Hi Money Minder,
Thanks for everything you do! My wife and I had pretty rough financial backgrounds growing up, but now we’re both bringing in some serious cash. She’s earning about 400k, while I’m at 200k a year. We’re both on W2s and our only real debt is a hefty mortgage and some big student loans under my wife’s name.
Would you recommend starting with a tax strategist, CPA, financial advisor, or something else?
Take care!
Big Earners in Need
Response from THE MONEY MINDER:
Hello There,
First of all, congratulations on your incredible journey from low-income beginnings to becoming high-income earners. It’s wonderful to hear that you are now in a position to seek sound financial advice and make the most of your hard-earned income. Given your substantial income and the complexities of your financial situation with a massive mortgage and student loans, it would be wise to start by consulting with a qualified financial advisor. A financial advisor can help you create a comprehensive financial plan tailored to your specific goals, including strategies for managing debt, maximizing investments, and planning for the future.
In addition to a financial advisor, working with a tax strategist and CPA can also be beneficial, especially given your high-income status. They can help optimize your tax situation, identify deductions and credits you may be eligible for, and ensure you are compliant with tax laws. With your combined income, tax planning can make a significant difference in your overall financial picture.
Ultimately, a holistic approach that includes input from a financial advisor, tax strategist, and CPA can provide you with a well-rounded financial strategy that aligns with your goals and helps you make the most of your earnings. It’s important to choose professionals who have experience working with high-income individuals and families to ensure they can provide tailored advice and guidance that meets your unique needs.
All the best from THE MONEY MINDER.
Leave feedback about this