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And yet, according to experts, thats not necessarily the case.
As an attorney who advises high-net-worth clients on financial matters.
Thats just one example of the spending that could be funneled into more money-building accounts.
Below are the top purchases keeping theupper middle classfrom getting richer.
New luxury vehicles are one of the biggest wealth drains I see among my upper-middle-class clients.
Money that could have grown significantly through investment, Shahnazari added.
Solomon agreed that status vehicles are another wealth killer.
I see clients leasing [over] $80,000-luxury vehicles or owning multiple high-end cars, he remarked.
Solomon equally noted that private education expenses drastically reduce investment capacity.
Many clients spend $30,000 to 50,000 per year per child on private schools, according to Shahnazari.
While education is important, he said this often prevents maxing out retirement accounts or building investment portfolios.
Over 18 years, thats a lot of wealth, the expert added.
A typical upper-middle-class family might spend $25,000 per year on these discretionary items, he noted.
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