Core Insights - Achieving millionaire status does not guarantee financial acumen, leading many new millionaires to make common financial mistakes that can deplete their wealth quickly [1][2] Financial Missteps - New millionaires often dig into their retirement funds prematurely, as illustrated by a case where a client withdrew $400,000 to purchase land for a vacation home, risking long-term financial stability [3][4] - Many clients experience lifestyle inflation, increasing discretionary spending without adjusting savings, which undermines long-term financial security [4][5] Savings Strategies - A fundamental rule is to pay oneself first by saving at least 20% of gross income, which can be achieved through retirement and investment accounts [5][6] - Consistent contributions to savings create a financial cushion that grows over time, contrasting with the fleeting satisfaction of overspending [6] Account Management - Millionaire clients often maintain multiple accounts across different institutions, complicating comprehensive portfolio management [7]