The Dirty Secret of the Wealthy

If you talk to salesman of luxury item, you will here a lot about how the rich and wealthy are perhaps not as prudent and wise as you may think. People will come to these salesman to get a faster sports car or a bigger yacht. Some of these people may actually be quite wealthy but the wealth is not diversified. It might be all wrapped up in one or two stocks, usually for the company where that person works. Maybe it is something very cyclical and risky like an airline or technology company. They may dump all there money in what is obviously a get rich scheme to people like you and me. Furthermore, they may overleverage themselves with debt on their house. A lot of men will also purchase a lot of cool toys like big boats and luxury motorcycles.
The biggest lesson I can give you is that you need to live within your means. If you hear about a can’t lose investment, its too late. Guess what, you are the fall guy.
Do not go throwing away money until your house and retirement are fully funded and paid for.
Also, diversify. When you think you are diversified enough, diversify some more.
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