7 Biggest Mistakes High Income Earners Make

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7 mistakes high-income earners make and how to avoid them
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TIMESTAMPS:
00:00 Intro
00:24 Golden handcuffs
02:13 Not spending enough
03:16 One income stream
05:20 Waiting too long to start investing
07:38 Not giving money away
08:46 Working too much
11:13 Not hiring an accountant and a lawyer
🧡DISCLAIMERS & DISCLOSURES
This content is for educational and entertainment purposes only. Nischa does not provide tax or investment advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.
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Опубликовано:

13 май 2024

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Комментарии : 231

@nischa 15 дней назад

Free Business Startup Kit from HubSpot nischa.me/hubspot-3

@oyandakona5994 15 дней назад

Thank you

@Rodybeauty 11 дней назад

😊

@RoseDawson917 4 дня назад

I will be forever grateful to you, you changed my entire life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Kimberly Smith.

@Austin1719 4 дня назад

I'm surprised that this name is being mentioned here, I stumbled upon one of her clients testimonies on CNBC news last week...

@ScottBingman 4 дня назад

She is my family's personal Broker and also a personal Broker to many families in the United states, she is a licensed broker and a FINRA AGENT in the United States.

@Stephanie_Summer 4 дня назад

YES!!! That's exactly her name (Kimberly Smith) so many people have recommended highly about her and am just starting with her from Brisbane Australia🇦🇺

@MorganWood-ro7py 4 дня назад

I'm new at this, please how can I reach her?

@BrownAtwood 4 дня назад

The first time we had tried, we invested $1400 and after a week we received $5,230. That really helped us a lot to pay our bills.

@samb3783 15 дней назад

When i worked in a hospital for a short period, 2 old guys (seperately) told me they wished they didn't slave away in a job they hated. I took that on board.

@ypey1 15 дней назад

Save away in a job you love

@Havana-man 15 дней назад

Slightly related, in the sense that I'm thinking broadly of career and age and life experiences, I once heard somebody rhetorically ask, how many people on their deathbed had a last wish that they had completed their Excel spreadsheet?

@ypey1 15 дней назад

@@Havana-man i love me a complex excell sheet, wake me up for that shit

@alanasimonecoach2226 15 дней назад

Yes same I hear this alot from patients as an Occupational Therapist.

@VoiceOfThe 15 дней назад

‘A salary is the drug they give you to forget about your dreams’

@slapjuice 15 дней назад

I thought that, and then I've been unemployed and I'm free now to do whatever I want.

@ypey1 15 дней назад

Wait! A good salary was all i ever dreamt of! 😅

@blogdesign7126 15 дней назад

"Golden Handcuffs" I heard that statement get used when people get so comfortable with a certain jobs that they have "Lifestyle Creep." But then again the examples I was given showed people are in high debt and they had to go to high costs of living like San Francisco, and San Jose type examples desperate to make VC Salaries.

@VoiceOfThe 15 дней назад

@@blogdesign7126 ‘You buy stuff you don’t need with money you don’t have to impress people you don’t like’

@marg8315 15 дней назад

If a good salary is a drug, I’m ready to get hooked.

@karinamercadosanchez 15 дней назад

Nischa's wisdom on a Sunday morning. It cannot get better than that! 💁🏻‍♀️

@sophiamartinez3862 15 дней назад

Great video. My grandparents, taught me (Gen X era) about the importance of diversifying income streams, often described as "having different eggs in different baskets." They suggested leveraging the concept of "Golden Handcuffs" to transition into entrepreneurship eventually. It's interesting to note that these teachings weren't passed down to generations following Gen X. The prevailing mindset among them tends to be "Work Hard, Play Later," underlining the importance of hard work because success isn't handed to you easily.

@Thomas-mu2vh 9 дней назад

Nischa have you heard about adept-limited ?

@arielpatrice 15 дней назад

So happy to see your channel still growing! You’ve helped me so much!

@thunderoutboards1140 15 дней назад

I could listen to you all day long! Amazing advice, thank you! I'm 42 and finally doing what I should be doing with my salary because of videos like this.

@ld5714 15 дней назад

You were spot on and I know first hand the grip of the golden handcuff. It was hard to do but the best decision I ever made was to shed the golden handcuff and walk away. Thanks for your content. Have a great week Nischa. Larry, USA

@elizabethmaedavenport 15 дней назад

Great wisdom! Thank you so much Nischa :)

@agnieszkakarasiewicz1106 15 дней назад

Thank you for sharing these insights, valuable lessons and appreciated, 💚

@jacksonvalad8012 15 дней назад

Love these vids man

@changveronicas 15 дней назад

great advice! thanks nischa!

@dakiwifuit7587 15 дней назад

Thank you Nischa, very helpful

@veesvoyages 14 дней назад

Great advice and the editing of this video is superb! Keeps it interesting and helps summarise what has been discussed!

@LudaD87 14 дней назад

So many videos out there but this one actually was interesting and well done!

@aadelami1980 15 дней назад

I have to say your thumbnail for this video is one of the best I've seen on this platform. I'm in the process of starting my own channel, so I'm fascinated by attention-grabbing thumbnails. More power to you.

@godwin_njoroge 15 дней назад

This was so well put together, and really eye opening as well. Currently focusing on developing a second income stream. It’s been tough but your videos really help. Thank you 🙏🏾

@norbifiatal 15 дней назад

Thanks for these useful advices ☺️🙏🏼

@alasdekarton 14 дней назад

People dont understand that the prices of things are never going back down. This inflation is deeper than we think. Those buying groceries are well aware that the real inflation is much over 10%. The increments dont match our income, yet certain investors still earn over $365,000 in stocks and assets. Wish I could accomplish that.

@icucmerc 14 дней назад

Very possible! especially at this moment. Profits can be made in many different ways, but such intricate transactions should only be handled by seasoned market professionals.

@nandojuace 14 дней назад

Some persons think inves'tin is all about buying stocks; I think going into the stock market without a good experience is a big risk, that's why I'm lucky to have seen someone like mr Brian.

@LolMan-qy9cc 14 дней назад

Finding yourself a good broker is as same as finding a good wife, which you go less stress, you get just enough with so much little effort at things

@IshrakHossain-rt8is 14 дней назад

I'm surprised that you just mentioned and recommend Mr Brian Nelson. I met him at a conference in 2018 and we have been working together ever since.

@hamzahamza-bz3rf 14 дней назад

Any specific guide. I'm from Georgia how do I go about this? I think I'm interested how can I get in touch with Mr Brian Nelson

@jayramji2436 14 дней назад

Loved this video, I can totally relate to the golden handcuffs. Funnily enough, I'm halfway through reading "Top 5 Regrets of the Dying" at the moment. Thanks for sharing your insights, I definitely needed to hear it! Signed up for your masterclass, look forward to it!

@R0N1N98 15 дней назад

This is all well and good when you have the freedom of choice. If your family is depending on you to earn as much as possible, then you dont have the luxury of choice. Great video, but something to consider.

@TheL184 15 дней назад

You also made a choice to start a family perhaps before you considered if you was comfortable where you was

@R0N1N98 15 дней назад

@@TheL184 wasn't aware you could choose to have parents

@JB-wz8id 15 дней назад

@@R0N1N98He probably thought you meant your kids, not parents

@ypey1 15 дней назад

“Family is depending on me to earn as much as possible”?! Wtf, that sounds pretty toxic, what about: “family is depending on me to provide at least a roof food and education”?!

@R0N1N98 15 дней назад

@ypey1 semantics. The more you earn, the less your family has to worry

@gerardgibson9252 15 дней назад

Great Video Nischa, I learn so much watching your videos, Thank You!!!

@EcomCarl 15 дней назад

It's great to see insights on avoiding common financial pitfalls, especially for high earners. Diversifying income streams and having a fun budget are crucial for financial freedom and enjoying the journey! 💰

@benhaze1010 15 дней назад

Great video giving good food for thought. The golden handcuffs are a necessity for most people having a family and other to care for. Later in life if possible it should be re-evaluated because it is so true.

@seantormey3531 15 дней назад

A lot of wisdom in this video. Thank you.

@andrewstorm8240 15 дней назад

The fun element budget I introduced last year to add a nice dimension to my spending

@epicchess2021 14 дней назад

Fantastic video, point 6 and point 7 so so true love them

@imranhussainfca 15 дней назад

Your content has become so nice. You have become wise

@Veeranarayna 15 дней назад

Nice video Nischa, Keep growing

@chuck275 15 дней назад

There are some really interesting and helpful principles discussed here. Earning over 100k puts you in the top 5percent of uk earners and people will understandably think it must be bliss and surely why would anyone want to deviate. The business world is tricky. You cant compare someone in their 50s who has coined it to your situation. If you are privileged enough to have a 100k salary, the game has changed. You belong to the company, your job at that rate isn't safe and the next 5 to 10yrs is no way guaranteed in this day due to factors like international competition, technology, regulation, world events! So I agree, its important to invest and see another income stream. I also agree, there is more to life. If someone has worked hard snd achieved this level of income and has acted sensibly.....go and bloody enjoy it😂

@rayshagar1011 15 дней назад

Great video Nischa! You have a beautiful mind!

@Maurice_jt 15 дней назад

Love your Videos!

@anjamcintosh7977 15 дней назад

I needed this, thank you.

@FunandBudget 14 дней назад

OMG...Golden handcuffs are so real! I'm wearing pair now.

@avakashlohia4096 15 дней назад

Amazing and correct insight

@kavisharma_ 15 дней назад

Huge congrats on 1m subs Nischa! Hoping to grow my channel to your level one day. Thanks for this vid :)

@fernandebranch1699 15 дней назад

Nischa, well done! Always informative.

@matthewklog8896 15 дней назад

Like your videos, very educative ❤

@rekhaleuva2512 11 дней назад

Hi Nischa, I love your videos - they keep in a money-mindful mindset! I was wondering if you could make a video for investing for teenagers or are there any books to recommend for teenagers to start the journey early?

@lopezjuan316jl 13 дней назад

Please more videos like this!

@drnicolebeaumont7884 14 дней назад

Good as always🎉

@MuzzamilHussain 12 дней назад

Very well thought and informative video. Learned so many new things, Keep it up

@mariamasecobanjai8444 12 дней назад

Cant wait for your investment masterclass

@nadnomad8117 15 дней назад

🙌 love your videos

@emeraldrhyme5634 15 дней назад

She never disappoints when she makes points, and it is easy to understand. Great video once again

@ipprp7898 8 дней назад

I love your videos, have leant so much from all those advises. Thank you ! I wonder if you could you make a video about how to protect your asset and your company after the dead of sole director shareholder, who would be in charge and running the company, what happens to those investments in that company and what to do now to avoid the disaster whicj will end up of loosing everything ? It’s one of most important matters but don’t see many RU-vidrs mentioned it on here. Many thanks .

@daffy773 15 дней назад

Nischa’s videos are always really inspiring to watch. Most people these days either as single or combined income have a 6 digit salary as gross income but after high tax been deducted from salary and if your in my position where 50% of your salary goes into mortgage and 30% into other finance installments and essential household bills, with remaining 20% goes towards groceries and just about 1 takeaway a week, it is difficult to think about savings towards investment. Cost of living crises I guess!

@Boghopper1979 15 дней назад

If you do have lots of disposable income, always worth investing in your kids (if you have/plan them) future; education funds, housing deposits, or even pensions, let compound interest do some heavy lifting for you. Just my 2 cents

@infour44 15 дней назад

...and you have the traction that gives credibilty to what you say. Well said Nischa.

@badeko2265 4 дня назад

I have subscribed to your channel You have really nice contents 💯

@yaquelynelizethgodinez3512 15 дней назад

Bro, i bought AMS91K in Feburary after your video. i'm up 479%.

@aliens1990990 12 дней назад

Yeah course you are... 🙄

@wim3231 15 дней назад

Number 2 really resonates with me. I didn’t use to have any money when I was younger. My parents didn’t have any money either so I was forced to start working at a young age for myself, saving up money to buy the things I wanted. Later, as an adult and working a real job, that mindset was still there. I tried to save as much money as possible, putting aside as much as possible to invest. Now at 43, I make 6 figure income but still try to spend as less as possible. Spending a lot of money on things I don’t need still feels wrong to me.

@douglowry8674 15 дней назад

Some other mistakes is keeping up with the jones', what this means is depending on your neighbors, your spending tends to match them ie costs of holidays, kids camps, type of vehicle, etc.

@yusufmohamed4606 15 дней назад

Having a budget for fun things is great

@pranavnairofficial9180 14 дней назад

I have been using the spending tracker given 'FREE' by nischa, and it has made my finances so easy.. I can't thank you enough, nischa cheers !

@Absuk007 15 дней назад

Nisha which is the best long term index fund to invest in? And your thoughts on S&P 500 index fund?

@penguingobrrbrr353 15 дней назад

What about investing in real estate ?. I think real estate is the safest investment if paid in cash. Plus you can do long-term or short-term and earn additional money. I'm thinking of investing my money in real estate and cashing out stocks. I don't feel comfortable holding my money there and I can purchase at least 2 properties and bring more cash flow from them.

@garycroft8213 15 дней назад

Golden handcuffs often come in share incentives that mature with free shares typically after 5 years when they can be moved into ISA without Capital gain. People often stay in jobs and maybe are underpaid because they are waiting on this.

@ratsliveonnoevilstar1 15 дней назад

Waiting for the golden parachute

@garycroft8213 14 дней назад

@@ratsliveonnoevilstar1 that's another one! So many people I have known waiting to be made redundant in the next round of layoffs, to them have the monetary freedom to do the thing they want to do...

@CyclistChris 14 дней назад

I buy shares for a period then cease for a period and save it myself. That way I don't feel tied in - I have break points where it's of no benefit to stay because nothing will mature.

@KellyBoettcher-qo9tx 15 дней назад

So wise, love your videos! Keep up the good work.😊

@JJ-cd9kw 12 дней назад

What got me the most was the not spending on myself! I have made a handsome amount of money and bought an audi s5 this year because my last car was written off and i wanted a loan but then i realised i can loan myself the cash, so i did! And paid myself back, i just bought a new kitten and splurged on him to make him have the best home. But i agree, why have money if you can’t enjoy and this month i went fuck it and 70k because ive save for years lol lucky i can tax deduct some of the car but i am so thankful for your page and im so thankful to myself for breaking the poverty cycle in my family and can give to them as well. Trust me, spoil yourself because you could die tomoz and she’s right when it comes mentality, when h save hard, you don’t wanna spend it. Invest in stock market and yourself!

@phumzileqwaqwa7392 15 дней назад

Woaw you're growing so fast WTF! 📈😲🤯👏🙌 When I subscribed to this channel, which was not a very long time ago, you only had 300k subscribers and now you have over a million, Wow🙆‍♂️👏 So well deserved though coz I fell in love with your content from the very first video I watched. It's easy to tell when someone is deliberately putting in effort to share something of value. Sending you well wishes from Cape Town, South Africa 🇿🇦💚

@rachaelgraziotto686 15 дней назад

Thank you for these great insights and guidance!!

@doctor9317 15 дней назад

Having one income stream is too close to none. i will be borrowing this line from you Nischa. Another great video thank you!

@christiansaladino4758 15 дней назад

Always stellar advice!

@daniellondon2183 8 дней назад

Nischa love your videos. Can you talk about the benefits of overpaying your mortgage and how to go about it ? Thanks

@mukairejohnbosco1797 15 дней назад

Blessed is the hand that giveth..

@brayanminecraft9824 15 дней назад

Nice work. I’ve been on the AMS91K train for a while, never sold as they are always building.

@AmandaEdwardsMusic 14 дней назад

Nischa, if you had the same amount of money accumulated in your Index Fund as your remaining mortgage balance, would you pay off your mortgage or keep growing the compouding interest in the fund? Most people say keep investing if you're making more interest than your mortgage rate. However, podcasts like the Ramsey Show say pay off the mortgage quickly, because the stock market comes with risk. Thanks!

@nikireeves8250 2 дня назад

Hey, im trying to check out the business set up but it is saying I need to have a company?

@peteroak01 15 дней назад

You're so pretty!

@philipw4849 15 дней назад

Right now I am experiencing the golden handcuffs mistake, but I don't think it is completely my fault. Where as I work from home and I find it increasingly more difficult to build connections and opportunities. Finding a new position is very limited as I am out of sight, out of mind. Does anyone have any suggestions?

@edwardlouis3428 15 дней назад

I’m going to marry this woman in my next life. Not only is she gorgeous, but she’ll also keep me from being broke.

@PedroOliveira-ez2ni 15 дней назад

Thank god I am not a high income earner 🙏🏻🙏🏻

@TCINVESTINGJOURNEY444 15 дней назад

😑😑😑

@TCINVESTINGJOURNEY444 15 дней назад

Why wouldn’t you want to be?

@PedroOliveira-ez2ni 15 дней назад

@@TCINVESTINGJOURNEY444 cause then I won't make those mistakes

@jaredbridgeman246 15 дней назад

@PedroOliveira-ez2ni why are you scared??? Even low income people make mistakes. Don't use excuses to stop you from creating opportunities!!!

@Glass_Jaw_Rat 15 дней назад

Why can't people handle humor these days? 😂

@roselinededua 15 дней назад

“Having one source of income is too close to none” Word🙌

@davidadikwu6356 14 дней назад

Number 5 is one of my favorite. There is a book I've read "The Seven Spiritual laws of success" by Deepak Chopra it emphasizes the role of giving and how the universe returns even more of what we've given back to us, and I believe that is one secret most wealthy people have discovered and that's why they are into philanthropy.

@afshin1961 15 дней назад

Thanks again as always great points here!

@JLTiro 15 дней назад

It’s the accent, the colors and the smile.

@rollickroy2853 7 дней назад

Make a video on your educational journey would be an great content for the viewers who want to plan ahead

@Frenchwood88 15 дней назад

Hey Nischa, I was the person who got called into the office and walked out by security without an inkling of what was going on. I also did not have a plan, but now I have re-engineered my life and my journey. Thanks for sharing. I have started a new channel (very new, Frenchwood Motivational Creations) and would like to reuse some of your videos. Thoughts.

@dripdrip08 15 дней назад

I have a lump sum i want to invest - should I just invest it all at once or should I dollar cost average it and invest a bit week by week until i've invested it all?

@simplelife2967 15 дней назад

Do it weekly. Opportunities come regularly.

@dalehall-bowden1083 14 дней назад

This has been studied retrospectively in academic papers. In the vast majority of times investing a lump sum in one go outperforms the dollar cost averaging technique

@LearnGermanwithMarzipanfrau 15 дней назад

Thank you. I feel the same about giving away money or things. If you give, you will receive. The universe actually works like that.

@whosagyemang 15 дней назад

Locked in

@user-ur7zr1ms8j 15 дней назад

Depends on your finances . 1000$ in Solana is 4000 AMS91K if it goes to 50% of ath in 2024 thats a 600% gain. If it goes equal to ath . Its a 1200% gain.

@richardeyiangho3269 14 дней назад

Out of interest, for context, what was the highest base salary you earned before you decided to set up on your own?

@TuranZeynalliArmWrestling День назад

I’ve been making 300-500 thousand a year, while being 23-26. Made no investments, created no assets. Now I am 34, making only around 150 k a year and I am making a very good use of all the money, investing in stock market, residential and commercial real estate.

@petes5041 14 дней назад

No1. They look down on other People who don't have as much! They somehow think having Money makes them Superior!

@ncs2000 15 дней назад

When getting invited to wedding from a not so nice friend, reply "I am not free to attend your wedding this time, I will attend next time."

@ChrisBallard687 15 дней назад

Most rich people stay rich by spending like the poor and investing without stopping then most poor people stay poor by spending like the rich yet not investing like the rich but impressing them

@getoffthisrocktravel2054 15 дней назад

The Australian Taxation Office (ATO) have screwed us last year by taking away the $1500 mid level tax exemption for earners $90k-120k aud. Income earners over $180k aud got barely taxed.The ATO also audited me on my side hussles on top. I have a quarterly PAYG tax summary bills til June 30,2024. Its case of the rich get richer and poor stay poorer. Oh and our oz govt just wanting their covid money back

@Financegirl12345 15 дней назад

Are you joking? Income earners over $180k pay 47% tax after the Medicare levy. They literally pay basically all of the tax in the country while lower income earners get the best social benefits of any country in the world….

@lightlyfriedfishfillets8117 2 дня назад

Is this a joke? I know people in my family who pay over a million in taxes in Australia a year it literally is half your income idk what you’re talking about

@Financegirl12345 2 дня назад

@@lightlyfriedfishfillets8117 top income earners in Sydney can barely make ends meet, we pay 47% tax rates then 12% mandatory retirement so you get in your hand 40% of what you earn before you pay a single bill. Then our mortgages are variable rate so you can’t even lock in your mortgage you just have the cost keep changing every time the reserve bank puts interest rates up. The whole thing sucks.

@tev2433 15 дней назад

why am I even watching this, I'm broke as hell

@ClementMG-bs7dg 15 дней назад

Despite having encountered numerous videos of this nature, I find myself grappling with a peculiar lack of motivation to pursue my personal aspirations and join the ranks of high-income earners.

@CyclistChris 14 дней назад

UK Banks: NatWest - 6.17% saver (£150/month limit + Top Ups) Barclays - 5% blue rewards saver (Unlimited/month - Paid Account required, but offset if 2 Active DD's from this account) Santander - 7% saver (£200/month - Paid Account required) Risk free investing with a solid return. You're welcome.

@clnelson321 15 дней назад

Your identity is not your job. Save, invest and retire ASAP. Preferably in your 40's or 50's.

@Francisco-po1cf 15 дней назад

Save, invest and relax in an easier job. The younger you start, the better

@jennid1573 15 дней назад

22 years in golden handcuffs. I was made redundant finally, and now I’m skint but fighting not to get back on that corporate treadmill.

@beebsblue 15 дней назад

I’m genuinely curious- how are you skint after 22 years in golden handcuffs?

@jollyjames30 15 дней назад

What investments can you make to see the earliest possible return instead of having to wait 30 years? Can't really enjoy money when you're 70+ and barely getting around on a walker 😅

@rileyramsey5797 14 дней назад

I make 450k per year and I’m so sick of my profession. I’m sick of everything about it and look forward to any time off. My handcuffs seem permanent.

@khurram4589 15 дней назад

Most high earners have a life that is about a bit more than just salaries.... Leaving all family and friends behind just to grow your money through profitable investment is knowledge.🇺🇲🇺🇲