{"id":18893,"date":"2019-05-13T19:19:36","date_gmt":"2019-05-13T16:19:36","guid":{"rendered":"https:\/\/www.ibtdi.com\/?p=18893"},"modified":"2019-05-13T06:53:22","modified_gmt":"2019-05-13T03:53:22","slug":"financial-errors","status":"publish","type":"post","link":"https:\/\/www.ibtdi.com\/en\/financial-errors\/","title":{"rendered":"5 Financial Mistakes Keeping You Off the Rich List"},"content":{"rendered":"<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/ats-alltopstartups.netdna-ssl.com\/wp-content\/uploads\/2016\/04\/Financial-mistakes.png\" alt=\"\u00d9\u0086\u00d8\u00aa\u00d9\u008a\u00d8\u00ac\u00d8\u00a9 \u00d8\u00a8\u00d8\u00ad\u00d8\u00ab \u00d8\u00a7\u00d9\u0084\u00d8\u00b5\u00d9\u0088\u00d8\u00b1 \u00d8\u00b9\u00d9\u0086 \u00e2\u0080\u00aafinancial errors\u00e2\u0080\u00ac\u00e2\u0080\u008f\" \/><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px; font-family: 'comic sans ms', sans-serif;\">When you analyze <a href=\"https:\/\/www.ibtdi.com\/en\/your-way-to-the-list-of-the-wealthy\/\">\u0639\u0627\u062f\u0627\u062a \u0627\u0644\u0623\u062b\u0631\u064a\u0627\u0621<\/a>, two things become clear: first, they avoid any questionable or volatile investments during <a href=\"https:\/\/www.ibtdi.com\/en\/3-simple-steps-to-close-every-sale\/\">\u0639\u0645\u0644\u064a\u0627\u062a \u0627\u0644\u0628\u064a\u0639<\/a> in the market; second, they work <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px; font-family: 'comic sans ms', sans-serif;\">hard to succeed, without limiting themselves to a set number of hours.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px; font-family: 'comic sans ms', sans-serif;\">Your daily habits may include developing some of your skills and mastering them through practice. You can expand your knowledge by attending university and study groups, <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px; font-family: 'comic sans ms', sans-serif;\">choosing people who support you, and building personal relationships with successful people.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px; font-family: 'comic sans ms', sans-serif;\">In this context, the well-known American billionaire says:<a href=\"https:\/\/www.ibtdi.com\/en\/5-insights-drawn-from-warren-buffetts-struggle\/\"> \u0648\u0627\u0631\u0646 \u0628\u0627\u0641\u064a\u062a<\/a>the chairman and CEO of Berkshire Hathaway: \u201cThe best thing <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px; font-family: 'comic sans ms', sans-serif;\">people can do is develop their own talents, because your abilities are the greatest assets you have.\u201d<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px; font-family: 'comic sans ms', sans-serif;\">And while entrepreneurs in general make mistakes, wealthy people make fewer of them because mistakes cost them money. Despite their wealth, however, they <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px; font-family: 'comic sans ms', sans-serif;\">They certainly don\u2019t want to lose any of them; they want to add to them.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px; font-family: 'comic sans ms', sans-serif;\">\u0648\u064a\u0631\u062a\u0643\u0628 <a href=\"https:\/\/www.ibtdi.com\/en\/35-5000-kayf-yuathir-ruad-alaemal-eali-eumalayihum-how-do-entrepreneurs-affect-their-clients\/\">\u0631\u0648\u0627\u062f \u0627\u0644\u0623\u0639\u0645\u0627\u0644<\/a> Five financial mistakes that keep them off the list of the wealthy:<\/span><\/p>\n<p>.<\/p>\n<h2 style=\"text-align: center;\"><span style=\"font-size: 28px; font-family: 'comic sans ms', sans-serif; color: #00ccff;\">Keep an eye on the financial market yourself<\/span><\/h2>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px; font-family: 'comic sans ms', sans-serif;\">When the stock market falls, know what you\u2019re doing well and what you can let go of. If you don\u2019t have enough time to spend a few hours each day tracking the market,<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px; font-family: 'comic sans ms', sans-serif;\"> So, hire a financial advisor to handle this task.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px; font-family: 'comic sans ms', sans-serif;\">\u201cMost wealthy people don\u2019t try to manage their money themselves,\u201d says Ivory Johnson, founder of Delancey Wealth Management in Washington. \u201cInstead, they hire financial advisors<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px; font-family: 'comic sans ms', sans-serif;\"> and attorneys to protect their assets from the risks of market volatility. When do these risks rise? When <a href=\"https:\/\/www.ibtdi.com\/en\/how-to-prepare-for-the-collapse-of-the-market\/\">Market<\/a>\u00a0\u201c\u0643\u062f\u0648\u0627\u0645\u0629 \u0648\u0633\u0637 \u0627\u0644\u0645\u062d\u064a\u0637\u201d\u060c \u062a\u0628\u062f\u0623 \u0641\u064a \u062c\u0630\u0628 \u0627\u0644\u0633\u0641\u064a\u0646\u0629 <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px; font-family: 'comic sans ms', sans-serif;\">carrying the investors, dragging them into the whirlpool and down to the ocean floor. Once wealthy people recognize that these risks exist, they are more likely to make <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px; font-family: 'comic sans ms', sans-serif;\">poor decisions. As a result, they turn to the most capable advisors, who usually help ease their anxiety and stress.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px; font-family: 'comic sans ms', sans-serif;\">Although the wealth held by the rich generates substantial returns, some may refuse to pay fees for financial advice in most years and seek it only during <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px; font-family: 'comic sans ms', sans-serif;\">crises, turning to a good financial adviser to limit their losses and protect their wealth.<\/span><\/p>\n<p>.<\/p>\n<h2 style=\"text-align: center;\"><span style=\"font-size: 28px; font-family: 'comic sans ms', sans-serif; color: #00ccff;\">\u0639\u062f\u0645 \u0627\u0644\u062a\u0646\u0648\u064a\u0639<\/span><\/h2>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px; font-family: 'comic sans ms', sans-serif;\">An average investor may own stocks, keep savings in bonds, or hold an investment portfolio, while the wealthy are always diversified across different assets.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px; font-family: 'comic sans ms', sans-serif;\">Remember the energy giant Enron? Some of its employees bought shares in the company and put all their retirement savings into them. When it went bankrupt and collapsed, <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px; font-family: 'comic sans ms', sans-serif;\">its shares plunged. About 5,000 employees were laid off, while pensioners and small shareholders lost the savings they had invested in its stock.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px; font-family: 'comic sans ms', sans-serif;\">Corley says: \u201cIn addition to investing in stocks and bonds, the wealthy also invest in other areas, such as real estate and businesses.\u201d<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px; font-family: 'comic sans ms', sans-serif;\"> \u2026limited partnerships and private markets. For example, using this approach, if stock markets are in a downturn, they make profits from real estate. <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px; font-family: 'comic sans ms', sans-serif;\">Or vice versa. In addition, real estate is another draw for many <a href=\"https:\/\/www.ibtdi.com\/en\/what-do-you-know-about-angel-investors\/\">Investors<\/a> wealthy people, as it provides them with additional income.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px; font-family: 'comic sans ms', sans-serif;\">In general, real estate is a direct source of income for the wealthy. It gives them a \u201ccushion\u201d that lets them sleep soundly if they lose their primary business, so they won\u2019t feel <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px; font-family: 'comic sans ms', sans-serif;\">worried if their stock market holdings decline.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px; font-family: 'comic sans ms', sans-serif;\">Johnson says, \u201cMost wealthy people own real estate because it provides them with steady returns and tax advantages, helps balance their portfolios, and reduces pressure on their <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px; font-family: 'comic sans ms', sans-serif;\">their securities.\u201d<\/span><\/p>\n<p>.<\/p>\n<h2 style=\"text-align: center;\"><span style=\"font-size: 28px; font-family: 'comic sans ms', sans-serif; color: #00ccff;\">3. Investment fads<\/span><\/h2>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px; font-family: 'comic sans ms', sans-serif;\">The wealthy don\u2019t chase fads\u2014the emerging fields on the horizon. Take cryptocurrency \u201c<a href=\"https:\/\/www.ibtdi.com\/en\/3-things-you-should-know-about-bitcoin\/\">\u0628\u064a\u062a\u0643\u0648\u064a\u0646<\/a>\u201d as a global <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px; font-family: 'comic sans ms', sans-serif;\">innovation, for example. It was adopted in 2015, prompting some investors and others to rush in and try to make a fortune from it. That can be great <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px; font-family: 'comic sans ms', sans-serif;\">if you\u2019re a professional trader, of course, or if you\u2019re willing to take a little risk. But ultimately, it\u2019s a fad\u2014and therefore risky. Last year, it fell <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px; font-family: 'comic sans ms', sans-serif;\">by about 70% compared with the year it first appeared.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px; font-family: 'comic sans ms', sans-serif;\">Last year, Buffett\u2014whose net worth is around $80 billion, according to Forbes\u2014told CNBC about Bitcoin: \u201cI can say with absolute certainty <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px; font-family: 'comic sans ms', sans-serif;\">that it will end badly.\u201d As for Buffett himself, as a legendary investor, he prefers to stick with what he knows over the long term, saying: \u201cYou should be good at what <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px; font-family: 'comic sans ms', sans-serif;\">you know, and stay the course.\u201d<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px; font-family: 'comic sans ms', sans-serif;\">Ivory of Delancey Wealth Management says: \u201cThose who follow the \u2018follow the herd\u2019 rule may do so believing they can get rich <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px; font-family: 'comic sans ms', sans-serif;\">overnight, even though they aren\u2019t actually working.\u201d<\/span><\/p>\n<p>.<\/p>\n<h2 style=\"text-align: center;\"><span style=\"font-size: 28px; font-family: 'comic sans ms', sans-serif; color: #00ccff;\">4. Create a long-term plan<\/span><\/h2>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px; font-family: 'comic sans ms', sans-serif;\">Wealthy investors are very patient and don\u2019t necessarily think about short-term returns. Corey says: \u201cMost entrepreneurs don\u2019t plan how to <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px; font-family: 'comic sans ms', sans-serif;\">\u2026invest their savings over the next 20 years, while only the wealthy do so.\u201d<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px; font-family: 'comic sans ms', sans-serif;\">The wealthy don\u2019t stop at making money for themselves. They think beyond that and plan to leave a fortune to the generations that follow them, <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px; font-family: 'comic sans ms', sans-serif;\">so their wealth can benefit their grandchildren and the generations after them.<\/span><\/p>\n<p>.<\/p>\n<h2 style=\"text-align: center;\"><span style=\"font-size: 28px; font-family: 'comic sans ms', sans-serif; color: #00ccff;\">5. Panic and fear<\/span><\/h2>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px; font-family: 'comic sans ms', sans-serif;\">Could volatility in the stock market make you panic and wonder how you\u2019ll cover your financial obligations?<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px; font-family: 'comic sans ms', sans-serif;\">By contrast, the wealthy don\u2019t get rattled or panic. They\u2019re in the market for the long term, and they have cash on hand <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px; font-family: 'comic sans ms', sans-serif;\">and financial resources to rely on when stocks, real estate, or other investments fall. They usually have no desire to sell.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px; font-family: 'comic sans ms', sans-serif;\">Over the course of their lives, it becomes a habit, and they often find themselves feeling happy. They \u201cbecame wealthy because they were optimistic, not the other way around; they didn\u2019t <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px; font-family: 'comic sans ms', sans-serif;\">become optimistic because they were wealthy.\u201d<\/span><\/p>\n<div id=\"gallery-1\" class=\"gallery galleryid-40584 gallery-columns-1 gallery-size-full\" style=\"text-align: center;\"><\/div>","protected":false},"excerpt":{"rendered":"<p>&nbsp; \u0639\u0646\u062f \u0642\u064a\u0627\u0645\u0643 \u0628\u062a\u062d\u0644\u064a\u0644 \u0639\u0627\u062f\u0627\u062a \u0627\u0644\u0623\u062b\u0631\u064a\u0627\u0621\u060c \u064a\u062a\u0628\u064a\u0646 \u0644\u0643 \u0623\u0645\u0631\u0627\u0646: \u0627\u0644\u0623\u0648\u0644 \u0623\u0646\u0647\u0645 \u064a\u062a\u062c\u0646\u0628\u0648\u0646 \u0623\u064a \u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0645\u0631\u064a\u0628 \u0623\u0648 \u0645\u062a\u0630\u0628\u0630\u0628 \u0623\u062b\u0646\u0627\u0621 \u0639\u0645\u0644\u064a\u0627\u062a \u0627\u0644\u0628\u064a\u0639 \u0641\u064a \u0627\u0644\u0633\u0648\u0642\u060c \u0648\u0627\u0644\u0622\u062e\u0631 \u0623\u0646\u0647\u0645 \u064a\u0639\u0645\u0644\u0648\u0646 \u0628\u0643\u062f\u064d<span class=\"excerpt-hellip\"> [\u2026]<\/span><\/p>\n","protected":false},"author":3,"featured_media":18908,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_ibtdi_aa_focus_keyword":"","_ibtdi_aa_secondary_keywords":"","_ibtdi_aa_audience":"","_ibtdi_aa_tone":"","_ibtdi_aa_summary":"","_ibtdi_aa_reviewer_name":"","_ibtdi_aa_reviewer_bio":"","_ibtdi_aa_reviewer_url":"","_ibtdi_aa_reviewed_date":"","_ibtdi_aa_service_id":"","_ibtdi_aa_related_ids":"","_ibtdi_aa_human_reviewed":"","_ibtdi_aa_disable":"","_ibtdi_aa_disable_links":"","_ibtdi_aa_sources":"","_ibtdi_aa_update_notes":"","footnotes":""},"categories":[491],"tags":[15709,18942,18944,2185,18943,1320,15818,793,15249,17831,2551,5611,1181,14253],"class_list":["post-18893","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-491","tag-15709","tag-18942","tag-18944","tag-2185","tag-18943","tag-1320","tag-15818","tag-793","tag-15249","tag-17831","tag-2551","tag-5611","tag-1181","tag-14253"],"_links":{"self":[{"href":"https:\/\/www.ibtdi.com\/en\/wp-json\/wp\/v2\/posts\/18893","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ibtdi.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ibtdi.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ibtdi.com\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ibtdi.com\/en\/wp-json\/wp\/v2\/comments?post=18893"}],"version-history":[{"count":0,"href":"https:\/\/www.ibtdi.com\/en\/wp-json\/wp\/v2\/posts\/18893\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ibtdi.com\/en\/wp-json\/wp\/v2\/media\/18908"}],"wp:attachment":[{"href":"https:\/\/www.ibtdi.com\/en\/wp-json\/wp\/v2\/media?parent=18893"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ibtdi.com\/en\/wp-json\/wp\/v2\/categories?post=18893"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ibtdi.com\/en\/wp-json\/wp\/v2\/tags?post=18893"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}