ROUTING NUMBER: 307070050
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ROUTING NUMBER: 307070050
By Kirtland Financial Services
The highly sought-after six-figure salary isn’t what it used to be. Time Magazine reported a startling statistic from a survey conducted by the financial insight and advising companies PYMETS and Lending Club which found that 51% of people earning more than $100,000 reported living paycheck to paycheck.
When they explored over 70 cities and how far $100,000 goes after taxes and cost of living adjustments, they found significant differences in the value of $100,000. In the pricier cities, $100,000 is equivalent to the take-home pay of about $35,791 in New York and $44,307 in Washington D.C. On the other end of the spectrum, in Memphis, Tennessee, $100,000 is equivalent to around $86,444.
Regardless of where you live, here are a few simple tips you can embrace to try and mitigate the dependency of living paycheck to paycheck as a high earner:
You may feel like you don’t need a budget if you earn a high income. Being honest and keeping a detailed budget can help you pursue your financial goals. Here are a few steps you can take to help organize your budget:
Keeping track of your spending can help you monitor how much money is going out compared to how much money is coming in. This might be one of the most difficult aspects of financial planning. Consider these tips to help you manage your spending:
Consider saving up for big purchases instead of acquiring more debt.
Debt can be overwhelming and challenging to get on top of. At times, it might seem suffocating, so if you have unwanted debt, consider working to pay it off steadily and avoid acquiring more. There are common strategies people often use to pay down debt. The three most popular methods include:
Creating a comprehensive budget, paying down debt, understanding the root causes of why you are spending (especially if you don’t necessarily need to buy certain items), and how to reel in your spending can be complex and difficult to manage. Consider consulting a financial professional who can help you design a strategy and create financial goals to help you work towards breaking free from the paycheck-to-paycheck cycle.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.
This article was prepared by LPL Marketing Solutions.
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