Having a successful business usually take years of hard work and persistence. Smart entrepreneurs-turned-millionaires make sure that the fruits of their labor will be managed well and their years of hard work will not go down the drain. They grow their fortune with a sense of responsibility ensuring that they can maintain and pass it on to the next generation.
They see to it that they make the most of what they made and handle it in a way that works for them.
Here are some things that smart millionaires won’t do with their newfound fortunes, according to Entrepreneur PH.
1. Taking introductory deals right away
According to Moo.la CEO and founder Gemma Godfrey, smart millionaires don’t immediately take the first deal that comes their way as they are much more likely to negotiate better terms. Smart millionaires see to it that they avoid careless mistakes that will make them lose their investments and fortune.
2. Splurging on luxurious items which don’t have deep meaning on them
Earning your way to a new financial bracket may tempt you to reward yourself with things you only dreamed of having while you were building your business. Instead of spending their hard-earned money on flashy sports cars, designer jewellery and clothes and other luxurious possessions, smart millionaires opt to value experiences and helping others, according to Manisha Thakor, director of wealth strategies for women at Buckingham and The BAM Alliance. Smart millionaires make sure that this possession or experience has deep meaning to them personally.
3. Investing on something they don’t completely understand
Before putting their money on an investment, smart millionaires make sure that they totally understand it. Smart millionaires don’t just speculate, they conduct proper research before pursuing investments.
4. Risking it all
Smart millionaires understand that change is inevitable. With this in mind, they know that it is not smart to risk the entirety of their newfound wealth on their next business venture.