57. Big Money, Big Choices: How to Navigate High Income Wisely feat. Cait Howerton

The Hustle Less Profit More Podcast

Are you ready to navigate the challenges of transitioning from a low earner to a high earner? Discover the secrets of managing your newfound wealth, overcoming family money scripts, and avoiding lifestyle inflation. But just when you think you've got it all figured out, a shocking revelation threatens to unravel everything. Stay tuned for a jaw-dropping twist that will leave you questioning your financial choices.

"I just like to work with people who aren't afraid to be a little different than everyone else." - Cait Howerton

In this episode, you will be able to:

• Discover the essential steps to transition from being a low earner to becoming a high earner, unlocking a world of financial success and fulfillment.
• Uncover the hidden challenges of lifestyle inflation and learn how to overcome them, ensuring that you can make the most of your increasing income.
• Understand the importance of finding a fiduciary financial planner who will prioritize your best interests, guiding you toward smart financial decisions and empowering you to build lasting wealth.
• Learn valuable strategies for navigating partnerships with income imbalances and fostering open communication and mutual understanding to maintain harmony in your relationships.
• Explore effective ways to maintain financial wellness within your relationships, ensuring that you and your partner can achieve shared goals while respecting individual financial journeys.

My special guest is Cait Howerton:

Cait is a Certified Financial Planner who helps high-achieving professionals make smart, intentional, and strategic choices with their money. She specializes in serving out-of-the-box households, including high-earning families navigating newfound wealth, LGBTQ+ individuals and couples, intentionally single, divorced, widowed, blended families, and more. She has a background in trauma-informed financial practices and deep expertise in student loans, family planning, and values-aligned goal setting.

Her #1 goal for you–and all the clients she works with–is for you to achieve and enjoy your journey to wealth. Cait believes the path to financial success isn’t always paved with gold–it’s paved with intentional-decision making, a sustainable financial plan, and a dash of encouragement and hope along the way.

Welcome, a leading voice in diversity, inclusion, LGBTQ+ financial issues, values-aligned goal setting, and student loan debt to the show, Cait Howerton. If you're a high-achieving professional who is seeking to make smart, intentional, and strategic choices with your money, but you don't always know what to do next, contact Cait for a free, no-strings-attached consultation to see if she can help you achieve your life and financial goals.

"Good behavioural financial planning is a lot like therapy, coaching, and talking to your best friend. It's getting those numbers on paper and putting a plan in place that reflects your values and goals." - Cait Howerton

The key moments in this episode are:

00:00:00 - Introduction
00:02:57 - Challenges of Transition
00:05:26 - The "Enough" Number
00:07:12 - The Importance of Values
00:10:21 - Reordering Priorities
00:14:20 - Choosing the Right Financial Professional
00:16:50 - The Future of Financial Planning
00:18:28 - Shifting Mindsets
00:20:33 - Understanding Financial Roles
00:27:55 - Maintaining Friendships and Boundaries
00:29:12 - Navigating Financial Imbalance in Relationships
00:30:31 - Considering Financial Values in Partner Selection
00:32:33 - Open and Honest Conversations
00:34:30 - Where to Find More Information

Key Takeaways

Gaining Financial Success and Fulfillment
Understanding your values and incorporating them into your financial decisions is the first step toward financial success and fulfillment. This incorporates your personal priorities and makes your financial decisions more authentic and satisfying. It's not just about earning more, but also about making your money work for you in a way that aligns with your values and contributes to a balanced life.

Overcoming Challenges of Lifestyle Inflation
Transitioning from a low earner to a high earner comes with its own set of challenges, the primary among them being lifestyle inflation. The temptation to upgrade one's lifestyle as income increases can lead to a constant increase in expenses, essentially trapping you in a cycle of earning more-spend more. Being mindful of this trap and making intentional spending decisions can help maintain financial wellness even as income rises.

Discovering the Importance of a Fiduciary Financial Planner
As income levels rise, managing your money can get increasingly complex. At this point, seeking professional financial help becomes crucial. A fiduciary financial planner, who is legally bound to work in the best interest of their clients, can provide beneficial advice based on a comprehensive understanding of a client’s financial situation, values, and long-term goals.

Find Cait Howerton online:

• https://archerim.com/why-archer/#who-we-are
• https://www.linkedin.com/in/caithowerton

Key Resources From The Episode:

• Schedule a consultation with Cait Howerton to receive personalized financial advice and guidance tailored to your specific needs and goals.
• Explore values-based goal setting: Highlight the importance of values-based goal setting in financial planning and encourage listeners to explore this concept further. Provide resources or tools that can help listeners identify their core values and align them with their financial decisions.
• Reflect on your enough number: Discuss the idea of determining a enough number in terms of financial goals and encourage listeners to reflect on their own financial aspirations. Provide tips or strategies for setting realistic and meaningful financial goals.
• Consider lifestyle inflation: Address the challenge of lifestyle inflation when transitioning from a low earner to a high earner and provide tips on how to avoid overspending or succumbing to unnecessary expenses. Suggest resources or strategies for maintaining a balanced lifestyle while increasing income.
• Reevaluate your financial priorities: Discuss the importance of regularly reevaluating financial priorities and encourage listeners to assess their current financial situation.

"Financial success is not just about the numbers, it's about finding balance and living life in accordance with your values and goals." - Cait Howerton

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