 Getting rich and staying rich is not the same thing at all. Many people have successfully gotten to the top and found it rather tough staying at the top. According to the entrepreneur, the thing about becoming a millionaire is that you want to maintain that status. Even after you cross the threshold of poverty, you still have to undertake a lot of work in order to allow your wealth to stay. You have more work to do when you're wealthy than when you're not. A wealthy person wants to maintain his wealth status while a person who is not has nothing to lose. This can mean more late nights, more work, and sometimes stress. You should take a break every now and then if this is you. In today's video, I'm going to show you 10 ways to avoid being broke even after you're rich. 1. Plan your taxes Notice that I did not say pay your taxes. You have to pay your taxes or you can go to jail. Planning your taxes are a different matter altogether. You will likely need the help of tax experts. The type of assets you own can sometimes attract more tax than you imagined. Imagine paying property tax of over $100,000. Do you think that's fun? Being rich is actually fun until you see your taxes. Owning an asset like a luxury yacht or a private jet might also not be a great idea. You don't want to own an asset that is typically difficult to liquidate and has maintenance costs as well as substantial taxes. Smart, rich people avoid assets like that. The same you budget for your expenses including your tax. When you do this regularly, you will start to see taxes as just another expense. This is really important for your mental health. Find out what your yearly taxes are and pay them religiously. Seek out investment that are tax free and organize your assets as best as you can so that you don't pay so much tax. Give a lot to charity since such amounts are sometimes tax deductible. You might as well do some good and gain some goodwill for your brand. Be smart. Wealth only starts when it is adequately managed. Don't relax simply because you have made some money. It takes a long time before people can successfully build businesses worth millions of dollars. 2. Diversify your investment portfolio. Some rich people get rich from buying and selling real estate and then stay in the estate after they are rich. There is actually nothing wrong with that after all. You're an expert in the field that gave you riches. The trouble is the market is pretty unstable. You may lose a lot of money if the value of your real estate suddenly drops. On the other hand, when you have stocks in good companies and whole treasury bills worth millions of dollars you will be able to secure your wealth value better. Having all your eggs in one basket is really not a good idea. Smart rich people like Warren Buffett, Bill Gates and Jeff Bezos do not have the shares in only their companies. Your wealth may not grow as fast. If you are invested only in one asset class having different investment also diversify your risk. 3. Avoid splurging. This is not the time to drive the latest cars or eat from the most expensive restaurants. It's time to plan for an impact. When you allow the idea that you have reached the pinnacle to seed in your mind you may end up poor again. Resources are finite but what we want is infinite. People buy Rolls Royce just because. They may even not like it the next day. You need to decide not to spend because you now have the cash but to only get the things you truly need and use your wealth to impact the lives of others. The tendency to splurge is especially high for people who did not earn their money themselves. These categories of people are usually those who want lotteries or obtain the fortune through inheritance. They have not had a taste of money and now want to spend as much of it as they can. These types of rich people do not plan our budget, they just spend. They want people to know they are rich. The fortune runs out very fast. People who have labored for over a decade to become millionaires do not usually feel a need to impress anyone. They spend their money frugally and try to maximize each dollar. They know the value of each dollar and are not interested in pleasing people. People want others to spend simply because they have it. If you are rich, do not bow to peer pressure. If you don't want to go to a party, don't go. If you don't want to travel to Hawaii with the guys, don't. They are not in your bank account to know how much you have budgeted for the year on living expenses. They also do not know how many hours you have allocated to your personal development and whether their timing suits your calendar. Building and maintaining wealth requires a lot of discipline. Don't let someone goad you into not meeting your goals simply because you don't want to appear like a killjoy. Trust me, if you become a billionaire because of your discipline, they would value you more. Besides, you are supposed to be hanging out with friends with similar ideals. It is good to chill out every now and then, just not when it is not part of your plan for the moment. This is a no-brainer, really. If you live above your means even when you are rich, poverty will catch up with you faster than the speed of light. Poverty is truly no-respecter of persons. It will not leave you simply because you have conquered it before. It is either you have cash or you don't. Some rich people sell houses to support their lifestyle. It is your money. You can do whatever you want with it. You can even will it to an ex-girlfriend if you want, but living a lavish lifestyle without plans or a strategy that keeps money flowing into your bank account or bring you to zero. Some of the richest men in the world are still working. Jeff Bezos, the richest man in the world still goes to work every day. Why Dan, do you think just because you earned a few million that you shouldn't work anymore? Everyone's goals are different, though. If you want to retire at age 40, that's perfectly fine. Just ensure to invest in an asset that keeps bringing returns long after you have stopped working. Five, hang out with successful people. This, too, is very important. The quality of decisions you are going to make when you are rich is going to be influenced a lot by the people you hang out with. As humans, we are social animals. We like to get a second opinion before we do things. If you get a second opinion from the wrong people, you will make a lot of bad financial decisions. Some of them may even be friends with you because of your money. All they want you to do is spend. As long as it benefits them, you will keep being friends. You don't need those type of people in your life. Six, evaluate your goals or create new ones. Now that you are rich, what are your goals? Do you still have? Or do you think you have accomplished all there is in life? You can be so much more than you already are. Why not maximize it? Some people do not have the money to pursue their dreams, but you do. Why not go for it? If you have spent years pursuing money and now you don't quite know what to do next, it's okay. Take a deep breath. You can take a vacation to clear your head. Think things through. What have you always wanted to do? If you had 10 times the amount you had now, what would you do with it? Figuring out the answers to these questions will help you create new goals and continue on the path of purpose. Seven, save towards your retirement. You need to save towards your retirement even when you are rich. A fortune can be depleted through mindless spending. Automate your savings if possible. That way, no matter what happens, your retirement fund will be intact. Eight, organize your finances. Get an expert to help you plan your finances if you can't do it yourself. An expert can help you plan your investment and decide on asset classes based on return and tax liability. Now that you are rich, you should really start thinking about this. Nine, seek legal advice. When you are rich, you can't do without a lawyer. You need someone that understands the position of the law for your money so that the government doesn't take it away from you unjustly. You also need someone to give you advice on the legal implications of the decisions you make regarding your business. Ten, ensure your investments. All your assets are insured against fire, earthquakes, floods, and a host of other likely incidents. Once your business is insured, whatever happens will not affect your fortune.