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 Goal Based Investing Estate Planning Investment Planning high income earners