OK, today we’re going to talk about 5 ways to be broke even if you’re earning six figures…
Sounds impossible, right?
How can you earn over $100,000 a year and still not have enough to cover your bills?
It’s actually much easier and more common than you’d think.
Here are 5 common wealth-killing mistakes high earners make:
1. “I deserve a fancier lifestyle.”
– Some people work hard to get to the top and decide to reward themselves before they actually get there. So by the time they’re earning six figures, they’re already deep in debt.
2. Keeping up with the Joneses.
– No matter how rich you are, there will always be richer people. If you try to keep up with their taste for BMWs and penthouses, you’ll go broke fast.
3. Huge student loans.
– Many six-figure earners work in professions that require multiple years of university. Sure, they earn big after graduation, but many are kept in poverty by even bigger loan payments.
4. Poor money management.
– It’s easy to get carried away no matter how rich you are (think Michael Jackson). Put yourself on a budget and stick to it!
5. Living in an expensive city.
– Ever notice how rich people are attracted to expensive cities like New York, Vancouver or San Francisco? Keep in mind that you can cut your cost of living in half by moving to a more modest location.
There you have, 5 financial pitfalls to steer clear of.
For more mistakes to avoid, please call us today!
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