As more people become millionaires, more are interested in practicing something called “stealth wealth.” And as you grow your own nest egg, you might highly consider practicing it as well.
Stealth wealth is the simple practice where you keep your wealth and fortunes hidden from others, including friends, family, and co-workers. It allows you to live the lifestyle you desire, without having the celebrity of being wealthy.
- The millionaire that still drives a 25-year-old car or truck and waits to buy a new vehicle.
- Tech industry founders who do not wear fancy suits or designer clothes, but wear the same hoodie and jeans every day.
- A high paid company executive who prefers to live in a modest home or apartment and enjoys traditional restaurants over exclusive country clubs.
Many who are not experiencing financial freedom find it hard to empathize with the positions of the wealthy. Unfortunately, when people know you’re doing well financially, they can treat you differently.
There are many ways to protect yourself from fraud through identity protection software, freezing your credit, and being smart about who you interact with on a daily basis.
Using offshore bank accounts, tax-sheltered investments, and professional wealth management methods can aid the wealthy in avoiding the government and certain bills that come along with it.
People enjoy looking others up online and trying to find information about what others make or have.
But being too open about your home address can lead people to creep on your home, how much you paid, the surrounding, taxes, etc.
It’s easy for others to get jealous of you or think you got lucky or had an “insider” on your side to get you this income. So just steer clear of the topic altogether!