The Money with Katie Show “High Earner, Not Rich Yet”: Must-Have Money Hacks for HENRYs and HENRIETTAs
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Dec 6, 2023 This podcast explores money hacks for high earners, including tax-advantaged vehicles, alternative investments, and personal finance hacks. They also discuss finding the right accountant, tax optimization strategies, using losses to offset gains, insurance optimization, estate planning, gift and estate tax exclusion, and leveraging chat GPT for financial modeling.
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HENRYs and HENRIETTAs
- High earners, or HENRYs/HENRIETTAs, often struggle to accumulate wealth despite their income.
- Traditional personal finance rules don't always apply to them.
Budgeting for High Earners
- Traditional budgeting rules may not apply to high earners due to their income levels.
- Strive for a reasonable standard of living.
Tax-Advantaged Accounts
- Leverage tax-advantaged accounts like 401(k)s and HSAs.
- Consult a financial professional for personalized advice.