The uber wealthy aren’t better investors than the merely affluent, and many make the exact same mistakes as those with far lower net worth. According to a new survey from the deVere Group of 652 high-net-worth clients worldwide, more than a quarter of them (27 percent) said their number one investing mistake was a failure to diversify their portfolio properly. That’s followed by 23 percent who wish they started investing earlier, 20 percent who regretted focusing too much on short-term results, 15 percent who were too emotional over investments and 8 percent who did not keep enough cash in reserve. The responses mirror those of lower-net-worth investors, according to MarketWatch, and are the result of what can happen when habits and emotion get in the way of good decision-making. “There’s no reason to fall in love with a stock,” said Jordan Waxman, managing director and partner of HSW Advisors at HighTower Advisors. “It doesn’t know you’re in love with it, and it can’t love you back.”
Source: Money Mistakes of the Super Rich | The Daily Brief
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David R. Duringer, JD, LL.M, is a concealed firearm instructor and tax lawyer specializing in business and estate planning; licensed to practice law in the states of California and Washington. He is managing shareholder at Protective Law Corporation, serving Southern California from its Laguna Hills (Orange County) headquarters and satellite offices in San Diego County (Coronado and Carlsbad).
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