Key Traits of Wealthy People for Long-Term Financial Success
Are you looking to learn the secrets of wealthy people and how they make their money last? Financial planner Patrick Rush has worked with high net worth individuals for years and has identified five key traits that many of his clients have in common. These traits can help you understand how to grow and maintain your wealth over time.
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Having a Financial Plan and Sticking to It: Wealthy people always have a bigger-picture financial plan in place. This plan goes beyond just spending and saving and includes budgeting, expenses, insurance, estate planning, taxes, employer benefits, and investing. Getting the right help to create and stick to this plan is crucial.
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Not Worrying About Investments: Wealthy individuals don’t obsess over stock trading or trying to time the market. Instead, they take a long-term view of investing and focus on patience. Simply buying shares and holding onto them for the long term is often the best strategy for success.
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Over-Planning for Retirement: Wealthy people often over-plan for retirement by considering a longer life expectancy and maintaining the same standard of living for a longer period. This ensures that they don’t run out of money in retirement.
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Reducing Taxes: Wealthy individuals have learned to reduce their tax burden through careful planning, taking advantage of tax breaks and incentives. By reducing taxes, they can keep more of their wealth in the long run.
- Incorporating Charitable Giving: Charitable giving is not only a way for wealthy people to give back but also offers tax advantages. Donations can help lower taxable income, reduce income taxes, and even lower Medicare premiums in retirement.
By following these five approaches, you can learn how wealthy people make their money last and continue to grow their wealth over time. Incorporating these strategies into your own financial planning can help you achieve long-term financial success.
