As a self-described “old money” person explained to me years ago, wealthy people stay wealthy because they are careful how they spend and commit their money.
The wealthy stay wealthy by agreeing — often unconsciously — to share certain values. They might discipline themselves to spend only the interest on their investments, keeping the principal intact.
They may downplay this attitude in public. For example, although they will never admit to looking for discounts, in practice they buy things cheaply all the time.
If you say in a group setting, “here is how we get airfares cheaply,” that conversation will die from neglect. If you approach someone individually, they will be all ears.
When establishing your position in high-net-worth social circles, understanding how they secure their wealth and playing by their rules should make you someone they want to know.
Here are 11 rules that wealthy people live by — and how advisors can help protect their wealth.
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