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What Are the Most Common Financial Mistakes High-Income Earners Make?

Making a steady, high income with a comfortable retirement on the horizon is nice, but even the affluent can make financial mistakes, most often without realizing it. These common financial hiccups may not wreak havoc on your future but are certainly something to keep top of mind.

Maggi Tax shares three common financial mistakes that high earners can experience.

  1. Lack of a comprehensive estate plan

Most high-income earners may be diligent about savings and retirement plans, but did you know that many fail to develop a comprehensive estate plan? This critical step is one of the most important when it comes to a full wealth management plan, especially if you plan to pass assets or businesses along to the next generation. However, by employing trusts and other estate documents, you can ensure a seamless transition that will minimize taxes and probate expenses.

  1. Financial illiteracy

Similarly to staying up-to-date on headlines and exciting advancements in your field, it is in your best interest to maintain a working knowledge of financial literacy. A base level of budgeting, financial concepts, and investment and savings vehicles will be helpful as your financial wealth grows.

  1. DIY investments

Those that find themselves successful in business may dabble in their own do-it-yourself investing. If you don’t know what you’re doing, this may lead to mediocre results. Consider working with professionals who can relay proven research and tactics to the investor, who will ultimately make final decisions. As they say, work smarter, not harder.

Let Maggi Tax provide you with the tools and resources to fully understand your financial outlook. For over 30 years, we have guided Tampa Bay residents with all aspects of their financial well-being. Contact us here, or call (727) 799-1701 to schedule your appointment today.

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