There’s a saying that’s becoming old hat: “More Money, More Problems”. As a high income professional, your progressively increasing income makes your life easier in many ways. But, as the saying goes, higher income also increases the complexity of your financial life.
As advisors, we’ve seen many of the pitfalls that high income investors face as they try to make the best use of their income to build their wealth. In this week’s video, CEO Noland Langford and Director of Research, Brian Dress, cover 7 of the most common mistakes we have seen high net worth investors make in the course of our practice.
A high income does not necessarily guarantee that you will build wealth. These pitfalls can derail even $10M net worth portfolios. Avoid them and start building a strategy that protects and multiplies your wealth.
In this video, we break down the real-world conversations we’re having every day with corporate execs and business owners about why their wealth isn’t compounding like it should. Among the issues we see are:
*Misplaced loyalty to company stock *Deferred tax planning *Poor diversification *Lifestyle inflation *Too many disconnected accounts
Sound familiar? If so, it’s time to take control.
Get our Wealth Checklist for High-Income Professionals and make sure you aren’t leaving millions on the table.
If you aren’t able to check most of the boxes on our checklist, it's time for you to book a strategy session:
There are plenty of ways to engage us and learn how Left Brain can help you make the most of your high income:
• https://www.leftbrainwm.com/ • Email: briand@leftbrainwm.com • Phone: (630) 547-3316
0:00 7 Mistakes -- Intro 2:00 Holding too Much (of the wrong) Company Stock -- Mistake 1 7:05 Neglecting Tax Planning -- Mistake 2 14:41 Having No Plan -- Mistake 3 21:00 Lifestyle Creep -- Mistake 4 25:19 Pitfalls of DIY Investing -- Mistake 5 29:15 Neglecting Liquidity -- Mistake 6 35:34 Pitfalls of Private Market Investments 37:52 Having All Your $ in Retirement Accounts -- Mistake 7 45:25 Are You Holding Too Much Cash?
