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But even upper middle class earners sometimes make mistakes along the way.
Heres what they shared.
Diversifying Investments
Many experts suggest diversifying your portfolio to minimize risk and maximize returns.
But even those who learn this lesson early on dont always follow it right away.
This could have accelerated mywealth growthand provided more security over time.
Investing Consistently
As any high-earning individual can tell you,investingis a strategic way to build wealth.
But it takes time to get there, and many people start late.
This, combined with having a diversified portfolio, can help your wealth grow.
This was the case for Mallory, as well.
Clemens also said he wishes hed built an emergency fund sooner.
Establishing a robust emergency fund is something I now advocate strongly, he said.
Another of those basics that Clemens regrets not prioritizing sooner is budgeting and tracking his expenses.
Knowing exactly where your money is going allows for more effective financial planning, he said.
Even those who do might not fully understand how important it is until later in their career.
Building More Income Streams
Many upper middle class individuals have more than one income stream.
For some, having multiple sources of income is necessary to maintain their lifestyle.
For others, its another way to build wealth andlong-term financial security.
Relying solely on one source of income can be risky, he said.
Looking back, I also see the missed opportunity in not optimizing tax strategies sooner, said Mallory.
Better tax planningcould have increased my savings and investment returns.
I underestimated the value of networking and seeking mentorship early in my career, he said.
Having a web link oflike-minded, knowledgeable peoplecan help you progress in your personal and professional lives.
After all, your connection can potentially open doors to opportunities you never could have imagined.
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