While much of financial advice is focused on spending less and saving money, there are ways to invest in yourself that can significantly boost your financial well-being.<\/p>\n
Many of these opportunities open wider when you start making a so-called \u201cgood\u201d income.<\/p>\n
Here are the top five things you should upgrade or spend more money on when you cross that threshold.<\/p>\n
When money is tight, contributing to a Roth IRA, a tax-advantaged investment account used to save for retirement, is probably the last thing on your mind.<\/p>\n
Normally, it takes being flush with cash to convince people to invest in a workplace plan and another retirement plan funded with after-tax dollars.<\/p>\n
The kicker is that Roth IRAs are, in theory, unavailable once you earn over a certain amount. For 2026, you could be ineligible to contribute to a Roth IRA if your annual income is over $168,000. If you\u2019re married and filing taxes jointly, the threshold for ineligibility rises to $252,000. (1)<\/p>\n
Simply put, this isn\u2019t supposed to be a tool for rich people. However, there is a way around that. You can legally bypass these income limits through a backdoor Roth IRA, which essentially means contributing to a traditional IRA and then later converting it to a Roth IRA.<\/p>\n
If you\u2019re still unsure, reach out to your financial advisor to find out how this strategy could fit into your long-term financial plans.<\/p>\n
The progressive tax system means your tax bill likely rises alongside your income. Beyond certain income thresholds, your tax situation is simply too complicated to manage on your own.<\/p>\n
You could use accounting software or spreadsheets, but your chances of leaving money on the table or overpaying taxes are simply higher once your income rises.<\/p>\n
Cheap accounting software or an inexperienced accountant can do more harm than good, especially if your personal finances have a lot of moving parts and complicated transactions.<\/p>\n
This could be why affluent adults are more likely to hire financial advisors or planners. According to a 2025 Gallup survey, 54% of upper-income individuals had hired an expert, compared to only 39% of middle-income and 20% of low-income individuals. (2)<\/p>\n
Story Continues <\/p>\n
However, that still means nearly half of high earners don\u2019t have a financial advisor or planner to help them manage their finances. If you\u2019re one of them, maybe it\u2019s time for an upgrade.<\/p>\n
Read More: Young millionaires are rethinking stocks in 2026 and banking on these assets instead \u2014 here\u2019s why older Americans should take note<\/a><\/p>\n Unlike a general financial planner, investment advisors primarily focus on helping you invest better.<\/p>\n These professionals are regulated by the Securities Exchange Commission (SEC) or state securities regulators and are held to a fiduciary standard, which means they have to put your financial interests first.<\/p>\n For wealthy individuals looking to expand or preserve their wealth, investment advisors could be indispensable. So if you\u2019re part of this exclusive club, it\u2019s probably time to add a specialist to your team.<\/p>\n If you\u2019ve reached six- or seven-figures, it\u2019s probably time to upgrade your healthcare and wellness plans. A fancier gym membership, personal trainer, bespoke nutrition plans and expensive fitness gadgets can all help you boost your physical and mental health.<\/p>\n This could have tangible impacts on your finances as well. Across all incomes, healthcare is a major expense in America. An unexpected chronic illness could leave you financially drained. This is why investing in your health is so crucial, especially if you can afford an upgrade.<\/p>\n Once you cross a significant income threshold, the list of items you can afford to buy expands considerably. You can finally afford that sports car you always dreamed about or drop $3,000 on a pair of virtual reality goggles without breaking a sweat.<\/p>\n But you also have the choice to invest in experiences rather than physical products, and there\u2019s plenty of data to suggest that\u2019s a better option.<\/p>\n A Cornell study, for instance, found that the satisfaction derived from purchasing physical products often wanes quickly, while the satisfaction of experiences is often higher and longer-lasting. (3)<\/p>\n Additionally, an experience shared with friends and family could reinforce your relationships and boost your well-being further. So, ditch the VR headset and invest in an upgraded family vacation that you and your loved ones can cherish forever.<\/p>\n We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines<\/a>.<\/p>\n IRS (1<\/a>); Gallup (2<\/a>); Cornell Chronicle (3<\/a>).<\/p>\n This article provides information only and should not be construed as advice. It is provided without warranty of any kind.<\/p>\n","protected":false},"excerpt":{"rendered":"While much of financial advice is focused on spending less and saving money, there are ways to invest…\n","protected":false},"author":2,"featured_media":388590,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[28,155,40583,148975,147,530,6476,38244,7288],"class_list":{"0":"post-388589","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-dave-ramsey","10":"tag-financial-advice","11":"tag-income-thresholds","12":"tag-personal-finance","13":"tag-personalfinance","14":"tag-retirement-plan","15":"tag-roth-ira","16":"tag-saving-money"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/388589","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=388589"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/388589\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/388590"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=388589"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=388589"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=388589"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}