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One of the better approaches for this would be to model your financial plans after strategies the rich use.
Lets just say you are worth hypothetically $1 million, Singh said.
There are three types of smart people that you want to consider investing in.
Practice Real Diversification
All diversification is not created equal in the eyes of many investors, including Singh.
When it comes to your investment strategy, you might not be diversifying your assets in the best way.
Here is what Singh said about fake diversification.
This is not to say you shouldnt invest in stocks its to say you shouldntjustinvest in stocks.
If you have a mix of assets then all your eggs arent in one basket.
Singh added, The reason why wealthy people want to diversify away from this is because of two things.
Real diversification is investing incompletely different asset classes.
Own Real Estate
One of thebetter hard assetsto invest in across the board would be real estate.
Whether its to live in, work in or rent out, there are endless possibilities to appreciate.
Get Insurance Protection
The notions ofinsurance and protectionare often synonymous, especially when it comes to your assets.
Its a small price you paid today to protect you against a big headache in the future.
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