I'm a financial adviser, and I see rich people make the same 5 mistakes over and over

Remember that having a big paycheck and a great career doesn't automatically mean you're good with money. Even if you are good at saving and investing, you may still benefit from some professional help .
No matter who you are and how much you earn, you can benefit from tracking your spending and automating your savings .
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Earning a lot of money makes it so much easier to build long-term wealth. With a higher income, you can experiment with ideas like investing in real estate or starting your own business on the side . And you have a lot more cash to do things like max out your retirement accounts or open a brokerage account, and still fund the kind of lifestyle you want.

But, no matter what anyone says, earning a high income isn't enough. As a financial adviser, I've seen countless scenarios where rich people are squandering their incomes and their potential because they just don't know any better.

It's not how much you earn that matters, it's what you do with that money that really counts. To provide some context, here are some of the most common (and painful) mistakes I've seen rich people make.

Mistake #1: Assuming they can out-earn bad spending habits

In a recent YouTube video I made , I talked about a couple that was referred to me by one of their parents (who was also a client of mine). The pair of professionals were in their 30s and living the dream with a high combined income almost $500,000 per year, to be exact.

After talking with the duo, I found out they were hoping to retire in their 5os fair enough, considering they were earning so much money. But after poring over their financials, I realized something absolutely mind-boggling. This couple only had $17,000 in assets across their 401(k) accounts , investments, and checking and savings accounts.

This couple had fallen into the trap of keeping up with the Joneses . They earned a ton of money, but they also had a huge house, several cars and car payments, a ton of debt, and a penchant for travel. Oh, and they also had a boat, which really stands for " B ring O ut A nother T housand."

The bottom line: Earning a lot of money is not enough to grow wealth if your only plan is to spend it all.

Mistake #2: Not automating their savings

Another problem I see high-income people make is never taking the time to automate their savings and investments. When you earn a lot, it's easy to assume all your money goals will magically fall into place. But as the story above describes, that is not how it works.

You cannot expect your money to automatically move itself into your brokerage account, nor will a high-yield savings account siphon funds from your checking account on your behalf.

You have to set these things up to happen automatically or it's too easy to forget. And if you don't, even the biggest paychecks can disappear into thin air time after time.

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Mistake #3: Not speaking with a professional for tax-planning or estate-planning purposes

When you earn a lot of dough, it's easy to think you don't need any professional advice. I've seen countless examples of clients paying more in taxes because they don't have their assets titled correctly or don't have the right type of estate plan set up.

At the end of the day, you have to be smart enough to know that you can't know everything. Especially if you're rich, there are numerous ways professional tax and estate planning could leave you considerably better off.

Mistake #4: Assuming they dont need a financial adviser because theyre successful

This may sound ridiculous coming from a financial adviser, but hear me out.

There have been so many times in my career where I've met someone who thinks their successful career puts them above paying for financial advice. Doctors and other high-profile professionals have this attitude all the time. They are extremely intelligent and have the advanced degrees and credentials to prove it, so they don't need a financial planner or so they think.

The reality is, having a successful career and earning a lot of money doesn't mean you know the best ways to invest. In fact, it often means you don't have the time or mental energy to manage your money well.

Unfortunately, not having someone to lean on for professional advice can lead to devastating consequences if you're not saving and investing enough. Very often it means having to work in that high-profile job forever, or even until you die.

Mistake #5: Not having any idea how much they spend

One of the best steps anyone can take to improve their financial situation is tracking their spending , and this rule applies to everyone regardless of how much they earn.

When you track your spending, you get the advantage of knowing approximately how much you pay for things like groceries, gas, entertainment, and transportation. You don't always have to track these expenses down to the penny, but you'll be much better off if you have a general idea.

Unfortunately, many rich people think their high incomes exempt them from this rule. They falsely believe they earn so much money that their spending doesn't even matter, and they remain ignorant because they never take the time to check.

If your income is on the higher side, don't make this mistake. Tracking your spending is the only way to know if you're wasting cash on stuff you don't even care about. And no matter your income, wasting money is something you should try to prevent.

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