5 Myths about Wealthy People

by San Antonio Attorney

When we look at successful businessmen, celebrities, highest-paid athletes, heir/heiresses and other wealthy people, we have certain expectations about them.  The luxury vehicles, enormous homes, expensive clothes and designer bags tell their status. People make outwardly logical assumptions with regards to lifestyles.

The truth is, not all wealthy people are big spenders with a perfect credit history.  In reality, being rich doesn’t automatically make you an expert in personal finances.  The following are some of the common misconceptions about rich people:

1. They own their homes.

Yes, a lot of wealthy people – famous or not – are homeowners, but many of them are also not.  Some affluent Americans are choosing to rent instead of buy.  One of the reasons is they do not see real estate as being a risk free investment as they used to be.

2. They’re experts at money management.

Just because a person knows how to get wealth does not mean he knows the right way to grow it. Even so, they can pay for financial advisers who can manage their money. Rich entrepreneurs like Mark Zuckerberg get help in managing their business from their financial advisers.

3. They don’t owe any money.

The idea that debt and wealth cannot exist together is false.  From Lindsay Lohan’s $600,000 credit card debts, to Mike Tyson’s 18 million payable to the IRS, those who get substantial paychecks and endorsement deals sometimes have debt to match.

4. They’ve never filed for bankruptcy.

There are some successful people who lost everything at some point in their life.  They used bankruptcy to recover from their financial failures.  For example, Donald Trump filed for bankruptcy a few times already, but his worth today is significantly more than he was when he first filed for bankruptcy.

5. They don’t follow a budget.

In the same way you have to plan for retirement, your car and house payments, food and other expenditures, rich people should and do make use of the same rules for themselves; otherwise, their money will be misspent and they will lose everything they worked hard for.

Sometimes wealthier people do not get proper financial guidance, when the truth is that anyone facing financial trouble can benefit from a fresh approach to the problem.  A Debt Relief Attorney can help those who are struggling in managing their debt, regardless of their income level.

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