According to banking conglomerate Credit Suisse’s World Banking Report, more than 50 million individuals can claim the title of millionaire . But, the other class of high earners who haven’t quite tipped the bankroll scales yet,are the six figure salary earners. Those referred to as people whose incomes straddle between the lower middle class and reaching their lifelong goal of arriving at their F.I.R.E. number. Acquiring enough income to support what may or may be viewed as a comfortable lifestyle is a feat many attain, but managing that wealth is another story.
Daily news reports highlight the pitfalls of poor money management, crushing debt, and living paycheck to paycheck. Other earners are reckoning with ever changing tax laws and rate increases.This is also known as the Wealth Tax. As the world continues to endure a pandemic while economies stagnate, things like housing prices,credit markets, and ransom attacks continue to cause fluctuation due to current inflation rates at 2.6%. Six figure earners are struggling everywhere. Leaving much needed room for economic growth, it’s a lesson in Covid economics. What you don’t manage today may become its own crisis of endemic proportions tomorrow.
