3 rules to help the rich get richer

Malik S. Lee, a renowned financial expert in New York, USA, often works with wealthy individuals in their 30s and 50s to create comprehensive, reasonable financial plans. The most common question he receives is: "How do the elite maintain and grow their wealth?" Some people ask out of curiosity, but most want to learn from the experiences of the rich.

He shares 3 rules that rich people always follow to maintain their wealth.

The biggest amount of money rich people spend each year is on savings.

In fact, Malik S. Lee's wealthiest clients consistently save at least 25% of their total annual income.

Most financial experts recommend saving 10%-15% of your total income and increasing this percentage each year if possible. Malik S. Lee supports this advice and recommends this technique to his clients quite often.

“If you’re not currently putting anything into a savings account, 10% of your income is a great place to start,” says Malik S. Lee, whose wealthiest clients often start with a higher percentage than 10%.

When looking at his most successful clients, Malik S. Lee says they have managed to maintain a savings rate of 25% of their total income despite declining cash flow. Simply put, even when their income this month or this year is lower than last month or last year, they still insist on keeping their savings rate the same, not decreasing it.

Never refuse to buy insurance

Malik S. Lee has always argued that trying to maintain wealth is always more risky than trying to escape poverty. Once wealth is achieved, people must protect it not only from bad investment decisions and market fluctuations but also from other losses such as overspending, aging, inflation, and even frivolous lawsuits.

Protecting assets can sometimes come at a high cost. As a financial planner, Malik S. Lee often guides clients on how to protect their assets by purchasing insurance, including disability, life, and auto insurance.

Always have a financial expert with you

While financial management knowledge can be learned on Google or YouTube, Malik S. Lee's most successful and wealthy clients often seek help from experts.

Therefore, the rich often have a team of experts accompanying them: a lawyer, a tax expert, an insurance expert and a financial advisor for planning.

The role of this team of experts is not only to provide advice and ways to handle money-related issues, but also many other factors, including:

- Help clients control their emotions: Losing your temper can happen to anyone, even the richest and most successful people. Malik S. Lee's most successful clients rely on their advisors to help them separate those emotions and make sound financial decisions.

- Provide a clear roadmap: Malik S. Lee's most successful clients appreciate receiving comprehensive financial plans specific to their goals and situations. They then use these plans to create cash flow strategies to maximize savings and optimize investment strategies. Additionally, financial plans help them assess their risk levels.

- Keep up with the rapidly changing financial and legal landscape. Not all wealthy people understand the law. Even if they have basic knowledge, they often do not fully understand how new decrees will impact their financial situation.

Malik S. Lee's most successful clients are consistent and dedicated, and they employ a team of experts to accomplish their desired financial goals.