking surveys. These include watching videos, uploading your grocery receipts, playing games, and installation of browser extensions as is the case with Swagbucks.
Other online survey platforms that pay are;
9. They earn money when they spend
What else could be nicer than earning money for spending? Cashback applications allow you to make money while you shop at your favorite stores online.
It is even nicer when you have the items on sales as well- you get a discount and you earn cashback! To maximize your benefits from cashback shopping platforms ensure to use a cashback credit card to make your purchases!
In Canada, there are a good number of cashback applications for different categories. These include grocery, clothing, dining, etc. Making use of cashback applications allow you to earn money for making an expense you will normally do.
Some Cashback platforms for Canadians are;
Wealth creation is so crucial to achieving a life of financial independence. These 9 secrets of the wealthy are some of the ways to help you achieve this!