9 Biggest Mistakes High Income/High Net Worth Millennials Make

9 Biggest Mistakes High Income/High Net Worth Millennials Make

Thomas Kopelman

We often associate wealth with financial expertise, but this could not be further from the truth. High net worth people are not immune to making mistakes. In fact, they make just as many mistakes, if not more than everyone else.  And the worst part about it is that these mistakes they make can be even more costly due to higher dollar amounts behind the mistakes.

Let me help you avoid this by walking you through 9 of the most common mistakes I see high net worth millennials make.

Note: Learn from these. You can easily avoid them!

1. Thinking Their Income Will Always Be There

This might apply towards people with high incomes more than people with high net worths. But regardless, this group of people are taking on a huge risk assuming that their income will always be there. There are 3 main ways income can be lost:

Loss of job – Plenty of high income folks get cut when businesses are not doing well. This is why diversifying, building up assets, having an emergency fund, etc. is crucial.

A disability putting you out of work – 1/4 millennials will have a disability that stops them from working. The stats are scary. Having disability insurance in place to protect your income can be crucial!

Business Failing – Many high net worth accumulators are business owners. This means most of their wealth is in the business and their income is tied to it. That concentration brings on a lot of risk. Managing this business well and diversifying as you earn is crucial to keep you on a good path. Do not just use your business as a piggy bank.

2. Making Their Finances Too Complex

This is something I see way too often, people start making good money and their wealth builds. And because of this, they think they need to start investing in anything and everything.

Anytime a friend or someone they know comes with a business idea, they get involved. And then all of the sudden their balance sheet is all over the place. They have little organization or coordination, and oftentimes even lack liquidity.

Be careful doing this! You do not need to invest in anything and everything. Oftentimes the best strategy is to keep things simple. You do not want to get burned.

3. Taking On Too Much Unneeded Risk

https://thomaskopelman.com/2023/08/9-biggest-mistakes-high-income-high-net-worth-millennials-make/?utm_source=apexmoney&utm_medium=dailynewsletter&utm_campaign=keep-it-simple

Get Ready to Pay

Get Ready to Pay for Paris Hilton’s New House [Podcast]

Notes From the Field by James Hickman  (Simon Black) January 14, 2025

In 1913, 24-year-old Charlie Chaplin arrived in Los Angeles, drawn by an offer from Keystone Film Company. Coming from a poverty-stricken childhood in London and a successful vaudeville career, Chaplin found in Los Angeles a place of limitless potential.

The city was largely undeveloped, surrounded by orange groves, open fields and dirt roads where coyotes still roamed. But it offered the perfect backdrop for the burgeoning film industry— mountains, oceans, deserts— and a chance to escape the constraints of traditional theater.

While San Francisco had flourished during the gold rush, Los Angeles was entering its own boom, fueled by filmmaking. Chaplin quickly became the silent era’s most famous actor, transforming the medium while the city grew into the heart of the movie industry.

Like Chaplin, Los Angeles embodied the spirit of creative freedom, shaping modern entertainment for a century.

The city, especially Hollywood, became synonymous with the film industry, and perhaps took that for granted.

Like California in general, LA assumed that however poorly it treated its residents, however burdensome the regulation, however high the taxes, people would still come flocking like there was gold in the hills.

If you ever wanted to be the author of your own decline, follow the example of California, and Los Angeles in particular.

Hollywood has chased away its own industry to burgeoning film locations like Georgia, New Mexico, and Toronto. Georgia especially is raking in the benefits from LA’s decline.

Los Angeles was a one industry town, and they chased it away.

They forced countless lockdowns on the city during COVID, even threatened to cut off water to those who dared to invite guests over. They declared themselves a sanctuary city against federal law, inviting illegals to enjoy a multitude of free benefits— then expected federal dollars to pay for it.

They cut police, and refused to enforce basic laws against things like shoplifting, or keep even serious criminals in prison. They destroyed education, from elementary to university.

And every business and individual is absolutely drowned in useless permitting.

Oh, and with all their idiotic spending priorities, somehow fire fighting, in an area prone to wildfires, seems to be the only thing they were unwilling to properly fund.

Who would want to continue doing business there? Or invest there? Or live there?

And tax revenue and talented workers are part of the exodus.

California ran things into the ground until they no long had money for basic services.

But hey, at least people can still get private insurance when the government fails them!

Oh wait, California has also run them out of town. Because of California’s regulatory burden many insurance companies no longer do business in the state. And that has left a number of people, including those whose homes have burned down, without insurance.

California has long relied on federal bailouts to fund all these idiotic policies. Their COVID lockdowns were paid for with federal tax dollars, and they’ve received bags of cash from the Biden administration to help pay for migrant care.

The damage from these fires could easily exceed $50 billion, and again, since they have chased away insurance companies, I have a funny feeling that California is going to have its hand out to the federal government once again to help people rebuild form a crisis that was not only preventable but a direct result of political incompetence.

Would you be surprised if the federal government came to their rescue, and US taxpayers ended up paying for poor Paris Hilton’s burned out mansion, because no one would give her insurance?

There used to be a saying, "As California goes, so goes the nation."

And to be frank, I think that’s right. The US itself has some deep challenges brought on by the last several years of horrific leadership and terrible priorities.

There is, starting next week, an opportunity to makes things right and get it back on track. And I am certainly rooting for them to pull it off.

If they don’t, we don’t have to wonder what the future of the US looks like— the whole world can see the failures of the left, in Los Angeles today, laid to waste.

And it is a snapshot of what might come if the incoming leadership isn’t able to right the ship.

Tune in to today’s podcast where we talk about this in greater depth, including at the end explaining our whole ethos on building a Plan B.

(For the audio-only version, check out our online post here.)

To your freedom,  James Hickman   Co-Founder, Schiff Sovereign LLC

https://www.schiffsovereign.com/trends/get-ready-to-pay-for-paris-hiltons-new-house-podcast-151973/

Warren Buffett’s Advice For Your Plan B

Warren Buffett’s Advice For Your Plan B

Notes From the Field By James Hickman (Simon Black)  February 24, 2025

On February 27, 2009 the global financial crisis had been raging for five long months.

Many of us remember it like it was yesterday. Entire economies were ravaged. Some of the world’s largest businesses failed. Others only survived thanks to unprecedented government bailouts. Unemployment surged. Countless people lost their homes.

It was brutal— the worst economic crisis almost everyone had ever experienced. But Warren Buffett, aged 78 years young at the time, was still a cheerleader for America despite all the darkness and gloom.

He wrote to the world in his annual letter, which was released that day:

“Amid this bad news, however, never forget that our country has faced far worse travails in the past. In the 20th Century alone, we dealt with two great wars (one of which we initially appeared to be losing); a dozen or so panics and recessions; virulent inflation that led to a 21 1/2 % prime rate in 1980; and the Great Depression of the 1930s, when unemployment ranged between 15% and 25% for many years. America has had no shortage of challenges.”

In short, he wrote, “America’s best days lie ahead.”

Powerful words at such a dark time. Yet optimism has been Buffett’s consistent tone for decades.

But this weekend his 2024 annual letter was released, and it has a significantly different tone, including some very thinly-veiled criticism that politicians need to spend taxpayer money wisely, and to “maintain a stable currency, [which] requires both wisdom and vigilance”.

It’s hard to argue with that point. We’ve obviously been writing about this for 15 years. And it’s nice to see someone in Buffett’s position finally acknowledge that politicians should spend money responsibly and not run multi-trillion dollar budget deficits.

As it stands today, the US national debt exceeds $36.2 trillion. And in the last fiscal year alone, the government spent $2.4 trillion more than it collected in tax revenue.

In fact according to the government’s own financial report, the single largest increase in cost was interest on the federal debt, which ballooned to more than $1.1 trillion— exceeding even military spending.

As we’ve written many times in the past, if this trend isn’t corrected very quickly, the consequences will likely result in extremely painful inflation.

Buffett acknowledges this when he writes, “Paper money can see its value evaporate if fiscal folly prevails. In some countries, this reckless practice has become habitual, and, in our country’s short history, the U.S. has come close to the edge.”

True statement. In fact the US is pretty close to the edge right now.

There is a very narrow window of opportunity for the government to cut the deficit, balance the budget, and restore confidence. And it’s obvious that some people are trying really hard to make this happen.

But there’s certainly no guarantee they’ll be successful... which is why it makes so much sense to have a Plan B.  Coincidentally, Buffett offers some advice on this front.

For starters, he suggests that a great business can be an excellent hedge against inflation, stating that they “will usually find a way to cope with monetary instability as long as their goods or services are desired by the country’s citizenry.”

I couldn’t agree more. We’ve been writing about this for a long time, in particular that real assets make sense because they are the most important, vital, critical resources in an economy.

In more difficult times, including during inflation, people tend to really prioritize how they spend their money. Recreation, luxuries, and frivolous purchases are curtailed. And essential staples like food, energy, healthcare, and other critical categories become the most important.

Businesses similarly cut back on expensive perks and wasteful moonshots and instead invest in productive technologies which enhance their bottom lines.

This aligns entirely with Buffett’s view that “desired” goods and services will still be successful. I would clarify further that “critical” and “essential” goods and services will be successful, especially if they can be exported abroad.

Speaking of looking abroad, Buffett also talks about Berkshire Hathaway’s growing holdings in Japan, under the headline, “Berkshire Increases Its Japanese Investments.”

In my view this is one of the most essential parts of a Plan B— international diversification.

If you live, work, invest and hold all of your savings and assets in the same country, this is the equivalent of putting all of your eggs in one basket. If something goes wrong in that single country, everything you’ve worked to achieve over your entire life can be put at risk.

It’s 2025, not the 15th century anymore. Today it’s easy to diversify around the world. Like Buffett, you can invest a portion of your savings abroad in different economies and currencies.

And money aside, you can also diversify many things in your personal life. You can have a second home abroad, a second residency, and a second passport. You can seek high quality inexpensive healthcare overseas. You can send your children abroad to university to receive a fantastic education at a fraction of the price.

International diversification is a very sensible strategy that rational people take very seriously.

And diversifying abroad doesn’t mean that someone is paranoid, pessimistic, or unpatriotic. I doubt Warren Buffett feels any shame or guilt for diversifying a portion of Berkshire Hathaway’s portfolio in the Japanese economy.

As a final point on the topic of investing Buffett writes that, “often, nothing looks compelling.”

By this he means that many times investments seem very expensive. This has been the case with a number of popular companies whose stock prices trade for outrageously high valuations.

For value investors like Buffett who want to buy “wonderful businesses at a fair price,” the best option is to sit patiently and wait for the right buying opportunity.

Yet “very infrequently”, he writes, “we find ourselves knee deep in opportunities.”

And it is in these moments that he becomes very greedy (his word, not mine) to scoop up high quality assets on the cheap.

We’ve been writing for quite some time that there is such an opportunity now.

Gold is presently hovering at an all time high, and there is scope for it to go much higher. If the current deficit trend in the United States continues, we could see $5,000+ gold over the next few years, due primarily to foreign central banks trading their dollars and Treasury bonds for gold.

Yet, despite gold being at an all-time high, there are extremely efficient, well-managed, profitable gold companies with pristine balance sheets whose shares are trading at laughably cheap valuations.

This mismatch doesn’t make any sense. And it absolutely will not last.

To your freedom,  James Hickman   Co-Founder, Schiff Sovereign LLC

https://www.schiffsovereign.com/trends/warren-buffetts-advice-for-your-plan-b-152129/

5 Bad Financial Habits Americans Don’t Realize Cost Them Thousands

5 Bad Financial Habits Americans Don’t Realize Cost Them Thousands

Emily Fowler  Mon, February 24, 2025 GOBankingRates

More Americans are focusing on their finances in 2025 than they have in the past 10 years, according to a recent study from Allianz Life. But while many plan to improve their financial stability, stress levels around finances are still high, with only 16% of people saying they’re less stressed than last year.

Here are five financial habits that could be contributing to those stress levels and costing thousands.

 Excessive Spending on Nonessentials

An occasional treat isn’t the problem. It’s the frequent, mindless purchases that add up. The study found 30% of Americans admit to spending too much on things they don’t need. Anything from online impulse buys to yet another unused subscription can snowball.

Take that coffee habit. Say you buy a $4.75 coffee every week day. That will cost over $1,000 a year. With coffee prices increasing after having just reached an all-time high, according to Business Insider, that habit could cost even more in 2025!

Neglecting Savings

A significant 28% of Americans save nothing, while 27% save less than they could, per Allianz. Without a habit of consistent saving, even a minor financial setback can lead to debt. And with 49% worrying about their income and retirement income, a lack of savings can be added stress.

Automating transfers to a savings account ensures money is set aside before it’s spent, and even starting with small, regular deposits builds up over time.

Carrying Credit Card Debt Too Long

High-interest debt is a financial sinkhole, yet 23% of Americans aren’t paying down debt fast enough, according to the study. Interest charges quickly inflate balances, making it harder to get ahead. The average credit card interest rate as of Feb. 17 was 28.7%, according to the Forbes Advisor weekly credit card rates report.

Making monthly payments of $200 on a credit card balance of $7,500 with a 28% interest rate (APR) would take nearly eight years to clear and mean more than $10,000 in interest paid.

TO READ MORE:  https://finance.yahoo.com/news/5-bad-financial-habits-americans-170051610.html

Ask 9 Questions To Choose the Right Financial Advisors

Rachel Cruze: Ask 9 Questions To Choose the Right Financial Advisors

Ashley Donohoe  Sun, February 23, 2025  GOBankingRates

Whether you’re selling a house, choosing tax strategies or making a retirement portfolio, handling complex financial situations on your own can lead to costly mistakes, missed opportunities and possibly legal issues. Money expert Rachel Cruze advises partnering with various types of financial advisors who have the knowledge to help you make better decisions and ensure you’re building wealth properly.

However, you should be prepared to put some time into finding trusted people who will focus on what’s best for your situation rather than just their profits from commissions or fees.

In a recent YouTube video, Cruze highlighted nine questions to ask when attempting to choose the right financial advisors — three each for tax and investing professionals.

Real Estate Agents

1. How Many Homes Did You Sell Last Year?

Asking an agent this question might help you avoid having your home on the market for too long. It will give you an idea of the agent’s selling skills and experience to compare with other potential agents.

The Consumer Financial Protection Bureau also suggested asking related questions about the types of properties the person has sold and their neighborhoods.

2. What’s Your Schedule and Availability Like?

Cruze discussed how the schedule of  agents can widely vary and impact your experience. For example, a full-time agent might be more dedicated to helping you any day of the week versus someone who occasionally sells houses as a side job. Make sure the potential agent has the time to meet with you when you’re available and will be committed.

3. How Much Commission Do You Get?

TO READ MORE:  https://www.yahoo.com/finance/news/rachel-cruze-ask-9-questions-120106343.html

The US Government Has To Sell $28 Trillion Of Debt In The Next 4 Years

The US Government Has To Sell $28 Trillion Of Debt In The Next 4 Years

Notes From the Field BY James Hickman ( Simon Black )  February 19, 2025

Last summer, the Federal Reserve wanted you to believe that inflation was a thing of the past.

Sure, just about every category of consumer goods had increased in price. Electricity rates had increased 5% year over year. Rent and housing costs were up 5%. Hospital care had become 6% more expensive. Food prices were up. Fuel prices were up. Auto insurance had risen by a whopping 18.6%.

Yet, bizarrely, the overall inflation average was just 2.9%. And based on that number alone, the Federal Reserve had all but declared victory against inflation.

We knew it was BS. And, after diving into the numbers, it didn’t take us very long to realize why.

It turned out that, back in the summer of 2024, used car prices were falling dramatically— down around 11% year-over-year.

You probably remember what happened: during the pandemic, supply chain snarls and factory closures caused used car prices to go through the roof. Eventually, prices peaked... and then started to fall.

By July 2024, used car prices were still on their way down... essentially returning to a more ‘normal’ level. And based on the way that the government calculates inflation, the huge drop in used car prices dragged down the overall average, making the headline inflation rate appear smaller than it really was.

We wrote about this last summer. And we predicted that the decline in used car prices would soon cease... essentially eliminating the key drag that was holding the inflation rate down.

That has now happened. And as of last month, used car prices are no longer falling... and the overall rate of inflation is once again on the rise.

This is where our discussion begins in today’s podcast, and it’s an important one. We talk about why, at this point, lingering inflation is a major challenge. And it’s becoming a more likely scenario.

There are obviously some forces within the government that are working really hard to cut spending. There are also legions of misguided (or flat-out corrupt) politicians who are fighting to prevent those budget cuts from happening.

It’s a see-saw right now and could go either way. But, at least for now, the government is still spending taxpayer money like a drunken sailor.

Last year’s budget deficit was nearly $2 trillion. They’re already on track to repeat that this year. All of that deficit spending adds to the $36+ trillion national debt.

But what makes matters even worse is that an unbelievable $28 trillion of the national debt will have to be refinanced over the next four years, according to Federal Reserve data. (We show you the Fed’s data in the podcast— it’s a chart you’ll want to see.)

The key problem, of course, is that interest rates are significantly higher today than they were several years ago. So when the Treasury Department refinances that $28 trillion in debt, it will be at a MUCH higher rate.

Think about it— if most of that debt was sold at a 2% rate, but now they have to refinance at 5%, then that’s an extra 3% interest to pay on $28 trillion— or $840 billion per year in additional interest.

Remember that the government’s interest bill is already $1.1 trillion per year. So in four years it could easily eclipse $2 trillion per year. Again, this is just the amount of interest.

It’s also pretty clear that a lot of foreign governments and central banks— who own a huge chunk of that $28 trillion which needs to be refinanced— are looking to diversify away from the dollar.

It’s already happening; obviously there are the loudmouthed BRICS countries that have started trading with one another in their own currencies, and thus begun reducing their dollar holdings. But even supposed ally nations in Europe are starting to trade their US dollar reserves for gold.

This is setting up a precarious situation... because if foreign governments and central banks continue reducing their dollar exposure, then who is going to buy up all that $28 trillion worth of US government debt that needs to be refinanced?

Well, the only remaining lender is the Federal Reserve. And as we’ve discussed before, the Fed buys government bonds by printing money... which ultimately causes inflation.

During the pandemic, the Fed printed $5 trillion and we got 9% inflation. Over the next four years the Fed might have to print a good chunk of that $28 trillion just to help refinance US government debt. So what will inflation be? No one knows. But probably not their magical 2% target.

The only way out is to slash government spending. And certainly there is a lot of low hanging fruit for DOGE to cut, which could get the deficit (and therefore inflation) under control.

But this is far from a risk-free proposition. And that’s why it still makes so much sense to have a Plan B.

We discuss all this, and more, in today’s podcast— and we hope you take time to listen in here.

(For the audio-only version, check out our online post here.)

To your freedom,  James Hickman   Co-Founder, Schiff Sovereign LLC

https://www.schiffsovereign.com/podcast/the-us-government-has-to-sell-28-trillion-of-debt-in-the-next-4-years-podcast-152106/

'It's An American Duty To Not Pay Our Taxes' — Robert Kiyosaki Proudly Says

'It's An American Duty To Not Pay Our Taxes' — Robert Kiyosaki Proudly Says He's $1.2 Billion In Debt Because It Legally Leaves Him Tax-Free

Jeannine Mancini  Thu, February 20, 2025  Benzinga

You've heard it a million times—debt is bad, get out of debt, Americans are drowning in debt. The headlines paint it as the ultimate financial nightmare. But not everyone sees it that way. Best-selling "Rich Dad Poor Dad" author Robert Kiyosaki proudly boasts about being $1.2 billion in debt—and according to him, that's exactly how he legally avoids paying taxes.

How Kiyosaki Uses Debt to His Advantage

In a January 2024 Instagram video captioned "Confession: This is why I am $1.2 billion in debt," Kiyosaki explained his controversial stance.

"Today, I own about 12,000 rental units. How did I acquire those properties? I used debt. See, the more debt I use, the more property I own, the less tax I pay," Kiyosaki said.

He went on to argue that taxes are a "Marxist idea," referencing "The Communist Manifesto." "And people say, ‘Well, you should pay taxes.' No, we shouldn't. America was founded as a tax-free nation... We were tax-free until 1913 when the Fed was created. The same year, guess what else was created? The IRS."

Kiyosaki didn't stop there. He took it a step further, declaring, "And I think it's an American duty not to pay our taxes. Because if you read the Communist Manifesto, you'd know why."

Kiyosaki's strategy relies on leveraging debt to acquire income-generating real estate while taking advantage of tax laws that allow deductions, depreciation, and other benefits. And he's not just talking about it—he's doing it.

The Real Estate Tax Advantages

Kiyosaki's approach isn't some loophole; it's built into U.S. tax law. Real estate investing offers several legal ways to reduce taxable income:

TO READ MORE:  https://finance.yahoo.com/news/american-duty-not-pay-taxes-150047669.html

5 Best Dave Ramsey Money Tips To Adopt in 2025

5 Best Dave Ramsey Money Tips To Adopt in 2025

Cara Danielle Brown   Wed, February 19, 2025  GOBankingRates

Personal finance expert Dave Ramsey has become one of America’s most trusted voices for individuals wanting to learn how to take control of their money. From paying off debt to getting on a budget, Ramsey’s guidance has helped millions become educated and empowered.

With 2025’s financial climate off to a strong yet erratic start, some are looking to the finance guru, wondering which of his money tips are most useful to adopt in real time. Here are five that could help put you on the right path.

Pay Off Your Debt

“One of Ramsey’s foundational principles is eliminating debt,” said Melanie Musson, insurance and finance expert at Clearsurance.com. “Instead of seeking out new debt, people should seek to pay off their debts and avoid borrowing more. … Avoiding debt allows you to live freely.”

Consider the current climate: Interest rates remain high at 4.25% to 4.5%, and the Fed has indicated they are in no rush to lower them. Additionally, the global economy is facing uncertainties by way of geopolitical tensions and fluctuating currency values. And, according to Federal Reserve Data from November 2024, big banks are charging the average consumer 22.8% interest on credit cards.

Failing to pay down debt at any time — but particularly in the current economy — will quite literally compound the problem.

Thomas Alessi, president at ARIES Foundation for Financial Education, supports Ramsey’s debt snowball method — a strategy where individuals pay the minimum amount on all their debts except for the smallest one, which is paid off more aggressively. When the smallest debt has been cleared, the next-smallest takes priority, and so on.

Clearing debts in ascending order is a psychological trick that gives people confidence and focus, explained Alessi. “We can start to see our way out, and it allows us to feel empowered in handling our finances.”

Cut Back on Discretionary Spending

When it comes to saving money, Ramsey advocates cutting back on non-essential spending by distinguishing between a need and a want. As a Ramsey Solutions article on his website explained, needs are essentials, like food and shelter, while wants consist of non-essentials you desire but can live without — like home upgrades and entertainment.

TO READ MORE: https://www.yahoo.com/finance/news/5-best-dave-ramsey-money-150014042.html

This Is the Max Number of Bank Accounts You Should Have

Self-Made Millionaire: This Is the Max Number of Bank Accounts You Should Have

Gabrielle Olya  Wed, February 19, 2025   GOBankingRates

In her book “Crush Your Money Goals,” financial coach and self-made millionaire Bernadette Joy writes that the first step toward achieving financial freedom is to “curate” your financial accounts. This means reviewing every financial account you have open — your bank accounts, credit cards, loans and properties in your name. Once you have a list of your accounts, it’s time to streamline them and consolidate them into 20.

 “When it comes to achieving financial independence, the fewer accounts you have, the fewer opportunities for mistakes or precious money to fall through the cracks,” she wrote.

Think of each of your financial accounts as a separate handbag,” Joy continued. “Having multiple checking, savings and investment accounts and credit cards is like carrying around an armful of handbags with just a little bit of money in each. It’s not efficient and it feels a little silly.”

While Joy recommends having 20 financial accounts total, your bank accounts should be a small fraction of that.

How Many Bank Accounts Should You Have?

According to Joy, you should have no more than three bank accounts — or four if you own a business.

TO READ MORE:  https://www.yahoo.com/finance/news/self-made-millionaire-max-number-190026431.html

10 Sneaky or Unrecognizable Signs That Someone Is Wealthy

10 Sneaky or Unrecognizable Signs That Someone Is Wealthy

November 30, 2024   Caitlyn Moorhead

You may think you can spot signs of someone’s wealth at a glance. Surely you just look for designer clothing and purses, yachts, fancy cars, gigantic mansions or diamonds dripping from fingers, right? Not necessarily.

There are many signs of wealth you wouldn’t notice from such a lofty perch. Real money isn’t always obvious, and large amounts of it don’t always drive up in luxury cars. If you’re wondering who is living life in the wealthiest ways possible, here are 10 sneaky signs to look for to determine if someone is wealthy.

They Can Afford the Price of Peace of Mind

Real wealth isn’t just about having a fat bank account; it’s about feeling secure and stress-free where finances are concerned. It turns out that money may not buy happiness — but it certainly does buy peace of mind. 

It’s less about having more, and more about feeling financially stable. Wealth can bring a certain kind of mental and emotional freedom that others don’t have, and that’s not something you can see necessarily by just looking at a person.

They Can Afford To Be Generous

Many affluent individuals are deeply involved in philanthropy, because it’s not a great look to not share your millions. Hopefully, though, these generous donations to charities are mostly for the betterment of mankind and not just the tax write-off.

However, this also might not be something wealthy people talk about — they may just do it quietly.

They Value Experiences Over Things

The wealthy often prioritize experiences over material possessions because they already own everything money can buy. If you buy an expensive pair of shoes or go on an expensive trip, which are you more likely to remember in five years?

Wealthy people have the luxury of being able to travel more and experience unique opportunities, which can be a sign of a higher income than your average person. 

They Use Private Banking Services 

Among the less obvious signs of wealth is access to private banking products and services. This level of financial planning often requires specifically curated bank accounts, tax-advantaged investment strategies and other high-end financial services.

Private banking doesn’t necessarily come cheap, so if you know someone who uses this type of service, chances are they are well off. 

TO READ MORE:  https://www.gobankingrates.com/money/wealth/unrecognizable-signs-of-wealth/?hyperlink_type=manual

4 Best Money Lessons From Elon Musk

4 Best Money Lessons From Elon Musk

July 10, 2023 By Yaёl Bizouati-Kennedy

Paris: 2023 Elon Musk Vivatech, France - 16 Jun 2023JEANNE ACCORSINI / SIPA / Shutterstock.com

Elon Musk — still the world’s richest man, with a $243 billion net worth as of July 10, according to the Bloomberg Billionaires Index — is at the helm of several companies. From Tesla to SpaceX, and from Neuralink to The Boring Company — and most recently, Twitter — Musk is no stranger to controversy and is known for speaking his mind.  Not everything Elon Musk has done, financially speaking, has been exemplary. However, Musk’s best money moves are at the center of many commentaries, however, and four follow.

PayPal: An Early Mind for Bold Investing

Musk founded X.com, later named PayPal, and sold it to eBay for $1.4 billion in 2002, according to The Wall Street Journal. He collected $100 million from the deal.

“One of Elon’s best financial moves was placing most of his net worth into Paypal, at a time where the ‘.com’ world was seriously taking off,” said Sebastian Jania, owner of Ontario Property Buyers.

Upon successful growth of this company, he sold it and was paid handsomely — but instead of cashing out of the “entrepreneurship game” and living on the proceeds, he recycled his money into three more businesses which also took off as successes, said Jania.

“This was a very wise decision as he was able to take his successes in the tech industry and diversify across solar, automotive, and space industries. This move protected him in case the tech industry or other industries would crash.”

Musk Reinvests Profits Into his Visions

Elon Musk has made billions of dollars from his ventures but doesn’t all profits on lavish lifestyles or frivolous things, said Anna Koval, co-founder and CMO at Tarotoo.

“Instead, he reinvests his profits into his vision of making humanity a multi-planetary species and advancing clean energy and transportation. This shows his passion, dedication, and long-term thinking, which are essential for any successful entrepreneur.”

TO READ MORE; https://www.gobankingrates.com/money/wealth/4-best-money-lessons-from-elon-musk/?utm_term=incontent_link_3&utm_campaign=1237686&utm_source=yahoo.com&utm_content=6&utm_medium=rss