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.

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