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Youre part of a very small group of Americansearning a salaryof more than $1 million.
Indeed, according to Greenlight, a meager 0.3% of Americans fall in that category.
If youve boosted your earnings to a million dollars per year, congratulations!
Paul Gabrail, founder and host ofEverything Money, also underscored the importance of researching tax implications.
And if you might live somewhere with great tax benefits without a hit to income … why not?
Hiring a financial advisor, tax planner, etc.
Weve all heard the stories of lottery winners and sports stars that go broke dont let that be you!
Boost Your Savings
Dont assume youll earn seven figures every year, cautionedR.J.
Weiss, CFP, CEO ofThe Ways to Wealth.
Save as if your income could drop significantly, said Weiss.
Build a substantial emergency fund and invest wisely to ensure long-term financial security.
As your earnings get higher, its easy to fall into the trap of inflating your lifestyle.
Continue to live below your means, save and invest.
Some experts go even further.
Diversification can eventually lead tostable income returns and protectionagainst economic volatility.
Lieberman also argued that now is the time to re-analyze your portfolio and perhaps consider another investment strategy.
Are you being aggressive enough with your money?
Can you afford to pursue a riskier strategy?
Asking yourselfsome honest questionscan help you plot your strategy, he added.
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