A self-described "old money" person explained this to me years ago: Wealthy people stay wealthy because they are careful how they spend and commit their money.
The wealthy stay wealthy by agreeing — often unconsciously — to share certain values. For instance, they might discipline themselves to spend only the interest on their investments, keeping the principal intact.
They may downplay this attitude in public. They may never admit to looking for discounts, but in practice they buy things cheaply all the time.
If you say in a group setting, "here is how we get airfares cheaply," that conversation will die from neglect. If you approach someone individually, they will be all ears.
The slideshow above illustrates money-management rules that wealthy people live by.
This article first published at ThinkAdvisor.com.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.