In my line of business, most people that seek out my services have incomes that range from $130,000 – $400,000 annually (on average). Unfortunately, many people in this income bracket are living in fiscal turmoil which oftentimes includes living paycheck to paycheck. I know this sounds odd right? How are 6-figure plus income earners not able to meet their financial obligations? Well, that easy…they simply spend way more than they earn. This in and of itself is a recipe for disaster. You know the saying, ‘the more you make the more you spend’…or in the words of The Notorious B.I.G. ‘more money, more problems!’
But seriously, in my research I have discovered that only 18% of Americans actually earn over $100,000/year and approximately 34% of combined households earn over $100,000/year. So in totality, people earning at this level is rare. It’s not as common as most people think. In fact, over the last few years, recent college graduates are averaging $50,000 – $60,000 annually, those in business, mathematics, engineering, computer science tend to earn around $52,000 – $71,000 (on average).
Currently the rate of inflation is 3.2% compared to 2022 (still recovering from the pandemic), that number was at 9%. The highest we’ve experienced in a long time (June of 1920 it was over 23%). Now, just because the rate of inflation has decreased substantially, does not mean we are out of the woods or should not be concerned. Last I checked, everything is still overpriced, and the reality is, most households are one paycheck or one bad financial disaster from losing it all.
Because I look at credit reports (often), I see firsthand that:
✔ Student loans
✔ Single Family Home Mortgages
✔ Luxury car notes
✔ Maxed out credit cards &
✔ Unaffordable loans
Are the main culprits causing all the chaos in consumer households.
Many of the clients I have are first generation, college graduates of melanated descent. They did the work to earn undergraduate and/or graduate degrees in their perspective field of study but they were not properly educated on how to properly make, manage and multiply these earnings so they could not only enjoy the fruits of their labor today but also, secure their economic future. If done the right way, they would position themselves to retire early, build generational wealth and pass on this knowledge to their children which is (or should be), the ultimate goal.
The first step to making changes for the better is to alter your mindset about money and debt. Most people (especially in melanated households) were NEVER taught how money truly works. They don’t understand the true cost of money, they don’t know how to turn debt into an asset and not a liability, they definitely don’t know how to put their money in places and spaces that significantly outpaces the rate of inflation (and so much more).
This is where my team and I come in. With a combined 60+ years of experience in this space, we are positioned to show our clients how to strategically design the lifestyle they desire to live.
So many people are living the life they have to but would it not be an amazing accomplishment to learn how you can actually live the life you’ve envisioned of in your mind? Of course it would!
Sadly, the outdated rules you’ve learned about (when it comes to money), have to first be re-learned and that is our specialty.
One of the first things we do is we have a private conversation. The goal in that conversation is to unlock what your goals are by finding out exactly what kind of life you desire to live. This is a call with specific questions that will take about 30-45 minutes. Because your goals are not like anyone else’s, from there we determine the best course of action to take to help you move in the right direction with a clear plan, pathway and process.
I hate to be the bearer of bad news but NO ONE will ever save their way to wealth. The system is not designed to make people wealthy by saving it in the bank or a 401k or any other retirement plan for that matter. If you have money in a 401K (let’s say $200,000)…most retirement savings accounts average a 2% return. At this ROI, it will take 36 years for your money to even double. At the beginning of this article I noted the current rate of inflation is at 3.2% and last year it was at 9%. One can only imagine what it will be in 36 years!! I say all this to say, that you have to learn where to put your money, in safe spaces that provide higher returns so your money is making money…at a faster pace! Most people think real estate is the answer for fast returns. That’s one option but just know, there are other ways to build a solid financial portfolio in addition to (or) outside of real estate.
With us, there is so much you can learn, you just have to be willing to first, take the necessary steps to learn exactly what your options are.
1) To do that, I invite you to go to: www.MoniqueMacklin.com
2) Go to the tab: Lifestyle Design
3) Schedule a strategy session TODAY!!
At the end of your consultation, you will come away with a new understanding of how money works with action steps you can take immediately to change the financial trajectory of your life.
We look forward to speaking with you soon.
To your massive success!
