3 mistakes rich people are always making with their money, according to financial planners

Financial planners say their wealthy clients often spend too much, and those who come into a sudden fortune tend to trust too easily.

Having money and managing it well don’t always go hand in hand. Photo: boonchai wedmakawand/Getty Images

By Laila Maidan

There’s a common misconception that wealthy people tend to be better with money than others. But making money and managing money can be two very different things, and some people learn that the hard way.

“[Wealthy people] make the same mistakes as everyone else does, but when you have a lot of money and you make those mistakes, there’s a lot more zeros on them,” said financial planner Mari Adam, client advisor and branch manager at Mercer Advisors.

To learn more about managing large sums of money wisely, we talked to financial planners about the biggest mistakes they’ve seen wealthy people make with their money.

1. Spending way too much

Between lavish homes, luxury cars, and pricey country club memberships, there’s an endless list of things that could tempt you to spend your cash. And when you have a lot of money coming in, it might be easy to overlook the amount that’s going out.

Adam said this is the №1 problem she sees among her wealthy clients. And that problem gets even…