If you're looking to build wealth, traditional forms of investment aren't going to get you there — at least according to young, rich people.
For younger wealthy investors, though, stocks come in behind seven other types of investments, including real estate, cryptocurrency, private equity and direct investment into companies.
Klontz says that younger wealthy investors may be falling victim to some of the same cognitive biases that regular investors do — and it may be holding them back from maximizing their returns.
Young people have ignored traditional advice 'for thousands of years'In general, it's not surprising that younger investors, regardless of wealth level, want to chart a different path than older generations.
DON'T MISS: How to master your money and grow your wealth Older investors tend to favor the returns offered by stocks, because that is what has historically delivered returns.
Persons:
Brad Klontz, Klontz, it's, Everything's, They're
Organizations:
of America Private Bank, Wealthy, Creighton University