How money, debt and financial culture can affect you personally. The internal challenges and struggles when dealing with money issues. Motivation to do better financially, and how to handle mental setbacks when money emergencies pop up.
I’m sitting here on the beach, writing a blog post.
Well, technically not on the beach — But we’re pretty darn close.
I can hear the waves crashing right outside the window where I’m sitting. And I can see the surf breaking, all white-capped and angry, in a hypnotic swirl of repetition.
It’s my family’s annual beach vacation. And right now, it’s raining in the Outer Banks. But from my current perspective, that is totally okay. Because I’m away from work, surrounded by almost all who matter most to me, and am able to relax for a few days.
And I’m writing a blog post.
Why, might you ask, am I blogging while on vacation??
This next post was super interesting to learn more about. And little did I know — I was already in the midst of this very process. I had no idea “Failure to Launch” was more than just a movie. But I did know the trials and tribulations of navigating young adults into their independence.
I have two sons who are in their twenties, so I’m quite familiar with the push and pull of encouraging them to come into their own. The frustration when they’re not taking full responsibility for their life choices. And the fear of letting them go too soon.
Which is why I’m so glad my friend Brian wrote this post outlining the best ways to help your child transition into financial adulthood. Brian and I are both Gen X’ers, and have children at similar points in their lives. He also writes about financial wellness and paying off debt on his blog, Debt Discipline. Brian and his family have an amazing story about their journey to pay off over $100,000 of debt. So be sure to check out his family’s journey on his site.
And keep reading below, for everything you’ll need to help your kids avoid “Failure to Launch”.
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.