As you build and grow wealth throughout your life, you’ll learn so much about money, investing and yourself.
Here are some of the big money mistakes to avoid in your millionaire journey.
This article was written by a Financial Horse Contributor.
- Relying on historical returns
A
study of millionaires by global financial advisory deVere Group revealed that the biggest mistake they made was relying on historical returns.
The firm’s CEO Nigel Green says that the admission of reliance on historical returns shows that high-net-worth individuals are keen to avoid such mistakes again.
“With fundamental shifts in economies and the markets, the often-quoted industry phrase ‘past performance is not a reliable indicator of future performance’ has perhaps never rung more true than it does today,” he said.
- Lack of diversification
Another big mistake that wealthy investors regret is a lack of diversification.
Most of us understand the rationale of ‘not putting all your eggs in one basket’....
