The First-Gen High Earner Money Checklist

Nobody in my family handed me a playbook for this. If you're the first in your family making this kind of money, you probably didn't get one either. That's okay. You don't need to do everything at once. You just need to do the right things in the right order.

1. I know where my money goes every month. Look back at the last 90 days of spending. You're not judging yourself, you're just getting the real number. Know your monthly "must pay" amount: housing, transportation, food, insurance, debt payments.
2. I have 3 to 6 months of essential expenses saved. Keep it in a high-yield savings account, separate from your checking. If you own a business or your income swings, aim for the higher end.
3. I've decided how much I give to family, on purpose. Supporting the people who came before you is a blessing, not a problem. Give it a monthly number in your budget so every yes is planned, not pulled out of you by guilt.
4. I get every dollar of my employer match. If your company matches your 401(k) or 403(b) and you're not contributing enough to get all of it, you're leaving part of your pay on the table.
5. My savings happen automatically, before I see the money. Pick a percentage of every paycheck and automate it. Then make one rule: every time you get a raise, decide where it goes before it hits your account. That's how you stop lifestyle creep.
6. I'm using the right accounts for my income. Your 401(k), an HSA if you're eligible, and a Roth IRA (or a backdoor Roth if your income is too high to contribute directly). The order you fill them in matters.
7. I understand my stock compensation. If you get RSUs, ISOs, or NQSOs, write down what you have, when it vests, and how much of your net worth is in your company's stock. Heads up: the tax withheld when RSUs vest is often less than what you'll actually owe.
8. My income is protected. Your ability to earn is your biggest asset. Check your disability coverage, and if anyone depends on you, make sure you have enough term life insurance.
9. My basic estate documents are done. A will, a guardian named for your kids, a power of attorney, a healthcare directive, and up-to-date beneficiaries on every account. Beneficiaries override your will, so check them.
10. I've written down what I'm building toward. Three goals, each with a dollar amount and a date. Include what you want to give. Money without a purpose just gets spent.

This checklist is for educational purposes only and is not individualized investment, tax, or legal advice. Talk with a qualified professional about your situation. PLC Wealth Partners is a registered investment adviser. See disclosures.