Personal Finance Habits of Successful High-Income Earners


Earning a high income doesn’t make you an automatic success with money. Bringing money in is just one part of the equation. The second part is actually keeping and growing that money.

Overextended lifestyles, spending without a plan and failing to consider the long term are just a few of the common enemies of a healthy financial life.

There are certain traits that high-income earners with a happy money life all tend to share. Everyone is in a different situation, but these are the common threads that come up again and again for money-savvy people:

Have Patience with Money

This seems obvious, but there are plenty of people who only focus on two things when it comes to money: making it and spending it. But that is a short-term view of money that does not lead to wealth.

The same advice you’ve probably heard most of your life sticks around because it’s true. Save a portion of every dollar you earn. Don’t spend more than you have. Make investments that will earn you money over time. The key ingredient in each of those steps is patience.

An Emphasis on Saving

Saving is a critical component of wealth-building, no matter how much money you make. Knowing how to save is especially important when you do bring in a large income because the temptation to inflate your lifestyle can be very strong.

But if you prioritize saving and pay yourself first, you can buy nicer things with the assurance that there is room in your budget for guilt-free spending.

Lifelong Learning

When it comes to money, so much is constantly changing. If you’re interested in your money and truly want to create wealth, you are likelier to take an active role in planning for your finances.

Don’t worry if you’ve never totally understood finances or don’t have the time to devote to it. That’s where financial planners come in. Just being interested enough to seek out guidance for your money is one way to be a good steward of your wealth. A fee-only financial planner can help you create a plan for your money that suits your short- and long-term goals.

A Balanced Portfolio

Balance in your portfolio doesn’t look like an equal amount of stocks, bonds and mutual funds. It looks like the right mix for you, with the appropriate level of risk for your life stage, goals and risk tolerance.

High-income earners who are steadily growing their wealth aren’t totally risk-averse, but they don’t go after the quick wins in investing, either. A well-balanced portfolio can earn you a substantial income over time.

A Focus on Health

Poor health is expensive. And if you ask the wealthiest people in the world, 90% of them will tell you that they are in good health.

An investment in your health has serious long-term returns, like lower medical bills and a more affordable retirement. With medical expenses now costing the average retired couple a whopping $280,000, it’s well worth prioritizing your health now.

The personal finance habits of successful high-income earners aren’t that different from the habits of anyone else who handles their money well. Make saving a priority, continue to learn, balance your portfolio, stay healthy and have the patience to see it all through.

About Your Richest Life

Katie Brewer, CFP®, believes you too should have access to financial resources and fee-only financial planning. Contact Katie today for more information.

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