A generation of Americans are on the cusp of receiving intergenerational wealth. Stepping into a season of financial abundance is an exciting time but it comes with pitfalls. You don’t have to look far to find examples of (famous) people who made a lot of money and then lost it all.
Michael Jackson, Johnny Depp, Mike Tyson… the list is long. Famous people who squandered immense wealth. Lottery winners are also susceptible to the temptations of making a quick buck. Mistakes in handling money are common. Here’s what you need to avoid falling into the same trap:
Be Involved In Your Own Finances
This is your money, therefore it is your responsibility. Although taxation and managing personal finance is a tedious task, take the time to understand the implications and do your own research.
Have a plan to make your wealth last as long as you need it. If you delegate the management of your wealth, pick competent wealth advisors and be aware of the details of your own finances.
Understand The Cycle Of Your Career
We all spend the first phase of our career as newbies. The second phase is when we develop our skills and our earnings reach their peak. The third phase is when we pull back from our demanding workload or retire. Each phase is approximately a decade long.
The most common mistake people make is assuming that the peak earning years are going to last longer than they actually do.
It is one thing to leverage debt to pay for a modest house. It is another thing to borrow money to finance an exciting lifestyle. Live within your means. This should only get easier as your earnings rise.
Buy your parents a modest house if you have to, but avoid lending money to friends and family. This puts an unnecessary strain on your personal relationships.
Understand What Money Can Do For You
Keep your investments simple and cut back on your costs and tax liability. Money is a tool that can help you get good health care, ensure financial security, free you from worry and stress, and allow you to live a life of leisure and philanthropy. It is not a yard stick to measure your social status.
Sheevaun Moran is a business advisor, master coach, quantum energy thought leader and the founder of Energetic Solutions. She uses business principles with energetic techniques to help more than 25,000 entrepreneurs, CEOs and leaders bring instant focus and shifts to clarity, purpose, and profits.
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