Stealth Wealth Secrets: 10 Tips for Living a Rich Life in a Low-Key Manner
Stealth Wealth Secrets: 10 Tips for Living a Rich Life in a Low-Key Manner
Crystal Maye Thu, July 27, 2023
Stealth wealth, as explained by Experian, is all about financial privacy. In today’s society, broadcasting wealth on social media or even just among coworkers and friends can make you a target for exploitation. Whether bad actors attempt to hack your accounts or loved ones come with their hands out, showcasing your earnings may have unfortunate consequences. Keeping information about your income and assets private can help protect you from a wide range of uncomfortable and potentially unsettling situations. Individuals who practice stealth wealth often have significant amounts of money, but few people know about it. They keep it under wraps in order to safeguard their assets.
For many people, stealth wealth may be one of the best ways to handle your money and create a stable financial future. Here’s what you need to know about the money trend.
What Is Stealth Wealth?
It’s unclear when the trend started, but in 2008 at the height of the Global Financial Crisis, the Tampa Bay Times reported on the effect that the downward economy had on recently minted millionaires.
As it noted, millionaires weren’t as ready to flaunt their riches as their predecessors. Many of them were living more reserved lifestyles, patiently waiting for the economy to turn around. They held onto their wealth instead of spending it on material things and those that did were greatly rewarded.
Fast forward 15 years and many of the OG stealth wealthers have kids who are coming of age or entering adulthood. They have likely learned from their parents’ financial practicality and played coy with their net worth. Whether they have established a name for themselves in business or simply live off of family money, they aren’t as willing to showcase their wealth to the world.
Why More People Are Choosing Stealth Wealth
As during the Global Financial Crisis, we currently find ourselves in a period of economic instability and uncertainty. To avoid financial hardship, people must take a long look at their lifestyles and how they spend money. By living a more fiscally responsible life, they can ensure stability in the future when the economy begins to turn around.
Practicing stealth wealth now can help you withstand any market fluctuations. It can help you provide for your family and allow you to live comfortably without the worry that people will come to you when they need money. Stealth wealth takes a different mindset, but it is not impossible to achieve.
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