Personal money management should be grounded in the principles of conservative financial planning. The approach to investing should be as intelligent and humble as possible. Modern portfolio research has shown it possible to simultaneously reduce risk and increase return by investing appropriate proportions in carefully selected different types of assets.
Diversification is intelligent.
Humility in investing means that one avoids investing too much money, especially funds needed in the short term, in assets that are volatile. Given the forgoing, humility also means evaluating long term investments against long-term benchmarks. Most millionaires hold their investments six years or more. Finally, humility means not investing over aggressively in the name of avoiding taxes. Investing in ones own enterprises is frequently the most rewarding risk to take, internally if not externally.