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Imagine you're landing your dream job, or the business you've been grinding for finally takes off.
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Imagine you're landing your dream job, or the business you've been grinding for finally takes off. The money's coming in like never before. You upgraded your car, maybe your house, and you're finally able to give to people closest to you. And I bet it feels amazing. But then something shifts. You start getting this feeling like you're always working, but you never have anything to show for it.
Like no matter how much comes in, it's never enough. Like you're somewhat still broke, even though your income says otherwise. If that sounds familiar, you're not alone. And today I want to deep dive into exactly why that happens. And more importantly, what you can actually do about it. Hi, I'm Prince Chenou, a chartered financial consultant working in wealth management.
I created this channel to help professionals and business owners to build real wealth and align their money with exactly what matters most with them. If that sounds like you, you're in the right place. Let's get into it. The first reason you may be feeling broke even though you're earning well, is something called lifestyle inflation.
It's sneaky because it's completely justified in the moment. Every time your income goes up, your expenses goes right up with it. New job, new car, promotion, bigger house, business grows. Now you're eating out more, traveling more, upgrading everything around you. It's not just the big things, it's also the small ones also. I remember sitting down with someone who was making a significant amount of money, but felt like they had nothing to show for it.
And when we went through their expenses together, it wasn't just one big problem. It It was the $10 Apple storages, the Netflix, the Hulu, the Disney Plus, the random subscriptions that they had forgotten about. Individually, no big deal, but collectively, hundreds of dollars a month quietly disappearing. Now, this week, pull up the last 30 days of the bank transactions and highlight every reoccurring subscription and expenses that increased in the last year.
You might be surprised to find out what's been going on. The goal isn't just to cut out everything, but it's to make sure that every upgrade was intentional and not automatic. The second reason is not having a system for your money. And this one is huge for high earners especially, because when you're busy running a business or building a career, the last thing that you want to do is sit down and budget.
But here's the reality. Not having a plan doesn't mean your money disappears. It means your money makes its own decisions without you. And trust me, money without decision or direction will find somewhere to go. My wife always tells me this, "Plan your work and work your plan." That stuck with me because it's true in every area of your life, especially finance.
When you have a system, you're in control. When you don't, your money is controlling you. A budget doesn't have to be complicated. It just needs to answer three questions. What's coming in? What's going out? And where is the rest going intentionally? So I would encourage you set up three simple categories for your money, necessity, wealth building, and lifestyle.
Even a basic split gives your money direction and immediately tells you where the leaks are. Tools like YNAB, EveryDollar, or even a simple spreadsheet works great for this. The third reason is that many high earners are great at making money, but terrible at protecting it. And honestly, they're often protecting the wrong things entirely.
You'll make sure that the car looks clean, the house looks perfect, the image is on point. But in the same breath, there's no estate plan in place. The insurance coverage is inadequate. There's no proper cash flow strategy. And if something were to happen to you tomorrow, your family would not know what to do.
I think about it this way. You can be the best builder in the world, but if you never waterproof the foundation, one storm can undo everything you work for. Making money is one skill. Keeping it and protecting it is a completely different one. So do a quick protection audit. Ask yourself these three questions.
Do I have the right amount of life and disability insurance? Do I have a will or trust in place? Are all my beneficiaries updated? If you can't answer yes for all three, that's your starting point. Protecting what you build is just as important as building it. The fourth reason, and this one is uncomfortable, is spending to impress people who honestly aren't even watching you that closely.
This could be your colleagues, your neighbors, your social media feed. We've all done it, including myself. You buy something not because you truly want it, but because of how it makes you look. And before you know it, you're making financial decisions based on someone else's highlight reel. Here's what I keep on reminding myself.
You're running your own race. At the end of your life, you're not going to look back and be proud that you had the nicest car. You're going to look back at the experiences, the people, the impact, and the legacy you were able to build. Real wealth is built quietly. The people who actually have it are rarely the loudest ones in the room.
So, before your next major purchase, ask yourself honestly, am I buying this because genuinely adds value to my life, or am I buying it for how it's going to look for someone else? That one question alone can save you thousands of dollars over time. And the last reason, and I believe this is the deepest one, is not having a clear vision or purpose for your money.
You're earning well, you're somewhat managing it, but you never actually sat down and defined what you're building towards. No target, no why, no deeper meaning attached to the money. And here's what I found. When money has no purpose, it has no direction. It just flows to whatever feels good in the moment. See, for me personally, my biggest value has been generosity, giving back, whether that's to my church, my family, organizations that I believe in.
That has always been the anchor. And when I understood that, it made every financial decision clear. Because I know what the money is ultimately for. Once you define your values and your vision, the money finally has somewhere meaningful to go. So, I would encourage you, write down your top three financial values. What does the wealth mean to you beyond the numbers?
Legacy, freedom, generosity, security? Then ask yourself, does the way that I currently spend reflect those values? That gap between your values and your spending is exactly where the work begins. So, let's bring it all together. Here are the five reasons higher earners still feel broke. Lifestyle inflation quietly matching your income. No systems or plan for where your money goes.
Protecting the wrong things and ignoring the right ones. Spending to impress the wrong people. And last but not least, no clear vision or purpose tied to the money. Here's the one action step for this week. Sit down and look at last month, every dollar. Where did it go? Does it reflect what you actually value?
Just that awareness alone changes everything. This video helped you, share this with someone who needs to hear it. And subscribe because every week I'll break down real strategies to help you build wealth with intention. I'll see you in the next one.
This video is for general educational purposes only and is not personalized investment, tax, or legal advice. Every situation is different. Talk with a qualified professional about your circumstances before acting. PLC Wealth Partners is a registered investment adviser. See our disclosures.
