Lots of people with six-figure incomes still live paycheck to paycheck. It’s possible to spend more than you make even if you make a lot. That’s true.
It’s also true that people who make more modest incomes are sometimes able to comfortably retire with seven-figure portfolios because they spent their lives being frugal and saving regularly.
But sometimes you hear finance experts take this a bit too far, and basically imply that income doesn’t matter. That’s not true.
Income matters. A lot.
People who make more money can afford to be less disciplined with their finances. They can make more mistakes, spend more freely, and still end up in an okay spot. They’re often forced to make fewer hard choices, and with a good system in place, they can reach their goals faster.
People who make less have to be more disciplined with their spending. Mistakes are more costly and it’s a lot easier to end up in a tough spot. They’re often forced to make tougher tradeoffs, be more clear about their priorities, and have more patience.
At Tallkirk Financial Group, we’ll work with you regardless of your income or current net worth, because we don’t believe money should be a barrier to getting good advice and we know we can help you get closer to where you want to be no matter where you’re starting from.
But we would never pretend how much money you make doesn’t matter. Of course it does.
And it will influence the plan we make, the goals we set, the system we build, and the steps we take. And that might include investing in yourself to make more money in the future. Or it might mean making the most of your lifetime earnings, even if it’s not a huge amount, because you love the work you do.