7 Biggest Mistakes High Income Earners Make
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- čas přidán 11. 06. 2024
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7 mistakes high-income earners make and how to avoid them
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TIMESTAMPS:
00:00 Intro
00:24 Golden handcuffs
02:13 Not spending enough
03:16 One income stream
05:20 Waiting too long to start investing
07:38 Not giving money away
08:46 Working too much
11:13 Not hiring an accountant and a lawyer
🧡DISCLAIMERS & DISCLOSURES
This content is for educational and entertainment purposes only. Nischa does not provide tax or investment advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.
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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.
Save away in a job you love
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?
@@Havana-man i love me a complex excell sheet, wake me up for that shit
Yes same I hear this alot from patients as an Occupational Therapist.
‘A salary is the drug they give you to forget about your dreams’
I thought that, and then I've been unemployed and I'm free now to do whatever I want.
Wait! A good salary was all i ever dreamt of! 😅
"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.
@@blogdesign7126
‘You buy stuff you don’t need with money you don’t have to impress people you don’t like’
If a good salary is a drug, I’m ready to get hooked.
Nischa's wisdom on a Sunday morning. It cannot get better than that! 💁🏻♀️
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.
So happy to see your channel still growing! You’ve helped me so much!
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.
I'm surprised that this name is being mentioned here, I stumbled upon one of her clients testimonies on CNBC news last week...
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.
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🇦🇺
I'm new at this, please how can I reach her?
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.
Great wisdom! Thank you so much Nischa :)
great advice! thanks nischa!
Thank you Nischa, very helpful
So many videos out there but this one actually was interesting and well done!
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.
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.
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.
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
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.
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
Thank you for sharing these insights, valuable lessons and appreciated, 💚
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
Nischa have you heard about adept-limited ?
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 🙏🏾
Great advice and the editing of this video is superb! Keeps it interesting and helps summarise what has been discussed!
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.
Love these vids man
Great Video Nischa, I learn so much watching your videos, Thank You!!!
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.
Thanks for these useful advices ☺️🙏🏼
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.
You also made a choice to start a family perhaps before you considered if you was comfortable where you was
@@TheL184 wasn't aware you could choose to have parents
@@R0N1N98He probably thought you meant your kids, not parents
“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”?!
@ypey1 semantics. The more you earn, the less your family has to worry
Fantastic video, point 6 and point 7 so so true love them
The fun element budget I introduced last year to add a nice dimension to my spending
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! 💰
A lot of wisdom in this video. Thank you.
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!
I needed this, thank you.
Love your Videos!
Great video Nischa! You have a beautiful mind!
Your content has become so nice. You have become wise
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.
Huge congrats on 1m subs Nischa! Hoping to grow my channel to your level one day. Thanks for this vid :)
OMG...Golden handcuffs are so real! I'm wearing pair now.
She never disappoints when she makes points, and it is easy to understand. Great video once again
Amazing and correct insight
Please more videos like this!
Nischa, well done! Always informative.
Like your videos, very educative ❤
Cant wait for your investment masterclass
Nice video Nischa, Keep growing
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.
Waiting for the golden parachute
@@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...
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.
Great video! Love your accent!
...and you have the traction that gives credibilty to what you say. Well said Nischa.
🙌 love your videos
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 CZcamsrs mentioned it on here. Many thanks .
Thank you for sharing this informative video.
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.
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!
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.
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😂
Good as always🎉
Very well thought and informative video. Learned so many new things, Keep it up
Having a budget for fun things is great
This is an amazing.. Thank you for sharing with us
“Having one source of income is too close to none” Word🙌
Nischa love your videos. Can you talk about the benefits of overpaying your mortgage and how to go about it ? Thanks
Thanks for this video
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
Thank you for these great insights and guidance!!
Having one income stream is too close to none. i will be borrowing this line from you Nischa. Another great video thank you!
All you vedio as are so informative , thank you for sharing and I am very impressed with point 5.
Always stellar advice!
Blessed is the hand that giveth..
Do you have a link to the UBS insights report you mentioned along with where the stat is highlighted? Thanks
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?
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
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 !
So wise, love your videos! Keep up the good work.😊
Nice work. I’ve been on the AMS91K train for a while, never sold as they are always building.
Nisha which is the best long term index fund to invest in? And your thoughts on S&P 500 index fund?
I have subscribed to your channel
You have really nice contents 💯
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 🇿🇦💚
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.
@-Nischa1. why? I mean it. I’ll be looking for you in the afterlife, if there is one 😉.
Thank god I am not a high income earner 🙏🏻🙏🏻
😑😑😑
Why wouldn’t you want to be?
@@TCTALKSTCFITNESS cause then I won't make those mistakes
@PedroOliveira-ez2ni why are you scared???
Even low income people make mistakes.
Don't use excuses to stop you from creating opportunities!!!
Why can't people handle humor these days? 😂
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!
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.
Hey, im trying to check out the business set up but it is saying I need to have a company?
Right now I am experiencing the golden handcuffs mistake, but I don't think it is completely my fault. Where as I work from home and I find it increasingly more difficult to build connections and opportunities. Finding a new position is very limited as I am out of sight, out of mind. Does anyone have any suggestions?
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!
Revux making quiet moves; keeping a vigilant eye on it!
Make a video on your educational journey would be an great content for the viewers who want to plan ahead
Nice and helpfull video
Viewing Revux as a long-term hold due to its great fundamentals.
Very nice video for witching
Thanks again as always great points here!
It’s the accent, the colors and the smile.
Security features of Revux set it apart from other projects.
You're so pretty!
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.
Out of interest, for context, what was the highest base salary you earned before you decided to set up on your own?
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?
Do it weekly. Opportunities come regularly.
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
No1. They look down on other People who don't have as much! They somehow think having Money makes them Superior!
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.
Locked in
Thank you. I feel the same about giving away money or things. If you give, you will receive. The universe actually works like that.
Revux technology is ahead of its time, indicating massive potential.
Despite having encountered numerous videos of this nature, I find myself grappling with a peculiar lack of motivation to pursue my personal aspirations and join the ranks of high-income earners.
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.
I’m genuinely curious- how are you skint after 22 years in golden handcuffs?
@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.