A surprising number of top earning Americans are swimming in debt and even flirting with bankruptcy, according to a new Wall Street Journal article. Without deliberate financial planning, even a large salary can still leave you falling short.
One woman, 40-year-old Sylvia Flores, was making more than $200,000 a year but living well beyond her means.
“I spent way more than I made, but I didn’t really think about it because I was making good money,” Flores tells the source. “I felt entitled.”
She’s not the only one. The Journal reports that one Michigan bankruptcy attorney is seeing a significant rise in the number of high earners in hot financial waters.
If you are pulling in a large salary but lack a specific financial plan, you could find yourself in similar straits, especially in the case of an unexpected crisis such as job loss, illness or accident. Here are some tips for getting back on track: