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Why High Earners Are Broke

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What we can learn from people who earn a high salary - putting them in the top 10% of earners - but say they are living paycheck to paycheck.
In this video:
01:02 - Great expectations
02:48 - Lifestyle creep
05:02 - Trying to look rich
06:23 - Pressures on time
07:03 - The long game
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I’m not a licensed financial adviser. These videos are intended for educational purposes only. No official financial advice is being given. Please always check with a licensed professional before making any investments or financial decisions. Your investments are your sole responsibility, and in these videos, I merely share my own opinions with no guarantee of gain or losses.

Опубликовано:

27 авг 2024

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Комментарии : 21

@OurRetireEarlyJourney 2 месяца назад

We have friends that are very high earners and are in debt. Everyone thinks they are wealthy, yet they are not. We are debt free and have been building wealth and which is invisible.

@lemonteapot1061 2 месяца назад

You’re doing the right thing

@kathrynp7595 2 месяца назад

I live in California which is a very expensive state. My husband makes a high salary and we have a big mortgage to pay, however we drive older cars, don’t buy luxury items and I budget frugally. We save every bit we can because it will pay off in the future 😊

@TheMummyBubble 2 месяца назад

Sounds like a good balance. The pressure to have new fancy cars and more luxury stuff is definitely way more intense depending on where you live, and who your work peers are or the parents you’re seeing at the school gates.

@kathrynp7595 2 месяца назад

I don’t feel any pressure about keeping up with the neighbors

@TheMummyBubble 2 месяца назад

@@kathrynp7595 that’s really good, I’ve definitely felt it where we live which is quite an expensive area in the south of England. One of those things you just have to rationalise and move on from

@bigsly5361 2 месяца назад

Good episode! That is exactly what we are doing just now. Save, invest, budget, and treat ourselves to quality items. Took me 20 years to get to this point ;-)

@TheMummyBubble 2 месяца назад

I wish I had more taught to me about finances in school, I’ll definitely be helping my kids understand the best choices they can make right from the start

@Tootcee 2 месяца назад

I love your previous video on wealth being quiet. I think this is the reason many people earning a high income struggle. It's definitely lifestyle cheap because it's easy to think earning more means we can spend more, when if we saved more we would ultimately have more, but that's definitely easier said than done,.

@TheMummyBubble 2 месяца назад

It really is when there’s so many pressures and temptations to spend and display an image of wealth rather than build it.

@OneAndOnlyMe 2 месяца назад

Yep. As my salary grew, I moved out of expensive towns to towns where cost of living was overall lower.

@emmawilkins5755 2 месяца назад

I think there is a misconception in the UK that people who send their kids to private school are somehow super rich ( maybe also stuck up) and deserve to be taxed more. I sent my child to a private school because our local schools are really bad in terms of poor academic achievement and behavior. We could just about afford the fees but we are not rich. Most of the other parents at the school were also regular people who just wanted to avoid the bad schools. If my local state schools were good of course I would have used them.

@kamaldeepjohal9372 2 месяца назад

They shouldn't be taxed. I hope labour doesn't come in, they will ruin the country.

@lady_alisa_o 6 дней назад

Great video, Vicky, very sound advice!

@OneAndOnlyMe 2 месяца назад

I've been doing the "pay yourself" thing since 2010, and prioritized reducing the mortgage down to the last £20k which I don't mind paying off over 20 years. Now have a £30k a year passive income from dividends.

@TheMummyBubble 2 месяца назад

Fantastic! Well done, that's amazing.

@kenyonbissett3512 2 месяца назад

Expensive car usually means expensive maintenance, replacement tires $2,000 vs mid cost car at $750. Oil changes can be 400% more. Insurance 🤦‍♀️. When you buy think or longevity and maintenance costs. My MIL who was notoriously frugal would buy a used car (2-3yr old) in excellent condition with a good longevity history. She would keep it 8-12 yrs. After about 4-5 yr. she would get it a new paint job in a different color. People would congratulate her on her new car. Since she kept the snide spotless it looked new to others and her. During that 8-12 yrs she would put aside money for a new to her car. She always paid cash at purchase time.