How do rich people make money and keep assets? A financial planner has given some insight.

According to Creation Wealth’s senior financial planner Andrew Zbik, there are a number of steps that wealthy people take when managing and adding to their wealth that are “self-evident” – while others may come as more of a surprise to new and first-time investors.

Here are 15 of the actions many wealthy people take, from Mr Zbik’s perspective:  

  1. They will pay for proper advice.
  2. They outsource tasks they aren’t good at.
  3. They always have credit or cash available.
  4. They do business with people they know.
  5. They aren’t trying to get rich quick.
  6. They will stick at it – but also know when it is time to cut losses.
  7. They know how to use loyalty points and such schemes to their advantage.
  8. Their business provides the cash flow – profits can then be taken to build real wealth in assets.
  9. They buy business premises.
  10. They ask questions… and lots of them! They are also not scared to ask silly questions.
  11. They will refer friends, family and colleagues on to trusted professionals.
  12. They know that paying tax is good. They also know minimising tax is even better.
  13. They will invest in what they can control.
  14. They know their finances intimately.
  15. They know cash flow is king, and will keep their books updated accordingly. 

https://www.nestegg.com.au/ “15 financial habits of wealthy people” / Grace Ormsby

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