The New Rules Of Personal Finance (For High Earners)
6/30/202636 min
Learn how high earners can rethink old money rules on budgeting, spending, real estate, and building lasting wealth.
Host Andrew Giancola and NerdWallet Wealth Partners CEO Ryan Sterling walk through eight personal finance rules that are worth questioning for high earners, including should you replace traditional budgeting with an automated pay-yourself-first approach? And how can simplifying your financial life accelerate your path to financial independence? Then, they answer a listener's question about whether buying a condo could be a smart stepping stone toward a high-value property like a New York City brownstone, or whether renting and aggressively saving for the target property could be the wiser move.
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NerdWallet Wealth Partners LLC (NWWP) is a SEC registered investment adviser. Registration does not imply a certain level of skill or training, nor does it constitute an endorsement by any securities regulator. The content presented by NWWP on its Your Next Dollar podcast is for informational and educational purposes only and is not intended as personalized investment, tax, or legal advice to any person. The views, strategies, examples, and figures discussed are intended to be general in nature, subject to change at any time based upon market or other conditions and may not be suitable for every individual. Any hypothetical illustrations used are for educational purposes only and do not represent a guarantee or prediction of future results. All investments carry risk, including the potential loss of principal, and past performance is not a guarantee of future results. NWWP's investment advisory services are only offered where NWWP and its representatives are registered. Before making any financial decision, seek advice from a qualified investment, tax, or legal professional.
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Transcript preview
First 90 secondsAndrew Giancola· Host0:00
So I don't know about you, but the personal finance advice that I grew up hearing is just outdated for today's day and age, especially for high earners. Things like budget every single dollar, or make sure you have this safe, balanced portfolio, or ensuring that you have life insurance products that have cash value, or thinking through stuff like parking your money in the safest place possible. And for high earners, this stuff is not really moving the needle. And so in this episode, we're gonna throw out the old rule book, and we're gonna be writing a new one. We're gonna be talking through some of the biggest mistakes that high earners make with their money every single month. We're gonna talk about the financial skills that almost nobody has actually mastered, and the silent killer of high earner wealth. And so today's episode, I have CEO of Nerdwallet Wealth Partners and financial advisor Ryan Sterling joining me today. Ryan, welcome to the show.
Ryan Sterling· Guest0:50
Good to see you, Andrew. Good to be back.
Andrew Giancola· Host0:51
I am so excited to dive into some of these things that we're gonna be talking about today because I think for most people, they may have not thought through this process or thought through some of these topics. So the first one I wanna talk through is high earners don't need to budget. What are your thoughts on high earners and budgeting?
Ryan Sterling· Guest1:13
I mean, I can tell you from personal experience, it is really hard to budget, and that's what I hear from most people, that, look, like, you- people have busy jobs. They have young families. The idea of sitting down and tracking your expenses, even using a lot of the apps, you can maybe do it for one