The most common money mistake I see wealthy people make is the false sense of security they have in their current bank balance
Even if someone has a lot of money, it doesn't give them a free pass to spend recklessly, warned Sherman Standberry, licensed CPA and managing partner at My CPA Coach.
Another bad money habit that the wealthy succumb to, according to Gasparian, is the habit of handing out money to people who -- while may seem in need
Those with capital may know how much money they have, but if their bills are delinquent or unattended to, this type of behavior leads to an unfavorable financial impression
Sometimes even rich folks forget to plan for surprises like getting sick, money troubles, or big life changes, said Karina Newman, real estate investor and owner of iBuyers.
Tim Connon, founder and CEO of ParamountQuote Life Insurance Advisors, said one common bad money habit wealthy people fall into is eating out on a regular basis.
Many people tend to follow the herd mentality and invest in popular or trending things without doing thorough research
According to Alyssa Huff, owner of SellHouse AsIs, wealthy individuals can sometimes get a bit too confident in their investment skills and end up overlooking the importance of diversification.