There is a common misconception that high earners are better with money than people further down the salary scale.
It’s true that high earners have more money coming in each month, which should mean less day-to-day pressures when it comes to making ends meet. However, they also frequently have larger mortgages, face additional taxes and have different demands on their finances because of the fact they earn more.
The reality is that being good with your own money is not a prerequisite for having a highly paid career. In the same way that people on low incomes can be good or bad at managing their money, high earners are no different. Some find money easy to deal with, whilst others find money matters confusing and stressful.
Whilst a high income can enable you to create wealth, unless you know how to manage your finances effectively, and understand the tax implications of decisions you make, getting to a position where you are not wholly reliant on your salary is something that can elude you.
The fact of the matter is that, regardless of how much you earn, the same basic money rules apply. If you spend more than you earn, and you do not have money put aside for life’s financial emergencies, or the future, then you risk finding yourself in a position where your income is never going to be enough.
Fortunately, help is at hand. At Better With Money we have developed a webinar in conjunction with Cervello Financial Planning called “Financial Awareness For High Earners”. Aimed at your high earning employee, it is designed to provide information and tips to help them get a grip of their finances and grow their wealth in a tax efficient way.
Becoming a high earner takes hard work, talent and, sometimes, good fortune. By providing financial education in the workplace in an interesting and accessible way, Better With Money wants to help ensure high earners get to enjoy the fruits of their labour long after their salary payments stop coming each month.
If you would like to find out more about the courses Better with Money provides, please get in touch.