Nobody is perfect. You definitely make mistakes in life. This is because life does not come with rules and regulations. When you earn, every rupee is important. So, as far as the rich are concerned, it is important to avoid mistakes and secure wealth.
It is always good to take precautions where the money is concerned. A little bit of planning and research goes a long way in avoiding big mistakes in life. In this article, let’s take a look at the common mistakes made by the rich.
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Many of the rich avail financial instruments from financial product sellers. They introduce investment products to the rich, as part of their sales job. Product sellers are often misunderstood as financial advisors. These product sellers don’t care about financial goals, time horizon or risk tolerance. They only care about the commissions earned by selling these products.
See Also: Basics of Financial Planning
But sometimes, people tend to over diversify their portfolios. They would invest in risky products without doing proper research. They could be problems managing a huge portfolio. This can result in the erosion of wealth.
They forget to live life as they chase wealth. Everything around them is centered on earning. They must instead work on realizing their true passion. These are things that will make them happy and contented. This could be traveling, reading, painting and so on. Invest time and energy in these areas and enjoy a fruitful life. Lead a meaningful life. Have a clear separation between office and personal life. When you are going through a crisis, it is always good to have the backup of your family.
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