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That means avoiding certain money behaviors that the average person might do without thinking twice.
Here are the things Fenstad said hiswealthiest clients never do.
A lot ofour wealthy clientsdont make impulsive decisions on either spending or investing, he said.
Impulsiveness with spending can be new car fever.
But I think a lot of our wealthy clients, theyre just content in their space, he said.
you’re free to boil it down tofear and greed.
The fear element can make people get more conservative or go to cash.
His wealthy clients are more likely to stay the course, despite whatever else may be happening.
A strategy we employ is more around just living through the market cycles, Fenstad said.
Staying the course, in my history, has always been thebest long-term strategy.
This can lead to living beyond your means but Fenstad said his wealthiest clients avoid this.
They pay them off every month.
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