The hidden risks for high-net-worth investors, historic predictions that failed, and the power of diversification.

On this week’s Best of Simply Money podcast, Amy and Bob address the pitfalls of lifestyle creep among high-income earners who often neglect long-term financial planning in favor of immediate gratification. They hit on the often-overlooked impact of taxes on retirement savings, and the importance of a proactive approach to financial planning.

Plus, Amy and Bob answer listener questions on structuring portfolios to balance risk and reward, considering alternative investments like private equity and hedge funds, and the timeless debate of stocks versus diversification.