Achieving success in business typically takes years of hard working and perseverance . The smart entrepreneurs-turned-millionaires make it sure that the fruits of their labor will be managed so well and secure that it will not go down the drain. With the sense of responsibility they ensure their fortune to grow as well as maintaining it to be able to pass it on to the next generation. They also make sure that they make the most of it as well as handling it in a way that works for them.
If you want to get some tips on how they make it work, here are some of the things that smart millionaires won’t probably do with their money in accordance to Entrepreneur PH.
1. Taking introductory deals right away
As stated by Moo.la CEO and founder Gemma Godfrey, smart millionaires does not take the first deal that comes in their way because they are much more likely to negotiate netter terms. They surely see to it that they avoid careless mistakes that can cause them lose of fortune and investments.
2. Splurging on luxurious items which don’t have deep meaning on them
You may be tempted to reward yourself as you earn your way to a new financial bracket by buying yourself the things you only dreamed of having while working hard to build your business. However, smart millionaires won’t spend their fortune on designer jewelry, flashy sports cars and clothes as well as other luxurious possessions. Instead, they choose to value experience more by helping others, agreeing to Manisha Thakor, director of wealth strategies for women at Buckingham and The BAM Alliance. In addition, smart millionaires make it sure that this possession or experience has deep meaning to them personally.
3. Investing on something they don’t completely understand
Smart millionaires make it sure that they totally understand dealings before putting their money on an investment. They don’t just speculate, but rather, they conduct enough research before committing in investments.
4.Risking it all
Being a smart millionaires, they understand that change is inevitable. Knowledgeable about it, they certainly know that it is not smart to risk all their fortune on their next business investment.
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