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10 tips to wealth building from moms earning $1 million+

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In my 20 years as a financial advisor focusing in high-earning women, I see how mothers in particular who earn more than seven figures have common habits that help them not just earn high incomes, but invest and grow their assets and wealth.

Tips from millionaire moms

In my experience, high-earning moms:

  1. Maximize their tax strategies
  2. Don’t let kids drain them financially
  3. Don’t flaunt their high incomes
  4. Know that time is money
  5. Realize mental health is important in wealth-building
  6. Watch expense creep
  7. Stay the investing course
  8. Give joyfully
  9. Increase savings as their paycheck increases
  10. Protect their assets

1. Millionaire moms maximize their tax strategies

High-earning moms realize that their tax bill is their largest expense over time, and they focus on maximizing their tax strategies with the help of a financial planner.

2. Millionaire moms don’t let their kids drain them financially

Affluent moms’ high incomes make it much easier to pay a high college tuition or buy a tricked-out Ford Bronco, but they know this type of spending might not be the best for their children. Instead, they focus on teaching them about hard work, money management and frugality.

3. Millionaire moms don’t flaunt their high incomes

In Texas, there is a saying, “all hat and no cattle.” Smart, high-earning moms focus on earning and investing — not showing off.

4. Millionaire moms know that time is money

High-earner moms value their time — delegating household and professional tasks, and seeking expert council in all areas. They know DIY can be fun, but could cost them in the long run.

5. Millionaire moms understand mental health is important in their wealth-building

High-earning moms realize that energy spent on taking care of their mental health creates more head space for tuning into long term financial plans. 

6. Millionaire moms watch expense creep

Expense creep is when your income gradually grows, and your lifestyle and expense also grow — often unconsciously. 

But not for these high-earning, wealth-focused moms. As their income rises, master wealth builders play a mental trick with themselves. They pretend like they don’t have that extra money, and they wisely invest it. They don’t touch it — it’s hands off to them. And they thrill in watching their wealth grow.

7. Millionaire moms stay the investing course

These moms work so hard for their money and value expert advice from advisors who help them devise thoughtful, long-term investment strategies. These moms do not chase the “hot” investment of the day or invest in their buddies’ get-rich-quick business ideas.

8. Millionaire moms give joyfully

Moms making over the $1,000,000 mark find that the more they donate to charity, to the greater good, the more fulfilled they feel. 

9. Millionaire moms increase savings as their paycheck increases

These high-earning moms realize that maxing out their 401(k) just isn’t going to provide them with what they want in the future. They go over and above these maximum limits in other investments, and the smartest of them do this in a tax-efficient way.

10. Millionaire moms protect their assets

Savvy high-earning moms protect their wealth. One life event could blow all that wealth building: disability, unemployment, death. These moms make sure to buy enough disability income, life insurance and long-term care insurance — adequate levels until they are self-insured (meaning having enough cash to cover these events without insurance).  


Molly Ward offers securities through Equitable Advisors, LLC (NY, NY 212-314-4600), member FINRA, SIPC (Equitable Financial Advisors in MI & TN). Investment advisory products and services offered through Equitable Advisors, LLC, an SEC-registered investment advisor.  Annuity and insurance products offered through Equitable Network, LLC. Equitable Network conducts business in CA as Equitable Network Insurance Agency of California, LLC, in UT as Equitable Network Insurance Agency of Utah, LLC, in PR as Equitable Network of Puerto Rico, Inc. Well Lived Wealth LLC is not a registered investment advisor and is not owned or operated by Equitable Advisors or Equitable Network. Please be advised that this article is not intended as investment, legal or tax advice.  PPG- 6688640.1 (6/24)(Exp. 6/26)

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