What Separates the Rich From the Struggling? Diligence in Financial Planning. – Barron’s

In his 30 years in the wealth- and investment-management business, Clark Kendall has seen fortunes rise and fortunes fall. But the one constant he finds between the wealthy and those who are struggling financially is the diligence they show in making a financial plan. 

People who live below their means, who are prudent savers, and who take advantage of things like 401(k)s, employer health insurance, and “529” education-savings plans are those who end up better off, he says. “It’s the people who do the due diligence and go…