7 Biggest Mistakes High Income Earners Make

[@nischa]

Free Business Startup Kit from HubSpot nischa.me/hubspot-3

[@oyandakona5994]

Thank you

[@Rodybeauty]

😊

[@NicholasBall130]

Biggest financial mistake I ever made was with my 401k. My company had a Roth 401k when my kids were in college, but I didn't actually start contributing until year 3 of the 6 years I had kids in college. Because I was helping them with expenses, I was entitled to the tax credits, so my effective tax rate was extremely low. That is the time you NEED to be in a roth! i still retired with about $350k in my 401k.

[@TylerJamestown]

People don't really know this, You need to create your own process, manage risk and stick to the plan, through thick or thin while also continuously learning from mistakes and improving.

[@StocksWolf752]

Uncertainty... it took me 5 years to stop trying to predict what’s about to happen in market based on charts studying, cause you never know. not having a mentor cost me 5 years of pain I learn to go we’re the market is wanting to go and keep it simple with discipline.

[@StacieBMui]

Could you kindly elaborate on the advisor's background and qualifications?

[@StocksWolf752]

Finding financial advisors like Sonya Lee Mitchell who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.

[@crystalcassandra5597]

Thank you so much! This is exactly what I needed right now. I wrote her an email and am waiting for her reply. Hopefully, she responds soon. I plan to start the year on a strong financial note.

[@samb3783]

When i worked in a hospital for a short period, 2 old guys (seperately) told me they wished they didn't slave away in a job they hated. I took that on board.

[@ypey1]

Save away in a job you love

[@Havana-man]

Slightly related, in the sense that I'm thinking broadly of career and age and life experiences, I once heard somebody rhetorically ask, how many people on their deathbed had a last wish that they had completed their Excel spreadsheet?

[@ypey1]

@@Havana-man i love me a complex excell sheet, wake me up for that shit

[@alanasimonecoach2226]

Yes same I hear this alot from patients as an Occupational Therapist.

[@sophiamartinez3862]

Great video. My grandparents, taught me (Gen X era) about the importance of diversifying income streams, often described as "having different eggs in different baskets." They suggested leveraging the concept of "Golden Handcuffs" to transition into entrepreneurship eventually. It's interesting to note that these teachings weren't passed down to generations following Gen X. The prevailing mindset among them tends to be "Work Hard, Play Later," underlining the importance of hard work because success isn't handed to you easily.

[@VoiceOfThe]

‘A salary is the drug they give you to forget about your dreams’

[@slapjuice]

I thought that, and then I've been unemployed and I'm free now to do whatever I want.

[@ypey1]

Wait! A good salary was all i ever dreamt of! 😅

[@blogdesign7126]

"Golden Handcuffs" I heard that statement get used when people get so comfortable with a certain jobs that they have "Lifestyle Creep." But then again the examples I was given showed people are in high debt and they had to go to high costs of living like San Francisco, and San Jose type examples desperate to make VC Salaries.

[@VoiceOfThe]

@@blogdesign7126 ‘You buy stuff you don’t need with money you don’t have to impress people you don’t like’

[@marg8315]

If a good salary is a drug, I’m ready to get hooked.

[@karinamercadosanchez]

Nischa's wisdom on a Sunday morning. It cannot get better than that! 💁🏻‍♀️

[@ld5714]

You were spot on and I know first hand the grip of the golden handcuff. It was hard to do but the best decision I ever made was to shed the golden handcuff and walk away. Thanks for your content. Have a great week Nischa. Larry, USA

[@thunderoutboards1140]

I could listen to you all day long! Amazing advice, thank you! I'm 42 and finally doing what I should be doing with my salary because of videos like this.

[@aadelami1980]

I have to say your thumbnail for this video is one of the best I've seen on this platform. I'm in the process of starting my own channel, so I'm fascinated by attention-grabbing thumbnails. More power to you.

[@R0N1N98]

This is all well and good when you have the freedom of choice. If your family is depending on you to earn as much as possible, then you dont have the luxury of choice. Great video, but something to consider.

[@TheL184]

You also made a choice to start a family perhaps before you considered if you was comfortable where you was

[@R0N1N98]

@@TheL184 wasn't aware you could choose to have parents

[@JB-wz8id]

@@R0N1N98He probably thought you meant your kids, not parents

[@ypey1]

“Family is depending on me to earn as much as possible”?! Wtf, that sounds pretty toxic, what about: “family is depending on me to provide at least a roof food and education”?!

[@R0N1N98]

@ypey1 semantics. The more you earn, the less your family has to worry

[@FunandBudget]

OMG...Golden handcuffs are so real! I'm wearing pair now.

[@wim3231]

Number 2 really resonates with me. I didn’t use to have any money when I was younger. My parents didn’t have any money either so I was forced to start working at a young age for myself, saving up money to buy the things I wanted. Later, as an adult and working a real job, that mindset was still there. I tried to save as much money as possible, putting aside as much as possible to invest. Now at 43, I make 6 figure income but still try to spend as less as possible. Spending a lot of money on things I don’t need still feels wrong to me.

[@EcomCarl]

It's great to see insights on avoiding common financial pitfalls, especially for high earners. Diversifying income streams and having a fun budget are crucial for financial freedom and enjoying the journey! 💰

[@chuck275]

There are some really interesting and helpful principles discussed here. Earning over 100k puts you in the top 5percent of uk earners and people will understandably think it must be bliss and surely why would anyone want to deviate. The business world is tricky. You cant compare someone in their 50s who has coined it to your situation. If you are privileged enough to have a 100k salary, the game has changed. You belong to the company, your job at that rate isn't safe and the next 5 to 10yrs is no way guaranteed in this day due to factors like international competition, technology, regulation, world events! So I agree, its important to invest and see another income stream. I also agree, there is more to life. If someone has worked hard snd achieved this level of income and has acted sensibly.....go and bloody enjoy it😂

[@arielpatrice]

So happy to see your channel still growing! You’ve helped me so much!

[@garycroft8213]

Golden handcuffs often come in share incentives that mature with free shares typically after 5 years when they can be moved into ISA without Capital gain. People often stay in jobs and maybe are underpaid because they are waiting on this.

[@ratsliveonnoevilstar1]

Waiting for the golden parachute

[@garycroft8213]

@@ratsliveonnoevilstar1 that's another one! So many people I have known waiting to be made redundant in the next round of layoffs, to them have the monetary freedom to do the thing they want to do...

[@CyclistChris]

I buy shares for a period then cease for a period and save it myself. That way I don't feel tied in - I have break points where it's of no benefit to stay because nothing will mature.

[@doctor9317]

Having one income stream is too close to none. i will be borrowing this line from you Nischa. Another great video thank you!

[@Thomas-mu2vh]

Nischa have you heard about adept-limited ?

[@alasdekarton]

People dont understand that the prices of things are never going back down. This inflation is deeper than we think. Those buying groceries are well aware that the real inflation is much over 10%. The increments dont match our income, yet certain investors still earn over $365,000 in stocks and assets. Wish I could accomplish that.

[@icucmerc]

Very possible! especially at this moment. Profits can be made in many different ways, but such intricate transactions should only be handled by seasoned market professionals.

[@nandojuace]

Some persons think inves'tin is all about buying stocks; I think going into the stock market without a good experience is a big risk, that's why I'm lucky to have seen someone like mr Brian.

[@LolMan-qy9cc]

Finding yourself a good broker is as same as finding a good wife, which you go less stress, you get just enough with so much little effort at things

[@IshrakHossain-rt8is]

I'm surprised that you just mentioned and recommend Mr Brian Nelson. I met him at a conference in 2018 and we have been working together ever since.

[@hamzahamza-bz3rf]

Any specific guide. I'm from Georgia how do I go about this? I think I'm interested how can I get in touch with Mr Brian Nelson

[@phumzileqwaqwa7392]

Woaw you're growing so fast WTF! 📈😲🤯👏🙌 When I subscribed to this channel, which was not a very long time ago, you only had 300k subscribers and now you have over a million, Wow🙆‍♂️👏 So well deserved though coz I fell in love with your content from the very first video I watched. It's easy to tell when someone is deliberately putting in effort to share something of value. Sending you well wishes from Cape Town, South Africa 🇿🇦💚

[@Boghopper9999]

If you do have lots of disposable income, always worth investing in your kids (if you have/plan them) future; education funds, housing deposits, or even pensions, let compound interest do some heavy lifting for you. Just my 2 cents

[@pityipalko]

Having fun does not necessarily need spending money. Just an example: I bought a road bike 15 years before, but since then I can ride it three times a week with a minimum of maintenance expenses, like the one or the other tire, which needs to be replaced, sometimes the one or the other repair. But there is nothing like: "I must spend this or that amount of money, to have fun", that's just BS! I can also go for a very nice hike in the vicinity of my town and the only cost I incur is the minimum amount of fuel, I need to get there. One can read a book, go for a swim, do fitness exercises at home, listen to music, play an instrument, cook, meet friends etc. These activities maybe need an initial investment (like buying the instrument, the book, whatever), but can then be enjoyed on a regular basis with minimal further costs. So having a budget which one must spend every month on whatever, just sounds like a waste of money, consumerism and a lack of imagination on how to have a lot of fun, without wasting money, resources, energy etc.

[@richardfenton6353]

Marketing "encourages" us to believe spending money is good. Wealthy people like to "show off" their toys, like kids do. You have to choose for yourself what matters most. Other people will always try to tell you they know what's best for you, and sometimes they'll be right. Sometimes they are wrong. We have to open to both sides of that!

[@JandTivali]

What got me the most was the not spending on myself! I have made a handsome amount of money and bought an audi s5 this year because my last car was written off and i wanted a loan but then i realised i can loan myself the cash, so i did! And paid myself back, i just bought a new kitten and splurged on him to make him have the best home. But i agree, why have money if you can’t enjoy and this month i went fuck it and 70k because ive save for years lol lucky i can tax deduct some of the car but i am so thankful for your page and im so thankful to myself for breaking the poverty cycle in my family and can give to them as well. Trust me, spoil yourself because you could die tomoz and she’s right when it comes mentality, when h save hard, you don’t wanna spend it. Invest in stock market and yourself!

[@LudaD87]

So many videos out there but this one actually was interesting and well done!

[@edwardlouis3428]

I’m going to marry this woman in my next life. Not only is she gorgeous, but she’ll also keep me from being broke.

[@edwardlouis3428]

@-Nischa1. why? I mean it. I’ll be looking for you in the afterlife, if there is one 😉.

[@stomp1Krr]

Always great content and encouraging, helpful info. However, I think you got the golden handcuffs idea (or choice of description) wrong. Yes, a great salary and potential for future salary increases can be a reason to stay at a company, and perhaps a high-earner mistake. It is not an example of golden handcuffs, but merely an example of complacency in one's employment and the inertia around bothering to seek something you like better. Or a personal necessity as some have pointed out. Golden handcuffs are other forms of compensation that offer future benefit, holding one to a company or job, but are not actually available to you right now. Holding out for stock option vesting is an example. An annual or performance bonus is another. A paycheck is now. The promise of future compensation (outside of market rate salary) not yet available to you is the handcuff part.

[@douglowry8674]

Some other mistakes is keeping up with the jones', what this means is depending on your neighbors, your spending tends to match them ie costs of holidays, kids camps, type of vehicle, etc.

[@epicchess2021]

Fantastic video, point 6 and point 7 so so true love them

[@roselinededua]

“Having one source of income is too close to none” Word🙌

[@emeraldrhyme5634]

She never disappoints when she makes points, and it is easy to understand. Great video once again

[@veesvoyages]

Great advice and the editing of this video is superb! Keeps it interesting and helps summarise what has been discussed!

[@daffy773]

Nischa’s videos are always really inspiring to watch. Most people these days either as single or combined income have a 6 digit salary as gross income but after high tax been deducted from salary and if your in my position where 50% of your salary goes into mortgage and 30% into other finance installments and essential household bills, with remaining 20% goes towards groceries and just about 1 takeaway a week, it is difficult to think about savings towards investment. Cost of living crises I guess!

[@alovero]

great advice! thanks nischa!

[@williambreeze2659]

Thanks for this!

[@andrewstorm8240]

The fun element budget I introduced last year to add a nice dimension to my spending

[@dakiwifuit7587]

Thank you Nischa, very helpful

[@imranhussainfca]

Your content has become so nice. You have become wise

[@harveygeorge-i7g]

Agreed, people are considering NVDA as the "Stock of the year." However, I'm curious about which stocks could potentially become the next META in terms of growth over the next decade. I've allocated $200k for investment, looking for companies to make additions to boost performance

[@seantormey3531]

A lot of wisdom in this video. Thank you.

[@melissabreaux2357]

You have a beautiful soul! Thank you for the information!

[@jacksonvalad8012]

Love these vids man

[@ncs2000]

When getting invited to wedding from a not so nice friend, reply "I am not free to attend your wedding this time, I will attend next time."

[@tanusribankura]

Thank you for sharing this informative video.

[@andrewmorris8705]

Do you have a link to the UBS insights report you mentioned along with where the stat is highlighted? Thanks

[@ivaylospasov9808]

Another great video 😀

[@mariamasecobanjai8444]

Cant wait for your investment masterclass

[@elizabethmaedavenport]

Great wisdom! Thank you so much Nischa :)

[@infour44]

...and you have the traction that gives credibilty to what you say. Well said Nischa.

[@benhaze1010]

Great video giving good food for thought. The golden handcuffs are a necessity for most people having a family and other to care for. Later in life if possible it should be re-evaluated because it is so true.

[@eagleye74]

Great video Nischa! You have a beautiful mind!

[@gerardgibson9252]

Great Video Nischa, I learn so much watching your videos, Thank You!!!

[@thesec27]

Great video! Love your accent!

[@christiansaladino4758]

Always stellar advice!

[@JLTiro]

It’s the accent, the colors and the smile.

[@ArnoldWarren-gi2xh]

Revux making quiet moves; keeping a vigilant eye on it!

[@godwin_njoroge]

This was so well put together, and really eye opening as well. Currently focusing on developing a second income stream. It’s been tough but your videos really help. Thank you 🙏🏾

[@penguingobrrbrr353]

What about investing in real estate ?. I think real estate is the safest investment if paid in cash. Plus you can do long-term or short-term and earn additional money. I'm thinking of investing my money in real estate and cashing out stocks. I don't feel comfortable holding my money there and I can purchase at least 2 properties and bring more cash flow from them.

[@jayramji2436]

Loved this video, I can totally relate to the golden handcuffs. Funnily enough, I'm halfway through reading "Top 5 Regrets of the Dying" at the moment. Thanks for sharing your insights, I definitely needed to hear it! Signed up for your masterclass, look forward to it!

[@agnieszkakarasiewicz1106]

Thank you for sharing these insights, valuable lessons and appreciated, 💚

[@kavisharma_]

Huge congrats on 1m subs Nischa! Hoping to grow my channel to your level one day. Thanks for this vid :)

[@anjamcintosh7977]

I needed this, thank you.

[@daniellondon2183]

Nischa love your videos. Can you talk about the benefits of overpaying your mortgage and how to go about it ? Thanks

[@KellyBoettcher-qo9tx]

So wise, love your videos! Keep up the good work.😊

[@rekhaleuva2512]

Hi Nischa, I love your videos - they keep in a money-mindful mindset! I was wondering if you could make a video for investing for teenagers or are there any books to recommend for teenagers to start the journey early?

[@RevelQT]

These books may be helpful Broke Millennial Takes on Investing: A Beginner's Guide to Leveling Up Your Money by Erin Lowry Money Skills for Teens: A Beginner's Guide to Budgeting, Saving, and Investing by Naomi Hendrix

[@lopezjuan316jl]

Please more videos like this!

[@pranavnairofficial9180]

I have been using the spending tracker given 'FREE' by nischa, and it has made my finances so easy.. I can't thank you enough, nischa cheers !

[@norbifiatal]

Thanks for these useful advices ☺️🙏🏼

[@RobinDebbie-zd1xp]

Security features of Revux set it apart from other projects.

[@yusufmohamed4606]

Having a budget for fun things is great

[@JeremiahColin-lv1cw]

Viewing Revux as a long-term hold due to its great fundamentals.

[@TuranZeynalliArmWrestling]

I’ve been making 300-500 thousand a year, while being 23-26. Made no investments, created no assets. Now I am 34, making only around 150 k a year and I am making a very good use of all the money, investing in stock market, residential and commercial real estate.

[@jeannedawson443]

I will be forever grateful to you, you changed my entire life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Kimberly Smith.

[@Paul-OBrien]

I'm surprised that this name is being mentioned here, I stumbled upon one of her clients testimonies on CNBC news last week...

[@GaryBingman]

She is my family's personal Broker and also a personal Broker to many families in the United states, she is a licensed broker and a FINRA AGENT in the United States.

[@Katie-Stein]

YES!!! That's exactly her name (Kimberly Smith) so many people have recommended highly about her and am just starting with her from Brisbane Australia🇦🇺

[@Max-Wesley]

I'm new at this, please how can I reach her?

[@RomanAtwood79]

The first time we had tried, we invested $1400 and after a week we received $5,230. That really helped us a lot to pay our bills.

[@ipprp7898]

I love your videos, have leant so much from all those advises. Thank you ! I wonder if you could you make a video about how to protect your asset and your company after the dead of sole director shareholder, who would be in charge and running the company, what happens to those investments in that company and what to do now to avoid the disaster whicj will end up of loosing everything ? It’s one of most important matters but don’t see many KZbinrs mentioned it on here. Many thanks .

[@richardeyiangho3269]

Out of interest, for context, what was the highest base salary you earned before you decided to set up on your own?

[@tiyasadutta6934]

This is an amazing.. Thank you for sharing with us

[@333palam]

All you vedio as are so informative , thank you for sharing and I am very impressed with point 5.

[@nikireeves8250]

Hey, im trying to check out the business set up but it is saying I need to have a company?

[@drnicolebeaumont7884]

Good as always🎉

[@Veeranarayna]

Nice video Nischa, Keep growing

[@jennid1573]

22 years in golden handcuffs. I was made redundant finally, and now I’m skint but fighting not to get back on that corporate treadmill.

[@beebsblue]

I’m genuinely curious- how are you skint after 22 years in golden handcuffs?

[@PérezEmiliano]

Depends on your finances . 1000$ in Solana is 4000 AMS91K if it goes to 50% of ath in 2024 thats a 600% gain. If it goes equal to ath . Its a 1200% gain.

[@clnelson321]

Your identity is not your job. Save, invest and retire ASAP. Preferably in your 40's or 50's.

[@Francisco-po1cf]

Save, invest and relax in an easier job. The younger you start, the better

[@NoFaceJourneys]

Blessed is the hand that giveth..

[@AmandaEdwardsMusic]

Nischa, if you had the same amount of money accumulated in your Index Fund as your remaining mortgage balance, would you pay off your mortgage or keep growing the compouding interest in the fund? Most people say keep investing if you're making more interest than your mortgage rate. However, podcasts like the Ramsey Show say pay off the mortgage quickly, because the stock market comes with risk. Thanks!

[@IndianScholar-t9m]

@nischa I like your videos. They are fundamentally correct, but unfortunately a lot of it is geared towards really high income earners. I know from your videos that you have secured some of the milestones such as house purchase etc by God's grace and your hard work as you started of in an investment banking professional. The percentage of people in the UK with that kind of money is probably less than 0.05% percent, if I am not wrong. How does it really relay to the people who are earning less than 60,000 pounds and hardly making it to any of the financial goals that have been talked about here. One point I must say, people investing on themselves to upskill or to keep themselves happy by growing is a fabulous advice. I truely think it's totally worth it.

[@MuzzamilHussain]

Very well thought and informative video. Learned so many new things, Keep it up

[@getoffthisrocktravel2054]

The Australian Taxation Office (ATO) have screwed us last year by taking away the $1500 mid level tax exemption for earners $90k-120k aud. Income earners over $180k aud got barely taxed.The ATO also audited me on my side hussles on top. I have a quarterly PAYG tax summary bills til June 30,2024. Its case of the rich get richer and poor stay poorer. Oh and our oz govt just wanting their covid money back

[@Financegirl12345]

Are you joking? Income earners over $180k pay 47% tax after the Medicare levy. They literally pay basically all of the tax in the country while lower income earners get the best social benefits of any country in the world….

[@lightlyfriedfishfillets8117]

Is this a joke? I know people in my family who pay over a million in taxes in Australia a year it literally is half your income idk what you’re talking about

[@Financegirl12345]

@@lightlyfriedfishfillets8117 top income earners in Sydney can barely make ends meet, we pay 47% tax rates then 12% mandatory retirement so you get in your hand 40% of what you earn before you pay a single bill. Then our mortgages are variable rate so you can’t even lock in your mortgage you just have the cost keep changing every time the reserve bank puts interest rates up. The whole thing sucks.

[@badeko2265]

I have subscribed to your channel You have really nice contents 💯

[@davidadikwu6356]

Number 5 is one of my favorite. There is a book I've read "The Seven Spiritual laws of success" by Deepak Chopra it emphasizes the role of giving and how the universe returns even more of what we've given back to us, and I believe that is one secret most wealthy people have discovered and that's why they are into philanthropy.

[@petes5041]

No1. They look down on other People who don't have as much! They somehow think having Money makes them Superior!

[@fernandebranch1699]

Nischa, well done! Always informative.

[@Maurice_jt]

Love your Videos!

[@dripdrip08]

I have a lump sum i want to invest - should I just invest it all at once or should I dollar cost average it and invest a bit week by week until i've invested it all?

[@simplelife2967]

Do it weekly. Opportunities come regularly.

[@dalehall-bowden1083]

This has been studied retrospectively in academic papers. In the vast majority of times investing a lump sum in one go outperforms the dollar cost averaging technique

[@nadnomad8117]

🙌 love your videos

[@matthewklog8896]

Like your videos, very educative ❤

[@avakashlohia4096]

Amazing and correct insight

[@andriusmosta]

I can spend money for my love ones, but just cannot allow to spend anything for myself.

[@SmitaDutta-ul5fc]

Thanks for this video

[@CyclistChris]

UK Banks: NatWest - 6.17% saver (£150/month limit + Top Ups) Barclays - 5% blue rewards saver (Unlimited/month - Paid Account required, but offset if 2 Active DD's from this account) Santander - 7% saver (£200/month - Paid Account required) Risk free investing with a solid return. You're welcome.

[@epermute]

What is a high earner? I earn about 35000 CAD salary (200000 UK pounds) plus about 40000 per year in other income (25000 UK pounds) so about 400000 CAD in total income. Can’t say I feel that highly paid, given COL (I live in Vancouver)

[@epermute]

That’s supposed to be 350000 ..,not 35000

[@autoclearanceuk7191]

@@epermute -not very competent for someone earning so much.

[@epermute]

@@autoclearanceuk7191 not sure I understand your comment.