Tips Your Parents Taught You That May Not Apply Anymore (If You're a High Earner)
5/19/202625 min
Which money lessons still work for high earners, and how can a backdoor Roth help when income limits get in the way? Host Andrew Giancola walks through eight money lessons from your parents that may need an update if you want to grow serious wealth as a high earner. Then, he reacts to a video on how a backdoor Roth IRA helps high earners save tax free even when their income is too high to contribute directly. Interested in working with a financial advisor? Visit nerdwalletwealthpartners.com Reaction video from @rachelcruze https://www.tiktok.com/@rachelcruze/video/7356297395669421354 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.
Transcript preview
First 90 secondsAndrew Giancola· Host0:00
So today on Your Next Dollar, we're diving into financial tips that your parents taught you that may not apply anymore. Now growing up, these tips may have come from people who loved you and cared about you and wanted the best for you. But here's the problem, the financial playbook that worked for your parents was not designed for someone at your income level. In fact, some of the most well-meaning money lessons can quietly slow you down because they were built for survival, not building serious wealth. So today, we're breaking down the tips your parents taught you that high earners may want to reconsider. These are not bad lessons across the board. They are lessons that need to be updated based on your financial life. Welcome to Your Next Dollar, powered by NerdWallet Wealth Partners, the show where we help you make smarter decisions with the money you already have so you can build the life that you actually want. I'm Andrew Jencola. Let's dive in. So the first thing that your parents may have taught you is don't talk about money. And I don't really know where this started, but this is something that I think should be shifted for a lot of folks. Why? Because talking about money makes you way more financially educated than not talking about it. So many people were raised to believe that discussing money would be rude or taboo. In fact, I've had friends tell me that time and time again. I'm a guy who talks about money all day long, and when I have conversations or I ask them questions, I can tell they get a little bit uncomfortable. And so if you don't have conversations currently about money, consider starting. And so here's a couple of things that you can do, is number one, you can sit down and have regular money meetings with someone.