The wealthy people usually stay wealthy for various reasons:
- They have access to high-quality financial advisers and wealth managers. Usually, you would not get access to these high-quality finance professionals unless your investible assets are at least $20 million. These professionals typically give sound financial planning advice on an ongoing basis.
- To ameliorate the lack of such access to the average person, since 2010, the advent of automated investment management services (robo advisers) ensured that everyone has online access to high-quality investment management oriented towards the long-term. For example, the mission of our firm QuietGrowth is to provide access to wise investing to all, through knowledge, technology and transparency.
- In spite of the advent of high-quality robo-advice firms, many important aspects of financial planning of a person need to be handled by a high-quality adviser. This is because the robo-advice firms typically focus on the investment management service only.
- You can refer to the related blog post: What investing services do the wealthy use, or have access to, that aren’t available to average person?
- They are more aware of how to handle money, how to invest money, the power of money, the pitfalls of money and how disingenuous people interact with them with an agenda. They are trained at home from childhood on these aspects, because these skills are very relevant to them.
- They are groomed from childhood on expensive hobbies and various social skills. They are well-travelled. This makes them more interesting for others to spend time with them. These socializing skills often lead to resourceful friendships and acquaintanceships with achievers and doers. You eventually draw traits from the company you keep!
- They usually marry another wealthy person, or someone who has a high potential to become a self-made wealthy person. Moreover, even if they are not ambitious or diligent, their life partner would make up for some part of those traits!
- They can afford to make more than a few financial mistakes in the course of their life, and still, they might remain wealthy. However, a middle class person can afford to make only two to three financial mistakes in their lifetime, and anything more than that will ensure that the middle class person is staring at financial hardship.
- They can be more productive with their time, that is, more value created for a unit amount of time spent. This is because they can involve in high-value pursuits as they do not need to earn money to pay for the monthly household bills! They can use their time to learn valuable skill sets, and spend many years in building entrepreneurial ventures with a high payout.
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