Wealth Building Habits for High Earners
Earning a high income is a blessing, but when ineffectively managed, can keep you in the category of “HENRY” (high earner; not rich yet). If you want to build long-term wealth, consider the tips below. Having a budget is critical to helping you avoid lifestyle creep (the increase of spending as your earning increases). Planning where you’ll allocate any expected income increases and setting up automatic contributions is helpful as well, so as not to have it sitting in your checking account. A good rule of thumb is to save 75% of any income increases.