4 Money Mistakes the Wealthy Never Make

Adam Palasciano  Thu, November 7, 2024 GOBankingRates 

It should come as no surprise that wealthy people — or people striving to join them — are constantly paying close attention to the economy, legislation and various markets. They are also always analyzing how these factors can and will affect their finances.

Here are four financial mistakes the wealthy never make whether times are tough or relatively smooth sailing.

Not Speaking With a Financial Advisor

The wealthy understand the importance of careful financial planning and management. That’s why they always consult with a financial advisor ahead of a potential political or economic shifts.

An experienced professional can help you navigate the ins and outs of complicated tax laws and help you make the smartest financial decisions — so you can keep more of your money.

Not Diversifying Their Portfolios

Diversification is key when it comes to a well-balanced portfolio. This is especially true when there’s about to be a new president.

A new administration may have positive impacts on some of your investments, while it may adversely impact other parts of your portfolio. Ensuring a healthy and strategic investment mix is crucial to hedge against financial loss.

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