Earning a six-figure salary doesn’t automatically mean you’ll be financially secure. The money isn’t the issue it’s how fast the money disappears. Inflation, higher prices, childcare costs, student loans, and credit card debt have caused over half of high-income earners to live paycheck to paycheck. In fact, one in five people with high salaries have nothing saved at all. Many have low emergency savings and lack retirement accounts. So how does that happen? Because income only translates into financial freedom when you’re intentional about where your money goes.  

Our CEO, Mark Henry, always says it’s not the dollar amount that matters, it’s the financial decisions you make that will determine how you live. He recently discussed “MoneyMaxxing” in a YouTube video and said that this current social media trend is an old-school way of managing money that has gained popularity. It involves becoming intentional with your money and begins with tracking spending. 

By tracking spending you’ll easily find unnecessary expenses that can be reduced or removed entirely. Many of us pay for monthly subscriptions we rarely or never use, and those monthly charges can add up over the years. After trimming expenses, you need to use strategy when deciding where to spend your money. Mark refers to this as assigning your dollars a job. If you save $200 a year by canceling one monthly subscription, where can you put that $200 that will benefit you the most? Putting that money towards a low balance credit card would be a good choice and help you pay down debt faster. 

MoneyMaxxing isn’t complicated. High-income earners living paycheck to paycheck can start building wealth simply by learning to control their money. When you maximize your income by minimizing expenses, then assign your dollars a job, every penny you earn will lead you towards financial freedom.