The short answer. Hitting a six figure income does not automatically mean you need an advisor. What matters is complexity, not income. Many high earners do fine with a low cost, self managed setup, while others genuinely benefit from advice. The costly mistake is paying a percentage of assets for something you do not need. The myth Once you earn a high income, you should hand your money to a financial advisor who manages it for you. Why people believe it More income feels like it should mean more complexity, and the financial industry markets heavily to new high earners.…
Author: financemythbusters@gmail.com
The short answer. Vested RSUs are close to cash, and you should usually treat them that way. But unvested RSUs are not cash, they are a bet on your company, and confusing the two is how high earners end up dangerously concentrated in a single stock. The myth Restricted stock units are just another form of cash compensation, so there is nothing special to manage. Why people believe it Once RSUs vest, they really do behave a lot like a cash bonus. They are taxed as ordinary income at vesting, they show up on your W-2, and you can sell…
Maxing your workplace retirement plan is a major savings milestone. Whether it is enough depends on the retirement it must fund. FMB VERDICT: IT DEPENDS The 401(k) maximum is an IRS contribution limit, not a personalized retirement goal. For many workers, reaching the maximum can put retirement on a strong path. For some high earners, late starters or people expecting an expensive retirement, it may still leave a meaningful gap. The direct answer: Sometimes. Hitting the 2026 maximum shows how much moved through one tax-advantaged account. Retirement readiness still depends on when you started, employer contributions, current assets, investment mix…