Many people see wealth as an endgame. When they’ve earned enough for their net worth to require that second comma — indicating they’ve reached millionaire or even multimillionaire status — they’ve really accomplished something. They’re set for life. However, the truly wealthy know that reaching their first million is only a stepping stone. Adopting financial habits that help them continue to grow their wealth is the ultimate goal.
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If there’s one person who knows how to help wealthy people boost their value over time, it’s Malik S. Lee, a financial expert and the founder of Felton & Peel Wealth Management. Lee has nearly 20 years of experience working with affluent people in their prime earning years.
Lee shared his insights about the habits he’s seen his wealthiest clients adopt in an article for Business Insider. There’s a lot that everyday people — whether working toward their first million or trying to grow their existing wealth — can learn from his expertise.
While it’s tempting to imagine that the rich spend most of their money on luxurious mansions and cars that would make your eyes pop with envy, that’s just what movies and TV portray. In reality, Lee says most of his wealthy clients prioritize putting as much money as possible into savings.
Despite the common expert suggestion that people save roughly 10% to 15% of their gross income, with adjustments when their financial situation changes, Lee’s wealthier clients aim higher — consistently saving 25% or more of their gross income each year.
“When I look at my most successful clients, they’ve managed to maintain this savings rate even at various income levels, from those with extremely high annual earnings to retirees who don’t receive earned income at all,” he wrote.
Even if you’re not yet at a level where you can put away 25% of your income into savings, Lee recommends starting with at least 10%. The important thing is to begin somewhere and build from there.
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Earning wealth is one thing; protecting it is another. Lee cautions his clients to prepare for challenges ranging from market volatility and bad investments to inflation, overspending and even lawsuits. While you might not need to worry about being sued over your brilliant invention, understanding the market and determining your investing style are key to maintaining your wealth.
Lee also encourages his clients to safeguard their assets with tools like long-term care insurance, disability insurance and life insurance. Going without these protections could leave you vulnerable to losing your income to long-term needs or the impact of a sudden disability. Additionally, life insurance and a comprehensive estate plan ensure that your family or heirs can receive the wealth you intend to leave them.
“Each of these products adds an expense to maintain. But that cost could be minimal compared with the impact of actually needing some of this coverage but not having it,” he wrote.
Wealthy people aren’t born with an innate ability to earn and save strategically. They acknowledge that they can’t know what they don’t know, and that wisdom leads them to professional financial planners like Lee.
While you can learn some financial basics from platforms like TikTok, Instagram, or YouTube, growing significant wealth typically requires assembling a team, Avengers-style, to guide you. Lee says this wealth-building team often includes an attorney, a tax expert, an insurance professional, and a financial advisor or planner. (You’ll have to let them figure out who’s Captain America, Iron Man or Thor.)
In addition to providing clear, tangible advice, Lee notes that this financial squad can also guide you through the less obvious aspects of wealth management, like controlling your emotions around money, determining the best course of action from a variety of options, and getting essential updates on the latest trends, legislation, and financial forecasts that could impact your wealth.
“At the end of the day, my most successful clients are very consistent and committed, and they use a team of experts to accomplish their most desired financial goals,” he wrote.
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This article originally appeared on GOBankingRates.com: I’m a Financial Advisor: My Wealthiest Clients All Do These 3 Things
