7 Money Mistakes Even High-Income Earners Make

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.

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.

It’s important to update your estate plan every couple of years to reflect any changes in your life.

Not updating estate plan

Most people spend at the pace their income increases while not making any changes to their savings habits.

Not saving enough

Most six-figure earners focus on earning more at their jobs rather than optimizing their investments.

Doing your own investing

This is especially true of six-figure earners since they assume their good fortune will last for the indefinite future.

Spending too much

There are ways you can minimize your tax burden by using tax-advantaged accounts and other financial products that can help you shield part of your income from taxes.

Failing to minimize taxes

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