These are a list of the things that most people should do, but often do not, regardless of the level of income that you make.
Establish a budget and track spending – to help understand where your money is going and how it is being spent. Add some control on how you spend money.
Plan for social security – when your income drops or stops all together.
Develop a long-term investment plan and budget – with goals and targets. Add in stress tests to help decide what action you should take.
Assuming the big income will last forever – is usually a mistake, nothing lasts forever.
Not developing a tax strategy – will help minimize the amount of taxes you pay leaving more for you to spend
Wasting money on too many toys and bad investments – leaves little for savings and retirement.
Not increasing savings as income grows – helps to maintain your standard of living when the income stops or you retire.
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