What high earners should do to manage their wealth and save time

In his latest personal finance column for CTVNews.ca, Christopher Liew has advice for high earners who should consider wealth and time management strategies to create even greater financial freedom for themselves.

Do you earn upwards of six figures or more?

For high earners, solely focusing on budgeting may not be the most effective strategy. As income levels rise, the principles of personal finance evolve.

High earners often find that their time and energy are better invested in broader financial strategies rather than getting caught up in the minutiae of budgeting daily expenses.

Instead, many high earners could benefit by shifting towards strategic investments, wealth management, and financial automation to create greater financial freedom.

A high-income earner is generally considered to be a person earning in the top 95th percentile or more for their age range. According to Statistics Canada, this is what the top 95th percentile earns by age as of 2021, after tax:

If you fall into this category, you’re statistically considered a high-income earner.

If you fall into a lower income bracket or simply find yourself struggling to keep up with month-to-month expenses, you may find more benefit in budgeting and keeping track of your expenses.