Secrets of How the Rich Save, Spend and Invest

rich investing habitsThe secrets to building wealth aren’t hidden behind locked doors in the realm of the rich. Plenty of wealthy people make disastrous financial mistakes. But those who succeed understand how to make their money work for them as well as how to take calculated risks.

The current low-rate environment of easy money policies means that playing it safe with investments is not an option for those who want to increase their net worth. Taking on some risk with investments has proven to produce a higher return.  Read More…

This article has 9 Comments

  1. Rashaan

    Yea i was always obsessing over the "joneses" with my investments before realizing that was silly and in many respects dangerous because i wasn't putting much critical thought into my research.

    And worsely, i would also follow the herd by seeing what my neighbors were investing and seeing how well they did and chasing those returns. I've learned so much now.

  2. Anthony

    @Charlie, and what are those steps ❓ I am pretty much a hawk in my #s and so i'd like to compare notes.

  3. Abdullah M

    It is never enough to just have diversification. One also needs to rebalance it. It wont take too long before you notice some stocks are outweighing the entire set and it is then you need to sell/buy more to keep things in check.

    I usually do mine once a year.

  4. Charlie

    I still find it funny that most people think TFSA accounts are only for bank savings. I was one of those types. CRA should do better marketing because when you look at the big picture you notice there is a clear step-by-step on how you should invest (and in what) to maximize your returns (or rather, reduce your tax footprint).

  5. Milan

    So to sum up one needs to be miserly? Where is the fun in that? :mrgreen:

  6. Reilly Amerine

    Most people just refuse to save for later years. I am not sure why but it could possibly be due to the lack of education we give our kids on the importance of saving (investing).

  7. Tommy Twitchell

    Diversifcation is all one needs to remember.

  8. Fergus H

    MER% fees are shamefully high but i have several funds in my portfolio and they've done well for me. I just wish these management fees would come down though.

  9. Mohamed Seeman

    When you watch people flood Black Friday stores you know spending habits are not in control. Their like crazy animals.

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