WrapManager's Wealth Management Blog
When life changes, we can help you thoughtfully respond.

Why High Income Earners Can Still Benefit from a Budget

Posted by Michael J. O'Connor | CWS®, Vice President Investments

January 23, 2018

A high-income earner can benefit from a having a budget much like a professional athlete can benefit from having a personal trainer – even though the extra help and attention may not be completely necessary, it can serve to make a good situation even better. Much better.

Consider that, simply put, two goals of closely maintaining a budget are to:

  • Minimize waste
  • Maximize efficiency

Isn’t that what everyone wants when it comes to your hard-earned dollars?

Let’s start with minimizing waste. One of the first steps in creating a budget is to itemize each and every monthly expense you incur. Mortgage payments, insurance, cable and internet, phones, memberships, subscriptions, utilities, food, entertainment, and so on. When was the last time you sat down and closely scrutinized all of these expenses? Doing so could very well reveal fat that needs trimming.

[+] Read More

Retirement Planning Investment Planning Estate Planning Goal Based Investing high income earners

Navigating Your Finances Through Divorce

January 22, 2018
There’s really no way to sugarcoat it – though relationships are often filled with love and beauty, they can also be complicated and ... [+] Read More

Fair Weather Money Manager Fan? What Data Tells Us about Short-Term Investments

September 27, 2017
Just about every sports fan knows the joy of rooting for your favorite team when things are going well, when the wins pile up. But the ... [+] Read More

Do Men and Women Invest Differently?

August 15, 2017
There are countless studies out there trying to answer questions about how – and why – men and women invest differently. Do men tend to ... [+] Read More

12 Ways to Define the Investment Goals that Matter to You

July 13, 2017
Being a prudent saver and a savvy investor can help you accumulate the assets you need for retirement. In some cases, that can mean a ... [+] Read More

Relationships Strengthen Your Financial Plan

February 8, 2017
If you were asked to give only one answer to the question, “What do you think is the most important quality in a healthy relationship?” ... [+] Read More

Use Goal-Based Investing to Invest with Precision

December 28, 2016
There is an emerging concept in health care known as “precision medicine.” According to the National Institutes of Health, “precision ... [+] Read More