Earning a Six-Figure Salary
For several years, I’ve been earning a six-figure salary, and my partner has been right on the cusp. You would think with both of us earning high incomes, we’d be in a comfortable position financially. However, if you’ve read a few of my other posts, you’d know that hasn’t been the case. And I’ll be the very first to admit we’ve made TONS of financial mistakes over the years.
Here’s a post by Clint Haynes of Next Gen Wealth that sums up the 7 worst financial mistakes that six-figure earners can make. And guess what? We’ve made EVERY SINGLE ONE of them (except maybe #5….which was pretty much non-existent.)
Perhaps if we’d had access to this knowledge several decades ago (or had access to a Wayback Time Machine), we could’ve saved ourselves some grief in the long term. But there is still time for everyone else! #LessonsLearned
Read on for some solid financial knowledge on things to avoid as your salary increases —
Earning a six-figure salary can make building wealth easier, but it’s not a magic solution for your financial woes. Earning a high income is only one part of the equation. If you want to be financially secure, you need to make your money work for you.
A high paycheck can make it easy to gloss over financial mistakes since you can still cover your bills. However, if you want to build wealth rather than an inflated lifestyle, you need to focus on reaching your full financial potential.
Most of the mistakes that six-figure earners make are easy to fix. Here’s how to use that high income to your advantage and build your net worth.