The road to riches might look like it is paved with ease, but the truth is it takes a tremendous amount of discipline, knowledge, and self-awareness which many of us struggle with. Our money is only as good as what it can do for us, and looking at wealth from a growth perspective takes a bit of mentorship. Getting rich is the beginning, but staying rich is the actual challenge; and Ian Northmark knows precisely how to make that happen.
The founder of boutique wealth management firm Northmark Wealth Management out of Beverly Hills, CA, Ian Northmark works with high-net-worth individuals looking to reach their financial goals. “Wealth can bring you freedom and security,” says Ian. “You just have to manage it correctly.” Ian reveals the top five secrets the rich won’t tell you.
1. Focus on generating income
“The wealthy aren’t hung up on how much they are saving. Instead, they are focused on how much they are making,” explains Ian. “Saving is a limited set amount based on your income. Look at income as something that isn’t fixed but has the potential to grow.”
2. Create passive income streams
“Making money while you sleep is called passive income,” explains Ian. “Create revenue streams that are more than just a paycheck or exchange for your time and effort. Use your expertise and assets to generate income from where you don’t have to be actively involved.”
3. Don’t waste money on depreciable assets
“Sure, we all need a car and material objects, but don’t waste too much money on depreciable assets that offer no return,” explains Ian. “Make investments in appreciable assets that you can sell for a profit later on.”
4. Leverage your network
“You are who you spend time with, and the rich focus on building personal and professional networks that serve them,” states Ian. “Look around you. If you are the smartest person in the room, you are in the wrong room. There’s a lot of truth to that.”
5. Never stop learning
“The wealthy know that once they attain success, they aren’t done,” says Ian. “They keep striving for more, and that means taking the time to learn as much as you can so you can manage your wealth properly.”
Sharing the secrets of the rich to his students is part of Ian Northmark’s job, and he works with people committed to meeting their long-term financial goals.