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It’s well known that there’s no quick or easy way to get rich, regardless of what influencers and people deep in pyramid schemes try to tell you. In reality, most wealthy people inherited their funds, became extremely lucky or worked exceptionally hard. Perhaps, all of the above! But there are still certain things the rest of us can do to accumulate more wealth than we currently have.

Redditors have been discussing the best financial advice they’ve ever received, tips they wish they had learned sooner and advice that can help you stash some cash, so we’ve gathered some of their wisdom down below. Enjoy scrolling through, and be sure to upvote the tips you’re eager to try!

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#1

“Compound Interest Is An Amazing Thing”: 30 People Share Their Best ‘Rich People Tips’ A lot of “luxury” brands are things the poor buy to look wealthy.

rampants , Karly Jones / unsplash (not the actual photo) Report

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Marianne
Marianne
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4 weeks ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

Never buy anything to look wealthy. If you buy something expensive, it should be an investment. Good quality clothes that are versatile and sustainably produced are worth a lot more than cheap clothes with expensive brand names.

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#2

“Compound Interest Is An Amazing Thing”: 30 People Share Their Best ‘Rich People Tips’ Spending money on cars for status is stupid.

Unusual_Mine2454 , Marc Kleen / unsplash (not the actual photo) Report

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Robert T
Robert T
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4 weeks ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

Spending ridiculous sums of money to have the latest supercar or worse SUV is a waste of money. Collecting classic cars on the other hand I can get behind.

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#3

“Compound Interest Is An Amazing Thing”: 30 People Share Their Best ‘Rich People Tips’ Find a good partner, divorces are expensive. Brush your teeth really good two times per day, dentists are expensive. Take care of your health, clean food, exercise and sleep, doctors are expensive. Look after your mental health as best as you can...you guessed it, depression is really expensive, in all aspects of life, once it sets in.

*Also, time is NOT money, you can always get some more money, but you won't get your time back.

To appreciate how priceless your health is, would you trade your eyesight for 1 billion dollars? Do think about this question profoundly because if you wouldn't trade it, that means you have an "asset" that's not measurable in financial terms, you're infinitely rich from this perspective. Try to stay blindfolded for a few hours and do things around your house like that, to experience how it would be like to be blind. Have gratitude and remind yourself, if you have health, you have wealth!

AstroFire88 , Emma Bauso / pexels (not the actual photo) Report

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#4

“Compound Interest Is An Amazing Thing”: 30 People Share Their Best ‘Rich People Tips’ A much older coworker when I was working as a receptionist at a tax resolution company was next to me when I got offered my 1st geologist job. When my excitement died down, she asked me what the benefits were. When I got to the 401k match, she told me that I needed to max out the match right away. She said "you're offered more money than you've ever made before so just put in the full 6%. You'll never miss it." I did exactly that and she was right.

ppnuri , Kindel Media / pexels (not the actual photo) Report

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#5

“Compound Interest Is An Amazing Thing”: 30 People Share Their Best ‘Rich People Tips’ The biggest unavoidable expenses in your life will be housing, transportation, and food. Minimize these expenses. I live in NYC, which is a notoriously expensive city. But by taking care of 'the big three,' the lifestyle here becomes surprisingly affordable. I live in an unfashionable neighborhood, use my monthly Metrocard to get everywhere I need to go on public transport, and cook for myself 95% of the time (rather than eating out). This saves a huge amount of money! (which I then blow on expensive tickets to Broadway shows, but that's beside the point).

lucyisnotcool , Luca Nardone / pexels (not the actual photo) Report

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#6

“Compound Interest Is An Amazing Thing”: 30 People Share Their Best ‘Rich People Tips’ The only one I can think of right now concerns eating healthy, which can be super hard to do on a budget when fresh veggies cost an arm and a leg. My tip: frozen veggies. Not only can they be stored long-term, but they're frozen really soon after being harvested, which means that they're oftentimes fresher than the veggies in the produce section.

Eastern_Mark_7479 , Bozhin Karaivanov / unsplash (not the actual photo) Report

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Papa
Papa
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4 weeks ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

OP said that frozen vegetables are often fresher than buying them in the produce section, but there's another advantage. They are often healthier, since they're picked when ripe and immediately frozen, unlike "fresh" vegetables, which are often harvested well before they're ripe, so that they won't be too ripe when they arrive in the store.

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#7

“Compound Interest Is An Amazing Thing”: 30 People Share Their Best ‘Rich People Tips’ Be born to rich parents.

Check_This_1 , Brock Wegner / unsplash (not the actual photo) Report

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#8

“Compound Interest Is An Amazing Thing”: 30 People Share Their Best ‘Rich People Tips’ Never buy a depreciating asset with credit. If you buy a car buy a good used one that has taken the majority of its depreciation.

Facebook_Algorithm , Pixabay / pexels (not the actual photo) Report

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Jane
Jane
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4 weeks ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

I buy brand new, but use the car until it's near death. Currently ready to trade in my 13 year old car for a new one. It would likely live for another year or three, but I don't like to take chances. Because I haven't had car payments for 9 years, I'll be able to pay cash.

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#9

“Compound Interest Is An Amazing Thing”: 30 People Share Their Best ‘Rich People Tips’ Spend on what you truly value, ruthlessly cut what you don’t.

_mdz , Ainur Iman / unsplash (not the actual photo) Report

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WindySwede
WindySwede
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4 weeks ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

Right now I would value aa kebab plate with salad, sauce and fries.. 😂

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#10

“Compound Interest Is An Amazing Thing”: 30 People Share Their Best ‘Rich People Tips’ This might be a wacky response but I'll throw out there anyway. I had to stop with the handouts. I was being "too nice" and got taken advantage of (several times) by ungrateful people. My intent was to help but I ended up feeling like an idiot when these people that I "helped" came back and started complaining because would not continue to help them.

I don't use the word "flabbergasted" very often but yeah I was flabbergasted at their sheer gall! I digress.

InternationalPay8288 , Tom Parsons / unsplash (not the actual photo) Report

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ucp
ucp
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4 weeks ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

I had a relative who would often borrow money. Small amounts, but frequently. After a year, I showed her a note on my phone that I’d kept of her borrowing, with dates and reasons she’d given for needing the cash. It was nearly £500. None had been repaid. She doesn’t try to borrow from me any more.

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#11

“Compound Interest Is An Amazing Thing”: 30 People Share Their Best ‘Rich People Tips’ Wealth whispers and does not need external validation.

First_Night_1860 , ArtHouse Studio / pexels (not the actual photo) Report

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#12

“Compound Interest Is An Amazing Thing”: 30 People Share Their Best ‘Rich People Tips’ Personal finance is personal. Meaning, stop comparing yourself to others. Consider whether their decisions would also be good for you, but realize that it's ok and normal for your decisions to be one of a kind. It's ok for you to be ahead or behind your peers, because you are not your peers. Etc.

plexluthor , Mohamed hamdi / pexels (not the actual photo) Report

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#13

“Compound Interest Is An Amazing Thing”: 30 People Share Their Best ‘Rich People Tips’ Buy really good items that last.

Somehow my parents never enforced that with me, but I started buying good things in 2006 and it made a difference.

Think_Leadership_91 , Kenny Eliason / unsplash (not the actual photo) Report

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#14

Privacy. Truly rich people are anonymous. You’ll never know who they are and if you saw them out in public they look like everyone else. They look at people who wear luxury fashions with logos all over them as sad pretenders. They don’t have social media, they don’t do anything public at all, and they keep their lives so private that outside of their immediate family few people know what they’re actually like.

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#15

“Compound Interest Is An Amazing Thing”: 30 People Share Their Best ‘Rich People Tips’ You can be very generous without spending a lot of money. The additional cost of feeding another person at home is tiny. For less than the cost of one ice cream cone at the ice cream store, you can buy a whole tub of ice cream. This is even more true with soft drinks and alcohol.

SEA_tide , Dakota Corbin / unsplash (not the actual photo) Report

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#16

“Compound Interest Is An Amazing Thing”: 30 People Share Their Best ‘Rich People Tips’ As a woman — learn your worth in the job market and don’t settle for less.

sabarlah , Kier in Sight Archives / unsplash (not the actual photo) Report

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#17

“Compound Interest Is An Amazing Thing”: 30 People Share Their Best ‘Rich People Tips’ Think differently. It is not about saving. It is about not spending. Do you really need it? Do you have room for it? Can it wait? Ask tons of question before buying.

Zebras55 , No Revisions / unsplash (not the actual photo) Report

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Jane
Jane
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4 weeks ago (edited) DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

At this point in my life, I ask myself... would I take it with me if I had to move into a nursing home? This has ended all purchases of cute knicknacks, books, and shoes that I'll only wear once a year (among many other things). I have enough stuff. Now I spend on experiences.

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#18

Don't show off. It's boring.

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#19

“Compound Interest Is An Amazing Thing”: 30 People Share Their Best ‘Rich People Tips’ The faster you realize that you were programmed at birth to buy buy buy. The faster you can break the cycle, and start saving with high interest rates that will compound you into wealth over 30 or 40 years.

Additional_Ad_5970 , Clay Banks / unsplash (not the actual photo) Report

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Rachel Pelz
Rachel Pelz
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4 weeks ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

Not at birth though. From an early time on but I do not believe it is all in your genes.

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#20

“Compound Interest Is An Amazing Thing”: 30 People Share Their Best ‘Rich People Tips’ Compound interest is an amazing thing.

jp112078 , Austin Distel / unsplash (not the actual photo) Report

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#21

“Compound Interest Is An Amazing Thing”: 30 People Share Their Best ‘Rich People Tips’ One monthly bill we have control over is food. I throw NOTHING away. If bananas are going bad, I make banana bread, then wrap and freeze it in small batches. With eggs going bad, scramble and freeze. I once had a package of bread rolls that were going to go bad. Before they did, I broke them into chunks, let them sit out for a few days, and then made bread crumbs. Possibilities are ENDLESS. Buy food on sale that week and meal plan from that.

If you go out to dinner, see who is having specials. Look for coupons. Download apps where you might get a discount.

cathef , leonie wise / unsplash (not the actual photo) Report

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Ace
Ace
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4 weeks ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

Eggs don't really go off, best-before dates are really just a guideline. Yes, fresh eggs taste better than ones that have been in the fridge for six months, but for use in cooking you will not be able to tell the difference.

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#22

Stop spending money on stupid s**t like new cars, designer clothes/handbags, jewelry, alcohol, etc.

Buy things you need that are competitively priced.

If I had known that 30 years ago, I would've been able to stop working a lot earlier.

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#23

“Compound Interest Is An Amazing Thing”: 30 People Share Their Best ‘Rich People Tips’ Some things people never think about relating to your vehicle: Clean the junk out of your vehicle. The more weight, the more fuel you burn, the more money you waste. And don't drive so fast. For most trips, you don't save that much time really. Fuel usage in your vehicle is a bell curve, and most cars are geared to have their best mileage at around 55 mph. Driving 90 everywhere is throwing away money.

Dakens2021 , Mike Bird / pexels (not the actual photo) Report

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WindySwede
WindySwede
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4 weeks ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

Bell curve? 🤔 So if I go really fast the fuel consumption goes way down?! Bell-curve...Sept18.jpg Bell-curve-diagram_BB-Sept18.jpg

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#24

Cutting up old shirts into cleaning rags.

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Rachel Pelz
Rachel Pelz
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4 weeks ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

Yip. Makes sense. About the savings...cleaning rags isn't exactly a considerable position on my expenses, but this makes you feel like you're saving hundreds of dollars/euros/whatever. Yes, I do feel bad about the microplastic but for several cleaning jobs, ths 1.99 euro microfiber rags are just so much better suited than old shirts (meaning you need way less detergent).

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#25

“Compound Interest Is An Amazing Thing”: 30 People Share Their Best ‘Rich People Tips’ Don't borrow money to buy cars.

mrmrmrj , Karolina Kaboompics / pexels (not the actual photo) Report

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WindySwede
WindySwede
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4 weeks ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

Well need car to work to get money to pay of the car...

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#26

“Compound Interest Is An Amazing Thing”: 30 People Share Their Best ‘Rich People Tips’ YouTube is your friend, learn how to cut your own hair, fix appliances, change your oil, cook at home, look up workouts, look up audiobooks on there, do your own nails, pedicures, facials, etc, natural remedies, games with stuff around the house for game night, wash your dishes by hand, don’t use the dryer or dish washer, get lower wattage lightbulbs, use fans instead of AC, drink tap water and nothing else, start intermittent fasting and simply eat less, walk places or bike, don’t use fabric softener or dryer sheets, use reusable rags, make your own soap/detergent/all purpose cleaner, work overtime or find a side gig, contribute more to 401k to save in taxes, sugaring instead of buying wax or razors, maximize credit card cash back rewards, cancel streaming services and go to the library and get movies there, don’t leave water running while doing dishes or brushing your teeth, get a bidet and never buy toilet paper again, use reusable water bottles, make your own coffee, drive slower worn AC off and roll the windows down, quit smoking or drinking alcohol, I could go on and on

garcisu , Nik / unsplash (not the actual photo) Report

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#27

Spend money to get time back.

You can always make more money, but time runs out, and you need to spend time on your business/career to make money, not be wasting time working on your car or mowing your lawn.

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#28

Not me personally, but regrets I often see pop up.

Not taking advantage of compounding interest during the best decades of compounding growth in one’s lifetime.

Being a sucker for conspicuous consumption.

Debt outside of a mortgage when unnecessary (wants vs needs).

Living above one’s means, keeping up with the Joneses.

Marrying the wrong person.

Trying to time the market vs time in the market (see missing 50 best days in the market).

BojangleChicken Report

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WindySwede
WindySwede
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4 weeks ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

It's easy to play the stock market in hindsight! 😏

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#29

“Compound Interest Is An Amazing Thing”: 30 People Share Their Best ‘Rich People Tips’ Use those little dryer ball things. They cut down on the time you have to use the dryer since your clothes dry faster, so less power is needed. You can also try hanging stuff on a clothesline to dry your clothes if you want to go to extremes and forgo the dryer altogether.

Dakens2021 , Mathias Reding / unsplash (not the actual photo) Report

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Rachel Pelz
Rachel Pelz
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4 weeks ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

Wow, I've been absolutely going to extremes for my whole life---drying clothes on the clothesline (*European person chuckling).

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#30

“Compound Interest Is An Amazing Thing”: 30 People Share Their Best ‘Rich People Tips’ Invest while you’re young. Don’t put it off. Keep investing in up and down markets. Increase your investments annually. Never touch it until you are ready to retire.

Same_Cut1196 , Anna Nekrashevich / pexels (not the actual photo) Report

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