Investors: Are You Ready When the Tide Goes Out? The five biggest mistakes made by investors with wealth. A recent article written by our founder, Kevin McNab in ColoradoBiz Magazine. We help all investors, not just the wealthy, avoid these mistakes.
In my wealth management career, my clients are nothing short of bright and talented. I have worked with professors, doctors, researchers, authors, executives, business owners and rocket scientists. While many of these people are wealthy and smart, historically, they are not good money managers. They are talented and focused on their passion, but lacked the knowledge and commitment to their investments and financial planning. As Alan Gotthardt, author of The Eternity Portfolio said:
“Investing money is the process of committing resources in a strategic way to accomplish a specific objective.”
It is challenging to commit resources to building wealth without committing and research. Inevitably, investors with wealth make mistakes.
Here are the five largest mistakes made by investors with wealth. Surprisingly, most go unnoticed, costing thousands of dollars.