Investments Made by the Rich, with Only a Few Money

Four "Non-Investing" Investment the Rich Learned About

     This is an area where the wealthy invest time and again. That's because they know something most people don't - they know that increasing wealth is about more than buying investments in the stock market, becoming entrepreneurs, or taking huge risks to fund promising startups.

Building wealth means becoming the best version of yourself, staying in constant learning mode, and networking with like-minded people who can help you reach your goals.

Here are some of the most common non-financial investments that wealthy people like:

Personal Coaching

Personal coaching is another investment rich people make, knowing they need help to reach their potential.

Morgan Ranstrom, a financial planner in Minneapolis, Minnesota, says that he recommends a high-quality training program for anyone who needs help taking the next step in their business.

Ranstrom has worked with various business and life coaches who have helped him understand his values and clarify his goals, become a published writer, and maximize his impact as a professional and business owner.

For individuals looking to break through to the next level of success, she recommends investing in a trainer. Coaching can transform your life.

The thing that scares many people about coaching is that it is not free; in fact, some coaching programs cost many thousands of dollars. But the wealthy know that the investment is worth it.

Mastermind Groups

Mastermind groups are especially helpful because they let you bounce off business ideas from other entrepreneurs who may think differently than you, but still have your best interests at heart. And sometimes, it's a small piece of advice or a single statement that can make all the difference in your business goals, and your life as well.

Accelerated Learning

Rich people read lots of books written by people who inspired them in some way, or had unique experiences to share. Read books like The 4-Hour Workweek by Tim Ferriss and The Millionaire Messenger by Brendon Burchard.

Reading is a smart and cheap way to add to your knowledge. If reading a few hours per week can help you stay mentally sharp while learning new things, why don't you do it over and over?

But there are other ways to speed up learning that don't involve reading a book. You can also take online courses in topics that are related to your career.

Going to conferences to learn new skills from others in your field is also a smart move for the wealthy to make.

Building Relationships and Networking

When it comes to the top tier of the business world, there's a saying: “It’s not always what you know, but who you know.”

Successful people build relationships that catapult their businesses and careers.

The right connections can help get you a better job, accelerate a promotion, or start a profitable business. But it's not about cheap networks.

For maximum value, focus on meeting people in high-quality professional conferences, mastermind groups, and membership communities.

It's a strategy many successful people know — meet other people you admire, and build relationships that work for everyone.

When you meet someone new who can potentially help you in your business, you can't just walk out the gate for help. There's a VBA — or “Value Before Ask” method. This means making sure you provide value before asking for help from anyone.

In other words, make sure you are doing your part to make the relationship a win for everyone. If you try to build relationships with other entrepreneurs just so you can take advantage of them, you're going to be kicked out of the building before you know it.