The Surprisingly Simple Money Habits That Keep Ultra-Wealthy Families Rich for Generations
It’s not about getting rich quick; it’s about steady, consistent growth—an approach that aligns perfectly with who I am and what I believe in.
3) Avoid debt
Ultra-wealthy families have a keen understanding of the detrimental effect of debt on wealth accumulation. They prioritize avoiding debt—or quickly paying it off—if at all possible.
This might seem like an obvious strategy, but it’s surprisingly uncommon. The average American household carries around $38,000 in personal debt, excluding home mortgages. This significantly constrains their financial freedom and their ability to grow wealth.
