Just because you make a lot of money doesn't make you rich. Many high-income earners live paycheck to paycheck, burdened by debt from a lifestyle of conspicuous consumption.
In The Millionaire Mind, author Thomas Stanley identifies four types of earners: low income, low net worth; low income, high net worth; high income, low net worth; and high income, high net worth.
A common misconception is that high-income individuals also possess high net worth. In reality, many earners in this category prioritize material possessions over appreciating assets.
To avoid falling into debt, high-income earners should focus on living below their means, eliminating flashy purchases and investing in assets that appreciate in value.
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