{"id":141154,"date":"2026-07-31T05:00:59","date_gmt":"2026-07-31T09:00:59","guid":{"rendered":"https:\/\/cablemanpro.com\/wallstreetpr\/the-rich-have-one-financial-habit-most-americans-ignore-at-their-peril-141154"},"modified":"2026-07-31T05:00:59","modified_gmt":"2026-07-31T09:00:59","slug":"the-rich-have-one-financial-habit-most-americans-ignore-at-their-peril","status":"publish","type":"post","link":"https:\/\/cablemanpro.com\/wallstreetpr\/the-rich-have-one-financial-habit-most-americans-ignore-at-their-peril-141154","title":{"rendered":"The rich have one financial habit most Americans ignore at their peril"},"content":{"rendered":"
\n

Most Americans believe financial success is about making the right decisions.<\/p>\n

I disagree.<\/p>\n

After more than 30 years helping families build wealth<\/a> and managing billions of dollars, I’ve learned something different from experience. Financial success is often about avoiding the wrong ones.<\/p>\n

WE ALL ARE DESPERATE FOR A FINANCIAL CHECK-UP. TIME TO SAY, \u2018SHOW ME THE MONEY!\u2019<\/strong><\/a><\/p>\n

That’s why one habit separates people who consistently build wealth from those who struggle to keep it. They don’t make major financial decisions alone.<\/p>\n

Ironically, the more successful you become, the easier it is to believe you don’t need advice. You earn more, accumulate more assets and start trusting your own judgment above everyone else’s.<\/p>\n

That’s exactly when mistakes become the most expensive.<\/p>\n

Buying a vacation home.<\/a> Selling a business. Exercising stock options. Investing a large inheritance. Taking Social Security. Retiring a few years early.<\/p>\n

One poor decision in any of these areas can cost hundreds of thousands or even millions of dollars. Yet many people spend more time reading online reviews before buying a $500 television than they do seeking advice before making a $500,000 financial decision<\/a>.<\/p>\n

That doesn’t make sense.<\/p>\n

The most financially successful people I know all have what I call a Financial Board of Directors.<\/p>\n

Businesses have boards because even exceptional CEOs have blind spots. Your financial life deserves the same level of accountability.<\/p>\n

Your Financial Board of Directors doesn’t have to be formal. It simply needs to include people who bring different perspectives and aren’t afraid to challenge your thinking.<\/p>\n

Here are four people worth having in your corner.<\/p>\n

We naturally seek out people who agree with us. That’s comforting but it’s also dangerous. The best financial decisions are often sharpened by someone willing to ask, “What if you’re wrong?”<\/p>\n

Good advice is easiest to trust when the person giving it isn’t earning a commission, selling a product, or benefiting from your decision. Every major financial move deserves at least one truly objective opinion.<\/p>\n

Financial markets<\/a> change. Tax laws change. Human behavior doesn’t. Someone who has lived through multiple recessions, bull markets, housing booms and crashes has perspective that no spreadsheet can provide.<\/p>\n

Even successful people have knowledge gaps. Tax planning, estate strategies, insurance, investments, and business succession all require specialized expertise. Knowing when to ask for help isn’t weakness. It\u2019s wisdom.<\/p>\n

Behavioral finance<\/a> has repeatedly shown that emotion is one of the biggest enemies of good decision-making. Fear causes people to sell at the bottom. Greed convinces them to chase investments after they’ve already skyrocketed. Pride keeps them from admitting a mistake.<\/p>\n

The problem usually isn’t intelligence. It’s emotion. That’s why perspective is so valuable.<\/p>\n

One of the biggest myths in America is that financial independence means doing everything yourself.<\/p>\n

It doesn’t.<\/p>\n

It means building a team that helps you make better decisions.<\/p>\n

The wealthiest families rarely rely on a single opinion. They ask questions. They challenge assumptions. They seek different viewpoints before making life-changing financial moves.<\/p>\n

Maybe we should as well.<\/p>\n

Before your next major financial decision, ask yourself four questions:<\/p>\n

CLICK HERE FOR MORE FOX NEWS OPINION<\/strong><\/a><\/p>\n

Those four questions may save you far more money than finding the next hot stock. Because building wealth<\/a> isn’t about getting every decision right. It’s about avoiding the handful of mistakes that can permanently set you back.<\/p>\n

The smartest financial move you’ll ever make may not be the investment you choose.<\/p>\n

It may be the conversation you have before making it.<\/p>\n

CLICK HERE TO READ MORE FROM TED JENKIN<\/u><\/strong><\/a><\/p>\n<\/div>\n

Source – https:\/\/www.foxnews.com\/opinion\/rich-have-one-financial-habit-most-americans-ignore-peril <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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