Six Reasons High Earners Fail to Get Rich

Starting with a decent tailwind on the income side must surely lead to a easier time scrapping your way to multimillions, right? In fact, there are often hidden headwinds that can affect a high earner more than someone with a more modestly paid “regular job.”

The story of Rick Fuscone has got to be one of the most amazing falls from grace in personal finance.

Six Reasons High Earners Fail to Get Rich

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A $300,000 or even a $500,000 salary may sound punchy, but in reality, it’s far from being an obscene amount of money that will make you rich.

#1: You Aren’t Making THAT Much Money

Another great way to sabotage your financial future is spending like you are making $300,000 (or more) BEFORE you get there.

#2:  You Spend Before You Make

Here in London, I do know some couples where both husband and wife hold down high-earning jobs as lawyers, bankers, or private equity professionals.

#3: Your Spouse Doesn’t Work

In many industries, the way to ascend the career ladder is to move around geographically. In some cases, the company will designate you as one of the future leaders and will want you to get experience across a number of divisions and geographies.

#4: You Keep Moving Around

Believe it or not, well-paid professionals can be really bad at managing their money. For some, it’s a function of the role – you can hardly expect technologists, consultants, or lawyers to be 100% fluent in personal finance matters (although they are certainly intelligent enough to learn).

#5: You Don’t Make The Effort To Manage Your Money

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