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4 habits of millionaires can keep
It doesn’t take long for wealth management experts to notice some commonalities among their clients, which often boil down to how they strategize and prioritize, and what they avoid doing.
In a report published by the American Business Insider website, financial planner Anna Naji Conti highlights 4 common habits that she noticed among her millionaires clients, regardless of age or social background that helped them build and preserve their wealth in the long term. .
A future vision
It is very easy for novice investors to fall into the spiral of market fluctuations, especially as the media specialized in economic affairs are constantly pushing to focus on current data, whether quarterly profits or short-term market predictions.
This may have some benefits in the short term, but most millionaires know that they need to focus on long-term investment opportunities, and this will spare them emotional thinking and being drawn into rising waves and following the behavior of the herd, which may cost them thousands or millions of dollars in the long run. .
Saving and investing according to a previously defined plan
Building wealth in its early stages relies on saving, investing and paying off debt. These steps ensure that you live within your potential and progress steadily toward larger financial goals.
The owners of wealth define their goals from the beginning, and they know very well how much money they need to save and invest in order to achieve their goals within the required timetable, and then they work to organize their lives according to the drawn plans; This helps them reduce the burden after retirement as well, because spending rates are lower than income.
One of the most important secrets of wealthy owners lies in their ignorance of temporary market fluctuations and their commitment to investing in good and difficult times. automatic.
By automating these transactions, they ensure that their investment decisions are separated from their feelings, and that their investments are avoided based on market developments.
Ignore market fluctuations
It may be difficult for some people to avoid being influenced by daily market fluctuations, and to maintain a outlook. The stock market crash of February 2020 is a recent example that proves that it is very difficult to keep investing when you focus on immediate earnings.
The author stresses that most of her clients may feel some concern about fluctuations, but generally they do not feel panic and do not make any immediate changes that would hamper their profits in the long run.
In fact, the experience of wealthy holders proves that the financial portfolio should not be reviewed or corrected in a volatile market, as long as it was developed according to a well thought out plan that includes the ability to bear risks. link
Source: Dinar Recaps
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