This week on the Retirement Quick Tips Podcast, I'm talking about the most common ways rich people accidentally destroy their wealth, and how you can avoid falling into these traps.
One of my favorite Warren Buffett quotes—one I only recently came across—is:
"Don't risk what you have and need in order to pursue what you don't have and don't need."
This quote perfectly captures the essence of growing and preserving wealth and how to avoid accidentally destroying your wealth. This week, I've talked about the dangers of over-concentration, bad financial advice, letting ego drive decisions, and confusing the accumulation of assets with the accumulation of stuff. All of these cautionary themes boil down to Buffett's wisdom: don't jeopardize what's essential for something that's completely unnecessary.
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