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Many people dream of being rich, though what that means varies widely among people of different backgrounds and experience. To some, it means never having to worry about expenses. For others, it is not working so many hours. Others define it as complete financial independence.
No matter what your definition of “rich” is, experts offer suggestions for how to get on the road to greater wealth.
“Being rich means having time freedom and location freedom, to do the things that matter to you,” said Andrew Lokenauth, CEO of Fluent in Finance LLC. “Wealth often comes first from being frugal. Many millionaires are wealthy because they know how to keep and invest their money — and not spend it on unnecessary things.”
Beyond frugality, Kyle Kroeger, finance expert at The Impact Investor, extends the definition of rich to mean “someone (who) regularly earned enough to be far from troubled paying their fixed expenses such as rent, electricity and other utilities, car maintenance costs, health insurance and educational expenses.”
The U.S. Treasury Department on Friday issued a set of recommendations to combat illicit finance in the high-value art market and warned that the emerging digital art market, such as non-fungible tokens (NFTs), may present new risks.
In a study published on Friday, the Treasury found that there is some evidence of money laundering risk in the high-value art market, but limited evidence of terrorist financing risk, the Treasury said in a statement.
It said that those most vulnerable in the market are businesses offering financial services that are not subject to anti-money laundering or countering terrorism financing obligations, warning that asset-based lending “can be used to disguise the original source of funds and provide liquidity to criminals.”
A senior Treasury official told reporters next steps include engaging stakeholders such as those in Congress or in the industry to get their feedback, adding that the Treasury hopes the study will encourage industries to take additional steps to make it harder to launder illicit proceeds through the art market. The Treasury will give further thought as to whether additional regulatory steps are needed in this market, the official said.
The study also said that depending on the structure and market incentives, the digital art market, such as NFTs, may present new risks, as the characteristics of digital art make it vulnerable to money laundering.
NFTs are a form of crypto asset which exploded in popularity last year. All kinds of digital objects – from art to videos and even tweets – can be bought and sold as NFTs, which use unique digital signatures to ensure they are one-of-a-kind.