10 Biggest Financial Mistakes High Income Earners Make

preview_player
Показать описание
Timecodes:

0:00 - Intro
0:30 - Assuming Constant High Income
2:00 - Constant Push For Higher Income
3:05 - Growing Into Income Too Quickly
4:17 - Taking Unnecessary Risks
5:13 - Email Newsletter
5:39 - Too Heavy On Illiquid Investments
6:34 - Overcomplicating Their Finances
7:45 - Wrong Advisor
8:39 - Poor Tax Planning
10:12 - No Proper Insurance
11:34 - Look Down At Basic Financial Literacy

------------

FAVORITE TOOLS:

LINKS:

DISCLAIMER: I am not a financial adviser. These videos are for educational and entertainment purposes only. I am merely sharing my personal opinion. Please seek professional help when needed.
Рекомендации по теме
Комментарии
Автор

I dont even know where the stock market is headed to right now. my portfolio of around 200k is not increasing more than 5% and people are predicting a crash .

c.t.u.o
Автор

Quick tip: you can avoid all of these mistakes by becoming a low income earner

chengao
Автор

At the very least, I now grasp the concept of leverage. Creating wealth and financial freedom isn't as tough as many people believe. Building wealth and remaining financially stable indefinitely is a lot easier with the appropriate information. Participating in financial programs and products is the only true approach to make a high income and remain affluent indefinitely.

hersdera
Автор

Excellent video. So I fall into this topic sadly. I have averaged $750K over 25 years as a surgeon. I have lived well, very well, but only have a few million in investments. My tax planning was poor. I should have had all the money distributed with only my budgeted amount available to spend. We were paid pretax dollars and required to make quarterly tax payments as small business owners. This is very challenging since it looks like one has much money to spend. Fortunately we still have close to 10 years working (income around $600K working short week) so we are trying to put more away. My advice is to have the investment (and tax) money removed before you even see it. Set this all up with a money manager/accountant. You will become very wealthy for your older years. Make very sure you enjoy the world. We moved to Denver to play before it's too late. Live well and have a good life.

jimmyz
Автор

Great video and very good advice. I became financially retired at 54 and now semi retired at 56. No debt period including business. I live below my means and every day is a great day!

ShamileII
Автор

Write a book, dude. Your writing ability shows. Love this channel.

dylananderson
Автор

One of the best videos on the topic. You pointed out a few I have not put on my radar. I am not a high income earner, but these hit my life as well.

jabow
Автор

The advice in this video is valuable for the typical American. I started investing when I was 30 back in 1998. Today, I have a decent $3.7M nest egg, thanks to the careful supervision of my CFP. After learning all of this, my only regret is not starting earlier when I was 25. It may not seem like much but those extra 5 years are the most important.

Susanhartman.
Автор

As an investing enthusiast, I often wonder how top level investors are able to become millionaires off investing. I do have a significant amount of capital that is required to start up but I have no idea what strategies and direction I need to approach to help me make decent returns

bsetdays
Автор

The first part of this vid is the best! I currently earn a high income and am surrounded by others who do at work. I see a *LOT* of lifestyle inflation and it's based on the idea that the gravy train won't end. Many people are TRAPPED in those jobs due to their debt load. I personally have a small house, small mortgage and try to do more saving than spending. The ultimate luxury is being set enough to say goodbye to work when YOU are ready, not when you're ready to die. ;)

bigslacker
Автор

Consistently great content, Tae! I've learned so much from your channel. I hope you take this to college campuses soon. Definitely do a Ted Talk on the slow and boring path to wealth!

jianhuangg
Автор

Great Video - keeping lifestyle creep in check is the hardest part of being a top earner because other high earners are in your circle. Your friend just got that big house, boat, new car, etc. while investing to generate cash flow / financial independence takes time (perfectly obtainable by late 40s or early 50s if you have high income with the right focus).

Levelupmillionaire
Автор

Always be nice to people on your way up because you may run into them on your way down.😀

davidfolts
Автор

Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times while others tend to avoid them.

cherylhills
Автор

It's not about making a lot of money, it's all about keeping as much money as possible and investing it. Pay yourself first by saving a decent chunk of your income and then start paying bills. Keep doing it over and over!!

MillionaireHouseholdFinance
Автор

Thanks for your insights. For many many many people, I would add flood insurance. I lived in an area that had not flooded in 40 years. Hurricane Harvey cost me 200 K in repairs.

michaelswami
Автор

Very nice video Mr. Kim. Solid Information!

MathCME
Автор

Haha. That clip at the end cracked me up. Nice one Tae.

jonathanstone
Автор

Making money is not the same as keeping it there is a reason why investments aren't well taught in schools, the examples you gave are well stationed, the market crisis gave me my first millions, people shy away from hard times, I embrace them.. well at least my advisor does lol

kaitlyncranwick
Автор

10:40 That match was a tough one. Thanks for the vid, Tae. I live in Argentina and strong financial education is crucial due to political corruption. I have to deal with significant inflation every month. Maybe that could be a topic for a video :)

Pedro_Gorla