You’ll often hear that it pays to mimic the habits of the wealthy. To some degree, that’s good advice. Wealthy people tend to put their money to work by investing it, and that’s wise at any income level. But the actual investing strategies the wealthy employ may not, in fact, be suitable for you. Here are three moves you should make that the rich probably wouldn’t.
Hefty investment fees — those you’ll typically see with actively managed mutual funds — can eat away at your returns and limit your ability to grow your money. If you’re very wealthy, you may be able to easily afford those higher fees, but if you’re an average earner, you probably don’t want to get stuck paying them.