4 Savvy Money Moves My Rich and Poor Clients Have in Common
I’m a Financial Advisor: 4 Savvy Money Moves My Rich and Poor Clients Have in Common
October 21, 2024 by Cindy Lamothe
With their lavish vacations, enormous homes and successful careers — it can seem as if the wealthy have a playbook of rules only they can access. But as it turns out, any of us can make the same money moves and reap the benefits.
GOBankingRates spoke with Abid Salahi, finance expert and cofounder of FinlyWealth, to discuss the savvy money strategies both his rich and poor clients have in common.
“I’ve worked with clients across various wealth levels and observed some common savvy money moves that transcend income brackets,” he said.
Read below to learn more of his experiences working with the rich.
Stick To Budgeting
“One strategy I’ve noticed among my most financially adept clients, regardless of their net worth, is their commitment to budgeting,” Salahi said. “They track their expenses meticulously and allocate their income purposefully.”
He said this habit helps them make informed decisions about their spending and savings, allowing them to progress toward their financial goals more effectively.
“For instance, I have a client who started with modest means but has now built significant wealth. She attributes her success to the budgeting habit she developed early on,” he explained. “‘I’ve always lived below my means,'” she told me. ‘Even as my income grew, I maintained the same lifestyle and funneled the extra money into investments.’
“It’s amazing how quickly wealth can accumulate when disciplined about spending,” Salahi added.
Focus On Continuous Education
Another common trait among Salahi’s savvy clients is their focus on continuous financial education.
“They stay informed about market trends, tax laws, and personal finance strategies,” he said.