Some high earners are struggling to make ends meet at the end of the month, according to an internationally certified money coach. There is a widespread misconception that the more money someone makes, the richer they become but, Luca Caruana told Times of Malta, he works with clients who became ‘poor’ specifically when they became ‘rich’. They only ran out of money in their bank accounts and started accumulating credit card debts when their salary bumped up significantly. “I have met people who changed jobs or got a huge promotion and their salary went from €30,000 to upward of €60,000 or even €80,000. "When their salary was still relatively low, they would manage their money quite well but when they suddenly became richer they did not know what to do with the money and some of them ended up running out of it before they knew it,” he said. “We wrongly assume that only ‘poor’ people have money management issues but high earners also struggle with it, and they are astonished to learn that when they were poorer, they were actually richer.” Professionals in business, real estate, gaming, lawyers and lecturers, for instance, are among the high earners who struggle, Caruana said.
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