Invest And Why You Need A Plan
Invest And Why You Need A Plan What makes rich people rich? Looking at the spending pattern of various income groups in the U.S. makes it clear: Savings. The real difference between the rich and the poor is that the rich spend a larger share of their income on savings (pensions and insurance) and education. Source: WSJ, Labour Department, When building wealth, preserving wealth, and passing it to the next generation is the formula for financial success it is surprising that less than 20% of Americans do have a written plan when it comes to investing and even retirement [1]. The paradox in human behavior is that we are perfectly rational and capable of planning for a major event in our lives, but this is usually forgotten when it comes to investing. In fact, you will find that only a third of investors have a written plan guiding their investment strategy and retirement plans. Why is a plan needed? The investment world is a harsh jungle, a world of murky wate