Why So Many High Earners Are Broke and How I’m Building Wealth Anyway
It might shock you to hear that a third of people making over $200,000 a year are still living paycheck to paycheck. Half of those earning $100,000 feel just as financially strained. As someone who’s worked hard to grow my income, I’ve come to realize that earning more doesn’t automatically mean I’ll be financially secure. I’ve learned that the real difference comes from how I manage what I earn—and from recognizing the broader system I’m living in.
The System Isn’t Designed to Make Me Rich
Let’s be honest: the economic system doesn’t reward people like me just for working hard. It rewards investors, not employees. Banks make billions off people who carry credit card debt. Corporations grow by encouraging us to spend more. The government hands out tax breaks to the wealthy who own assets—not to the middle-class worker trying to make ends meet.
And while inflation keeps eating into my paycheck, the prices of groceries, gas, rent, and everything else just keep climbing. If I didn’t understand how the system works, I might feel hopeless. But instead of giving up, I decided to take control of what I can.
Taking Ownership of My Financial Life
I used to think my financial problems were someone else’s fault—my employer, the government, the economy. But blaming the system doesn’t solve my problems. I had to stop pointing fingers and start asking myself tough questions. Was I spending more than I earned? Was I investing consistently? Did I have a plan?
Once I got honest with myself, I realized that personal accountability is my greatest financial asset.
How I Started Building Wealth
I began by following one rule: spend less than I earn. That meant cutting unnecessary expenses and setting up an emergency fund. My first goal was to save $2,000 for unexpected expenses—just enough to avoid going into credit card debt for life’s surprises.
Then I got serious about high-interest debt. I focused on paying off credit cards and payday loans, which can drain you with interest rates north of 20%. Once I had those under control, I turned to investing.
Always Be Buying
I didn’t wait for the perfect time to invest—I started with what I had. I follow a simple principle: Always Be Buying (ABB). Whether the market is up or down, I invest a set amount into index funds like VTI, SPY, or VOO. These give me exposure to the broader economy and top U.S. companies without needing to pick stocks.
To make it easier, I automated my investments so money gets pulled from my checking account every month. It’s hands-off, consistent, and effective.
Keeping It Simple and Staying Consistent
When I first started investing, I felt overwhelmed. I thought I had to know everything about the stock market. But I learned that simplicity wins. Broad market funds give me diversification without stress. I may make mistakes, but the biggest mistake would be doing nothing at all.
Playing the Long Game
Building wealth isn’t about overnight success. It’s about choosing discipline over comfort for a decade. I’ve committed to a “decade of sacrifice,” where I spend less, earn more, and invest the difference. If I stick with it, I know I’ll reach financial freedom—where my investments cover my living expenses, and I’m no longer dependent on a job to survive.
Bridging the Financial Education Gap
I wasn’t taught this in school. Most of us weren’t. We were trained to become employees, not investors. That’s why I’ve made financial education a personal mission—reading books, watching experts, and learning how the system works. If I want to succeed in a system built for investors, I have to think and act like one.
Final Thoughts
The system might not be fair—but I’m not powerless. By understanding how it works and taking responsibility for my financial life, I’ve started building real, lasting wealth. And the best part? Anyone can do it. It just takes commitment, consistency, and a willingness to start.
Jaspreet Singh is not a licensed financial advisor. He is a licensed attorney, but he is not providing you with legal advice in this article. This article, the topics discussed, and ideas presented are Jaspreet’s opinions and presented for entertainment purposes only. The information presented should not be construed as financial or legal advice. Always do your own due diligence.
