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Five Mistakes Made by the Ultra-Wealthy to Avoid

Five Mistakes Made by the Ultra-Wealthy to Avoid

We generally assume that someone who has a lot of money must be really smart about money. Maybe. But according to “Rich Habits” author Tom Corley, who spent five years studying the habits of rich people, they don’t always know better. Here are five of the mistakes he and other wealth managers found that rich people make. Some may sound familiar to you. Some may be surprising.
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Money and Marriage

Money and Marriage

Why do so many couples have trouble talking about money? In a survey by the National Foundation for Credit Counseling, 68 percent of the people responding held negative views toward having a discussion about money with a fiancé. Five percent of them even felt that it might lead to cancelling the wedding.
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Efficiency and Effectiveness

Efficiency and Effectiveness

When defining productivity, two words come to mind: efficiency and effectiveness. They seem synonymous or perhaps sequential — that the former might lead to the latter — when in reality, they’re two sides of the same coin. Efficiency relates to the speed with which a task is accomplished and effectiveness describes the success of that end product. In order to be truly productive, you need a balance.
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Kids, Chores and an Allowance

Kids, Chores and an Allowance

There seems to be an ongoing debate over whether or not a child should be paid to do chores. Most people feel a child should be expected to help out around the house because they are part of the family, not because they get paid to do it. You don’t want to create little mercenaries who balk at helping unless they are paid to do it. But an allowance that is just handed out becomes just that – a handout – and doesn’t help a child learn the connection between work and pay. 
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The “I Need It” Trap 

The “I Need It” Trap 

I admit it. I’ve done it. And I’ll bet you’ve done it, too. We’ve probably all at one time or another said, “I need” when what we really meant was, “I want.” There is nothing inherently wrong with wanting something. It only becomes a problem when someone is unable to discern between wants and needs, and financially overreaches to pay for wants he or she believes are needs.
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