Juggling your finances, deciding on a budget and a savings plan and where and how to invest, can feel like a full-time job. There are also and pitfalls along the way, especially within families. Common errors abound, but we should consider each of those lessons from which we can all learn from. We may have read a lot of articles about financial mistakes normal people take but on the other side, haven’t you been curious if rich people also make mistakes towards handling their assets? Because they do. In this post, we have compiled 10 financial mistakes you may be surprised even rich people are guilty of doing. 1. They overpay and outspend their budget The reality is, most wealthy people don’t pay attention to the small details on their finances and end up wasting money. They don’t personally audit their accounts for unnecessary fees, review bill for overcharges or even compare prices on services to get the best deals. Even if you have a lot of money, you surely don’t want to waste it by overpaying on products and services you could’ve saved and end up outspending your budget. 2. They pinch on small charges and then splurge on other things A lot of millionaires are known to be penny pinchers on everyday extra costs and fees but can sometimes be careless when buying “luxury” items. They fight over overcharged grocery items or a restaurant charge but then splurge on a boat, a jewelry or an absurdly expensive vacation. It may be a rich habit to carefully watch where your hard-earned money is going but it is a poor habit to make an expensive, emotional purchase that will satisfy you for only a day or two. (Read: 5 Wrong Ways You’re Trying To Save Money)3. They let their wants become their needs It is undeniably true that most if not all of us want things we can’t afford. But, if you are one of those gifted, wealthy people who have the means to afford everything that you want. . . take care to make sure that these wants don’t become false needs. One example of this wrong way of thinking is having the “need” for a bigger yacht when in fact you just bought one the other day or a better vacation than your last highly spent one. While you don’t need a bursting bank account to make this financial mistake, when you’re financially capable of doing these things, mistaking wants for needs can be much more costly. 4. Wrong lifestyle People who acquire wealth, rather than those who are lucky to grow up rich, tend to make the mistake of trying to keep up and maintain a lifestyle other wealthy people are living. You are working so hard to be where you are currently are but at the same time you also spend so much in order to keep up with others, you are not using your wealth sustainably. (Read: 5 Ways To Keep FOMO From Ruling Your Life And Draining Your Wallet)5. Having big credit card debt If you are one of those people who assumes that individuals with high net worth don’t incur credit issues, you are wrong. Rich people tend to have bad credit issues because their money is tied up on their businesses, or sometimes, it’s a simple matter on overspending. It is important to make a plan to settle your credit card debts as quickly as possible. Direct money toward your debts as soon as you’re starting to take something out of your savings account. Rather than wasting your money on interests, you should start earning interest on how to start re-investing your money. 6. They’re afraid to spend While there are some wealthy people who end up spending to maintain a certain lifestyle, there are also a few more who are too frugal. They don’t want to spend on anything. Their mistake is that they’re hoarding money and not create any comfort from it. Always remember that it is important to spend on things that spark you joy from time to time, whether it’s taking a few days off from work and go out of town or out of the country with your family, or better yet share some of your money to charity. 7. They forget about their retirement. Wealthy people are typically good about saving money for retirement, but they aren’t always saving enough to maintain their standards of living once they are no loner capable of working and making money. They worry so much that they won’t be able to retire because they’re used to being on that certain level of spending. The key to this pitfall is to figure out how much you’ll need to live a comfortable life on your retirement and create a good savings plan so that at the end of the day you will be able to have enough money to replace your income once you’re no longer capable of producing money. (Read: New Study Claims Your Face Can Reveal Whether You’re Rich Or Poor)8. They fail to diversify their investments Having no variety in your investment portfolio is almost as bad as having no investments as all. This is one of the worst habits of wealthy people. They put all their money into their own businesses or have most of their retirement money invested on their company’s own stock. This means if, their company takes a hit, all their savings can be wiped out in an instant. Lower your risk by investing in a variety of stocks, bonds or mutual fund and other assets such as real estate. 9. Emotions misguide their investment decisions A lot of wealthy individuals make mistake of overreacting to a downturn in the economy or the stock market. When this happens, they panic and in a snap start unloading their investments. The smart, unemotional way to do this is to buy and hold investments, even when the market tumbles. If you easily fall for it and sell your investments at once, you’ll be locked in the losses. However, if you hold on to it, then you’ll be surprised that you recover once the market also does. 10. They’re taking the risks they don’t need to take While you need to take some amount of risk to grow your wealth – playing the stock market, taking out business loans, and investing in mutual funds among other things, you shouldn’t be reckless. Wise rich people take calculated risks so their assets will grow enough to provide them with sufficient retirement money. They should set aside a part of their wealth and invest on other things, and in a way that’s more aggressive, so that they don’t put all of their finances at risk. In a nutshell, rich people work hard their entire lives to accumulate wealth and then don’t take any steps towards preserving it or be able to pass it when their gone. It’s always important to monitor, seek guidance on your best practices, make adjustments and don’t ever just stay on your set of ways. Maintain your status quo but never ever be stuck to it especially if it is detrimental to your goals and objectives. ctto: Cloey

Recent years have seen the increasing adoption of blockchain technology. From the healthcare industry to the financial sector, various organizations have been attracted to blockchain’s capacity to provide a quick, easy way of sharing information while staying secure. Not to mention, blockchain’s decentralized nature also makes it easier to keep track of how precious data is being amended. Yet despite the benefits it brings, the world has not yet reached mass blockchain adoption. Some of the obstacles for organizations include not only the costs of transitioning to a blockchain system and difficult integration with pre-existing systems but also simply a lack of knowledge on the blockchain. Though some hesitance is certainly understandable, the ongoing COVID-19 pandemic may force businesses to rethink how they see blockchain. As operations move increasingly online in the face of worldwide lockdowns, newer and better solutions are certainly needed and perhaps the only blockchain can fill the gap. In fact, it’s in the midst of a pandemic that there are so many companies that can look at to see just how useful blockchain can be. Assistance With Moving Medical Supplies Though blockchain is most typically associated with cryptocurrencies, the way it improves the sharing of vital information has shown itself to be a potentially useful tool in the tracking of medical supplies. In the midst of a worldwide shortage of face masks and personal protective equipment (PPE) for healthcare workers, the benefit of such transparency can hardly be understated. In traditional tracking systems, for instance, every link along the supply chain receives and stores information on its own system. This means that every single time information is moved on from one link to another, vital data could get corrupted or even entirely left behind—akin to how during the children’s game of telephone, the initial message comes out warped by the time it gets to the final player. What blockchain does is it gives one overarching system for all users to pass the information on. This ensures everyone receives the exact same version of information and there’s no confusion later on. This also eliminates costs associated with settling payments, reconciling data, etc. Take something crucial these days like N95 masks. These are also used in the construction industry but could now be prioritized for use in hospitals. A blockchain system can allow players in different industries to share their inventories and move it to where it’s most needed. Blockchain can also be handy in onboarding new companies who want to start producing medical equipment in these trying times. Blockchain’s use of encryption as a security measure allows for hospitals to be comfortable in sharing data with these new players, without fear of data falling into the wrong hands. By cutting down the time it takes to both vet and onboard these new suppliers, hospitals save time and money they could use for more pressing matters. Supply Chain With the pandemic putting worldwide restrictions on movement that haven’t been seen since World War II, food supply security has become a pressing concern. Luckily, blockchain has enabled some companies to directly connect farmers to shippers, retailers, and financial institutions. Reducing reliance on middlemen for things like loans and transport results in more money for farmers and cheaper retail prices. But that isn’t the only benefit. IBM, for example, has used the technology to bring additional food transparency to the supply chain through its product IBM Food Trust. The system gives better insights to customers on where their food comes from, allowing a more precise response in times of a crisis. Take the ongoing African Swine Flu crisis. With blockchain, businesses can trace which farms or shipments sold tainted meat and these can be quickly pulled out of grocery stores, rather than entire supplies having to be recalled and binned indiscriminately. This prevents unnecessary food waste—a benefit now especially needed in light of the ongoing pandemic. Computing Power Towards COVID-19 Research Supporting bitcoin and other major cryptocurrencies on the blockchain often require generating massive amounts of computing power and energy. Mostly used to solve the complex mathematical equations needed to unlock new bitcoin tokens, sometimes the energy needed to complete the task can be equal to that of a medium-sized country—something that’s been a major point of criticism for bitcoin over the past few years. Yet in light of the ongoing pandemic, blockchain development companies are now moving to dedicate their resources totally to aiding COVID-19 research. Multiple companies have signed up for initiatives such as Washington University’s Folding at Home Project, which aims to build a distributed supercomputer solely for disease research and pharmaceutical development. Even the World Health Organization themselves have taken note of blockchain