Debt – Being Broke Earning 7-Figures

I know people who earn under $100k in their household, yet have a net worth of well in excess of seven figures.

I also know people who earn seven figures and have a net worth of significantly less (and in some cases, are buried in consumer debt).

Quote by Chris tailored for financially struggling buyers, individuals in debt, and high-income earners

Being among the top earners sounds like a surefire ticket to affluence. Yet, many high earners are not as far ahead as you might think. Why? Because they haven’t mastered the art of using their income effectively. It’s about shifting focus from earning more to managing what you have more strategically.

“Most people find themselves spending money they haven’t even earned, on things they don’t even want, to try and impress people they don’t even like”.

I remember seeing this quote recently, though for the life of me, I can’t remember where.

It’s good though, right?

I simply can’t believe the amount of people that live beyond their income and their means, yet are still miserable.

I see this in people from very low incomes all the way up to people on seven figures.

You heard me… being a seven figure earner sometimes means simply having seven figure expenses… and nothing left over at the end of the week.

Your salary has limits. There are only so many hours in a day. But there’s no cap on the potential returns from strategically chosen assets. Here’s how you can shift your mindset:

Focus on Assets, Not Just Income:
Ask yourself, “How can I accumulate assets that appreciate and potentially replace my income?”

Leverage Your Equity:
If you’re sitting on substantial home equity, that could be a gold mine waiting to be tapped. Instead of just paying down your mortgage, consider how you can use that equity to springboard into more investments.

Here’s a Twist:
Debt can be your ally. The right kind of debt can help you acquire more assets, increasing your ability to generate wealth exponentially. For instance, using $100k to leverage into a $500k property could yield returns that far surpass the interest savings from paying down your mortgage.

Who says you have to choose between enjoying today and securing tomorrow? It’s possible to craft a strategy that allows for both, so you can enjoy life’s pleasures without stalling your financial progress.

They key is in managing your money and assets correctly.

You don’t have to be a finance guru to build wealth. Just like you’d visit a dentist for a toothache, leveraging expertise in money and asset management can enhance your investment outcomes. Surround yourself with professionals who excel in their fields, from real estate to managed funds and focus on what you do best.

Building long-term wealth is about making informed choices and taking calculated risks. It’s a marathon, not a sprint and requires a strategic approach to asset selection and risk management.

Remember, the most effective way to secure your financial future isn’t necessarily by increasing your income but by smartly managing the resources you already possess.

You don’t have to be earning seven figures (or even six figures) to be living in your dream property or to start building a successful portfolio.

We have purchased for clients who hadn’t even turned twenty, all the way up to over 90 years of age.

It’s never too early or late to get help, no matter what you are earning right now.

If you have questions, click here and book a time directly into my calendar. Let’s talk.

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