America Is Rich. So Why Do So Many People Feel Broke?

We live in one of the wealthiest countries in the world. And a lot of the people in it feel broke.

In July 2026, the U.S. personal saving rate was 3.0%, according to the Bureau of Economic Analysis. That measures aggregate saving as a share of disposable personal income, not what any particular family saves. But it raises a useful question: How much of what comes in are we actually keeping?

For high earners, that question can hit close to home. A strong paycheck, a comfortable lifestyle, and still the feeling that you should be further ahead.

That is not necessarily a character flaw. Often times, it’s a coaching problem.

Most of us were never taught how to connect our income, spending, investments, and goals. We picked up pieces along the way—from our parents, our coworkers, the news, or whoever sounded confident enough to believe.

We inherited a playbook. We may never have stopped to ask whether it fits the life we are trying to build.

The Blind Leading the Blind

I spent years inside large financial firms before I started this one. I saw how easily conversations could center on performance, products, and sales.

Those subjects have their place. But families also need to talk about kids. Careers. Cash flow. Whether they are going to be okay.

That broader conversation is central to why I built Julius Wealth Advisors.

Meanwhile, money advice is everywhere. A neighbor has a stock tip. A group chat has a prediction. An app makes trading feel like a game.

Confidence is easy to find. A clear explanation of how that advice fits your situation can be harder.

Without that connection, it can become the blind leading the blind. And it helps keep three familiar myths alive.

Three Myths Most of Us Inherited

Myth one: Wealth comes from picking the right stock.

A successful investment can certainly create wealth. But building your financial future around finding the next big winner puts a lot of weight on a decision you may get wrong.

Consistent saving, thoughtful investing, and the discipline to follow a plan deserve more attention than they get. Chasing what already went up is not a substitute for understanding what you own and why you own it.

Myth two: You should measure yourself against the people around you.

Your neighbor’s car tells you something about what they drive. It tells you very little about what they own, what they owe, or how well they sleep at night.

Comparison is a rigged game because the finish line keeps moving. You can see the lifestyle. You cannot see the balance sheet.

Your family’s goals deserve a better benchmark than somebody else’s driveway.

Myth three: A big income means you are wealthy.

This is the expensive one.

Income is what you make. Wealth is what you keep and what it earns while you sleep. 

A hypothetical $500,000 salary can support a very impressive life and still leave a thin balance sheet. The mortgage, tuition, taxes, and everyday spending all get their share. Your future gets whatever is left.

A high income creates opportunity. You still have to decide what to do with it.

Three New Rules for High Earners

If the old playbook is producing more stress than direction, here is what I would put in its place.

Rule one: Track what you are building, not just what you are earning.

Income is the input. Your savings rate and net worth trend help show what is happening to it.

What percentage of what you earn are you keeping? What do you own after subtracting what you owe? Are you making progress toward the things that matter to your family?

Measure consistently, including whether you calculate savings against gross or take-home income. And look beyond a single year’s net worth change. Markets can lift your balance sheet while poor habits go unnoticed. They can also pull it down while you are making sound decisions.

Track the decisions you control alongside the results you see.

Rule two: Automate it. Do not rely on willpower.

Willpower is a terrible retirement plan.

Decide what you can reasonably set aside, then put the recurring transfers in place. When a raise hits, review those contributions before the entire increase becomes another monthly commitment.

For bonuses or equity compensation, decide how to allocate the money after accounting for taxes and other obligations. Give it a purpose before it disappears into everyday spending.

That purpose can include enjoying your life. A family trip may matter deeply to you. An expense you barely notice may not. A good plan helps you make room for what you value while understanding what you are giving up elsewhere.

Make the good decision once, automate what you can, and revisit it as life changes.

Rule three. Own businesses. Do not buy lottery tickets.

A stock is not a symbol on a screen. It is a piece of a real company with real employees and real customers. When you understand that, volatility stops feeling like a verdict on you. This is also one of the most valuable ideas you can pass to your kids, which I wrote about in Raising an Investor.

None of these three is complicated. That is the point. They are just boring enough that most people skip them in favor of something that feels more sophisticated. Boring compounds. Exciting usually does not.

You May Need a Better Playbook

If you are doing well on paper and still feel behind, that does not automatically mean you lack discipline. Your responsibilities may have outgrown the way you manage your money. Some spending habits may need an honest look, too.

A good coach does not shame you for the last play. A good coach looks at the film, tells you what actually happened, and helps you prepare for the next one. That includes accountability for the choices you can control.

At Julius Wealth Advisors, that is the work: connecting your cash flow, your taxes, your investments and your goals into one system you can actually run.

You do not need to have everything figured out before starting that conversation. You need a willingness to look at the whole picture—and make decisions with purpose.

If you are ready to take a closer look at your financial playbook, let's talk.

Building Wealth is By Choice, Not Chance.

Frequently Asked Questions

Why do so many high earners feel broke?

A high income can come with substantial taxes, fixed expenses, and competing family priorities. Lifestyle growth can contribute, too. Feeling stretched may reflect a cash-flow shortfall, uncertainty about future goals, or both. Understanding which problem you are trying to solve is the first step. At Julius Wealth Advisors, setting a target that fits your actual situation is one of the first conversations we have.

What is the difference between income and wealth?

Income is what you earn. Net worth is the value of what you own minus what you owe. Building wealth involves turning part of today’s income into resources that can support future needs and choices. A large paycheck alone does not tell you how much progress you are making. That is the standard Julius Wealth Advisors holds itself to, and you can see how we think about it in the Coach's Corner.

What savings rate should a high earner target?

There is no universal number. It depends on your goals, timeline, obligations, and starting point. Track both the percentage and the dollars you save. For example, using gross income, saving 20% of $300,000 means saving $60,000 annually. At $350,000, the same 20% means $70,000. Your savings dollars increased even though your savings rate stayed flat. Whether that is enough requires looking at your plan.

How do I know if my financial advice is any good?

Ask how each recommendation connects to your goals, what it costs, what risks it introduces, and what alternatives were considered. Understand how your adviser is compensated and what conflicts may exist. You are entitled to clear explanations. A conversation about products or performance can be useful, but it should connect to the broader decisions your family needs to make.

About Jason

Jason Blumstein, CFA, is the founder and CEO of Julius Wealth Advisors, an independent boutique RIA serving clients nationwide from Englewood Cliffs, New Jersey. His passion for investing began at just 10 years old, when his grandfather Julius turned off the cartoons, turned on CNBC, and began teaching him about stocks, discipline, and the values that build a meaningful life.

Shaped by early family financial hardship and inspired by Julius’s integrity and generosity, Jason built a career by gaining experience with PwC, Morgan Stanley, and J.P. Morgan. With a mission of offering transparent, education-forward planning rooted in Integrity, Knowledge, and Passion, Jason founded Julius Wealth Advisors in 2021. The firm operates in a fiduciary, client-aligned model built around long-term partnership.

Building Wealth Is By Choice, Not Chance

Today, Jason partners with High Earners, Not Wealthy Yet (HENWY) families ages 35–50, helping them build long-term, sustainable wealth through disciplined planning, deeply personal guidance, and analytical rigor he gained as a CFA® charterholder. He is known for his boutique, high-touch service, and for the educational clarity he brings to every conversation through The Big Bo $how podcast and Wealth of Knowledge blog.

Outside the office, Jason is a proud husband and father of two. He loves all sports, working out, watching the NFL (he has a complicated relationship with the Dolphins), rooting for the Mets, and staying active—a continuation of his college football days. To learn more about Jason, connect with him on LinkedIn.

This piece contains general information that is not suitable for everyone and was prepared for informational purposes only. Nothing contained herein should be construed as a solicitation to buy or sell any security or as an offer to provide investment advice. The information contained herein has been obtained from sources believed to be reliable, but the accuracy of the information cannot be guaranteed. Past performance does not guarantee any future results. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. For additional information about Julius Wealth Advisors, including its services and fees, contact us or visit adviserinfo.sec.gov