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How the rich preserve their wealth

Updated: Jun 4

Herald Sun: Sustaining wealth
Herald Sun: Sustaining wealth

Herald Sun 15th June 2019

True financial wealth is measured in millions of dollars rather than thousands, and Australia’s mega-rich live by some simple rules that are vastly different than the rest of us.


David Wilson reporter for News.com.au interviewed Certified Financial Planner Peter Horsfield of SmartAdvice who say's "another way tycoons stayed flush, was through avoiding divorce by taking care of their spouses"..


Invest more time in your other half, he said. Shared experiences need not involve extra spending. Try jabbering “like two monkeys in a tree”, having a home-cooked meal or taking a romantic walk.

“Did you know that divorce is the fastest way to lose half or more of your wealth?” Mr Horsfield said.


HOW WEALTH IS SUSTAINED

• Splash on assets, not luxuries.

• Live like you’re poor. Chasing status is foolish.

• Avoid keeping up with the Joneses, Flanagans, Chans or Nguyens.

• Recycle your savings into investments.


Read the full article here: How the rich preserve their wealth

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