Making a seven-figure income year in year out is the dream of many workers across the country and around the world. Only 1% of American workers can claim that level of a salary. So, if you make more than a million dollars a year, then you belong in this 1%. While the income is indeed substantial, it requires adequate planning to protect it and make judicious use of it. With a 3.26% average annual inflation rate, just the passage of time alone will eat away at your seven-figure income. Also, being a high earner has a time frame because you are likely planning to retire someday. In addition, taxes gulp a significant portion of the money, and there are family expenses like children’s college fees and mortgages that may take a sizeable part of the income.
This presents a problem that every seven-figure earner deals with: how to protect their finances.