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Millionaires may make plenty of money, but they don't always do the best job of keeping it. Financial advisor Mark Scribner says rich people waste money on luxury cars and household staff. Millionaires also spend too much money treating their friends and family to expensive dinners.
Are rich people really that different from the rest of us? Millionaires may not be impulse-buying the same $25 cat door you got from Amazon, but they still share the same spending habits as everyone else. Some millionaires spend money to impress their friends and family, while others keep a low profile and a diversified investment portfolio — just like the rest of us. To learn from rich people's mistakes, we spoke to Mark Scribner, financial advisor to millionaires and managing director at Boston-based wealth management firm Carson Wealth .
Scribner shares four things rich people spend too much money on, and what we can learn from their mistakes. 1. Boats or yachts Have you ever maxed out your credit card on a pair of designer jeans you'll only wear once just to impress your friends? Rich people do the same thing — only with boats and yachts, according to Scribner.
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