Frustrated coffee shop owner in closed cafe, end of small business due to the inflation conceptgetty “Though I reached my first 6 figures before I turned 30, I still suffered from lingering debt and poor financial management, even as a financial professional.” says Marc Russell, a former financial advisor and founder of BetterWallet. A salary of $100,000 seems to be the magic number indicating the attainment of financial success. First generation high income professionals however, tend to notice quickly that the joy of reaching that goal is fleeting with much of the income going out as quickly as it comes in. “It wasn’t until I focused on lowering my life expenses where my life took a turn for the better. This included simplifying my life, paying off $80,000 of debt, and focusing on what makes me happy vs. what confirms my status to others,” Marc says. For high income Black professionals, lifestyle expenses can feel like a luxury tax on top of other financial priorities or burdens. Outside of combatting geographic cost of living and inflation like most other Americans, the path to attaining the high income many times comes riddled with: Student debt; Family financial support; A lack of financial education; High credit… Click below to read the full story from Forbes
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