Don't lend people money. This is according to Jimmy Lee, CEO of the Wealth Consulting Group, a wealth management firm in Las Vegas.
Why it matters. It might sound cold, but Lee says he has seen too many wealthy people lose a lot money because they "fall victim to 'friends' who have their own financial interests in mind."
So think about how much fun you'll have if you don't have much – and still loan out money.
Lee tells his clients, "when people come to you for money, send them to me. I'm perfectly fine saying 'no,' and ruffling a few feathers if need be."
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