I'm a financial adviser, and I see rich people make the same 5 mistakes over and over - Business Insider

The bottom line: .Another problem I see high-income people make is never taking the time to automate their savings and investments. When you earn a lot, it's easy to assume all your money goals will magically fall into place. But as the story above describes, that is not how it works.high-yield savings accountYou have to set these things up to happen automatically or it's too easy to forget. And if you don't, even the biggest paychecks can disappear into thin air time after time.

At the end of the day, you have to be smart enough to know that you can't know everything. Especially if you're rich, there are numerous ways professional tax and estate planning could leave you considerably better off.This may sound ridiculous coming from a financial adviser, but hear me out. There have been so many times in my career where I've met someone who thinks their successful career puts them above paying for financial advice. Doctors and other high-profile professionals have this attitude all the time. They are extremely intelligent and have the advanced degrees and credentials to prove it, so they don't need a financial planner — or so they think.

The reality is, having a successful career and earning a lot of money doesn't mean you know the best ways to invest. In fact, it often means you don't have the time or mental energy to manage your money well.

Conserve nature

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

The world's largest river cruise ship will sail in Spring 2020 — see inside - Business InsiderThe cruise will sail on China's Yangtze River and includes views of the Qutang, Wu and Xiling Gorges, as well as ancient temples and pagodas. Bigger doesn’t mean better. Also the worlds most polluted river cruise ship? That looks interesting!
Source: BusinessInsider - 🏆 729. / 51 Read more »

8 smart things people with financial advisers do with their money that give them a leg up - Business InsiderAfter meeting with a financial planner, you'll walk away with a budget, a plan to meet your goals, and a strategy for your investments. So can a strictly performance based advisor :)
Source: BusinessInsider - 🏆 729. / 51 Read more »

Business Insider ranks the 11 best movies of 2019 - Business InsiderFrom 'The Irishman' to 'Knives Out,' here is a look back on the movies that we found to be the best of the year. The Irishman sucked. Full stop 🛑 No Endgame, yikes. Joker isn't in the list? Ok..
Source: BusinessInsider - 🏆 729. / 51 Read more »

Why a financial planner told me to do nothing with my investments - Business InsiderEven top financial pros can't beat the market, so don't waste your time trying. Take this advice from a CFP: Set your investments — then do nothing.
Source: BusinessInsider - 🏆 729. / 51 Read more »

I don't have a debit card and I'm convinced I don't need one - Business InsiderI find using a credit card instead of a debit card is safer, more convenient, and helps me earn rewards I wouldn't otherwise earn. Imagine thinking anyone uses cash anymore... No a mN some day and see what real intelecual love and excitement is all about look
Source: BusinessInsider - 🏆 729. / 51 Read more »