Celebrity worship: Now I can live like a Kardashian
There is no shortage of media images of how the rich and famous spend their money, and they have a lot of influence because of a flashy lifestyle that includes Rolls-Royce cars, mansions and closets the size of most apartments, says Bradley. "But most people have no idea what it costs to manage all that stuff."
If you start acquiring the accouterments of celebrities, you'll cause relationships in your life to shift, she adds. "The envy you feel for celebrities -- now others will have that envy for you, and that doesn't do much for authentic relationships."
The key is to maintain a separation from the buzz around celebrities and think strategically about your own goals and lifestyle, says Flurry. One size doesn't fit all when it comes to financial planning. "Inheritors need to sit down with someone who doesn't have an agenda or a product to sell, who can help them identify their goals and develop a plan," he adds.