Today I had a conversation with a New York client and I had to explain to him that just because he has the financial reserves (savings) that does not mean that he should be buying everything simply because he can afford it.
I explained to him that 2023 is going to make or break a lot of people. And if he wants to remain in the position he is in 5 years from now he is going to have make even smarter moves with his money.
7 figure earners listen up, it’s time to start thinking like those with a 6 figure income.
Upper and middle class individuals should begin to approach life more frugally. This means being careful of how you spend your money just because you can still afford basic necessities.
Don’t think of it as living like you are lower class, understand that this is how you are going to be able to hold on to your wealth while many others see their accounts depleted from not knowing how to adjust to our new economy.
Recently President Biden said that a recession is not inevitable. The way that he worded his statement has caused confusion as to what’s happening in America.
The best advice I can share is to pay attention to the obvious. If you don’t like to watch or read the news on a regular basis, check in on the economy at least once a month. Especially now so that you aren’t surprised at the price increases that are across the board.