Here are the top three mistakes I see wealthy people make with their money:
Not matching the right type of investment with their intended time horizon. There is more risk.
Trying to time the market. No matter how much you think the market is overvalued or undervalued, do not think that you’re smarter than the other 150 million market participants
Trading on hot tips from a friend of theirs. Most people will be further ahead if they never acted on any of those hot tips.