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They are also always analyzing how these factors can and willaffect their finances.
Here are four financial mistakes thewealthy never make whether times are tough or relatively smooth sailing.
Not Speaking With a Financial Advisor
The wealthy understand the importance of careful financial planning and management.
Thats why they always consult with a financial advisor ahead of a potential political or economic shifts.
Not Diversifying Their Portfolios
Diversification is key when it comes to a well-balanced portfolio.
This is especially true when theres about to be a new president.
Ensuring ahealthy and strategic investment mixis crucial to hedge against financial loss.
Not Taking Advantage of Tax-Advantaged Accounts
The wealthy always search for ways to reduce their taxes.
One smart way to do so is to put your money in a tax-advantaged savings account.
These include401(k)s, health savings accounts (HSAs) and more.
This is a smart decision, especially if a new administration means higher tax rates for the wealthiest Americans.
The exemption increased from $5.5 million in 2017 to $13.6 million in 2024.
This has allowed wealthy Americans to leave more of their estates to their next of kin tax-free.
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