Tony was thrilled to have so much more income compared to a couple of years ago. As we spoke though, it became apparent that he was no less stressed, overwhelmed and panicky than he had been.
He had made the same fatal mistakes that many professionals do.
As his income climbed, so did his rate of spending. The new car, techno-gadgets and vacations kept draining his bank account. He had the same percentage of expenses pulling on his income as he did when he was making substantially less.
If you stopped working tomorrow, how long would your passive income cover you and your family?
Action – Within the next week, review your financial picture. Commit to reducing frivolous spending and invest in the guidance of a reputable financial planner. As your income increases, keep your spending stable.
Because even if you’re making seven digits, living from paycheck to paycheck is still being broke!