Here are 8 things rich people do differently that make them super rich.

It took me 20 years of trial and error before I achieved a multi-million dollar fortune. Now, at 64, I receive income from 18 companies that I founded and from 12,000 apartments that I own.

But I wish I knew earlier that rich people think differently about money. While many people know how to earn a paycheck, they don’t know how to multiply their money.

During my investment career, I have built relationships with many millionaires and observed their habits over the years. Here’s what I found out:

1. They don’t immediately diversify their investments.

It is generally a good practice to diversify your portfolio by investing in different stocks, funds and other investments.

But as the richest people grow their net worth, they often go all-in on their own projects and then diversify when they start earning more.

Elon Musk, for example, bet the $22 million he earned from selling his first company, an online business directory called Zip2, in full on his next casean online banking service called

After merged with PayPal, he made $180 million selling PayPal to eBay. This gave him money to invest in Tesla, SpaceX and other ventures.

2. They know that business needs debt, not people.

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

Even if I could afford to pay the bills, I didn’t want to spend money on interest payments. Instead, I wanted to invest everything I earned into making more money. For me, it is the contribution of my income to my business.

I have also paid cash for my homes and have never accumulated interest on a credit card.

In some cases, if you’re trying to build a business, debt can help you make money by giving you access to income-producing assets sooner rather than later.

3. Home ownership is not always their first investment.

You might think that buying a primary residence is the American dream, but that’s rarely the first thing the rich do.

In my opinion, homeownership doesn’t always bring the same return on investment as other places where you can invest your money. I have three houses, but I didn’t buy them until I could buy them with cash.

4. Instead, real estate with cash flow is a place to protect and multiply money.

On the other hand, cash flow real estate – commercial real estate where you earn a monthly income from rent after paying off your mortgage, property taxes and maintenance – is a great way to multiply your money.

You can earn passive income from owning this property and it is often easier to sell than your main residence. When you sell your main residence, you must find a buyer who can imagine living in it. When you sell a profitable rental property, all you have to do is find a buyer who wants to make a profit.

5. They always buy in bulk.

The wealthy are willing to spend more on each purchase to get a better unit price and save time wasted on repeating useless activities.

This may apply to business – the rich may enter into contracts to purchase bulk supplies or equipment – or to your personal life. Whenever possible, I buy everything without an expiration date in bulk.

6. They invest in their network.

I never invested in me by someone who didn’t know me. And most of the property I own today was bought from sellers who preferred me to other qualified buyers because we had an existing relationship and they were confident in my ability to close the deal.

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

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

7. They are never satisfied.

One of my friends, a serial CEO, worked with some of the richest people in the world.

I once asked him what they had in common and he said, “None of them were ever satisfied with what they had.” already completed, but instead focused on the next thing that could come true.”

The rich are never satisfied with their previous achievements. They believe they can always do better. It helps them think about future business ideas, inventions, investments, and other wealth multipliers.

8. They don’t waste time trying to do everything themselves.

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