Balancing the desire to enjoy life now with the need to save for the future is a challenge, even for successful professionals. If you’re a high-net-worth executive in New York City, you know the feeling of saving aggressively, but you may still wonder, “Am I doing enough?” or, more pointedly, “Is it okay to spend some of this money?”

As a wealth management and behavioral financial advisor, my mission is to help you answer those questions with confidence so you can savor today without shortchanging tomorrow.

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High Net Worth Financial Advisor: Beyond Basic Investment Management

Working with a high-net-worth financial advisor differs significantly from traditional financial planning. High-net-worth individuals face unique challenges that require specialized expertise and a comprehensive approach to wealth management.

A qualified advisor for high earners understands the complexity of your financial situation. You're not just managing investment portfolios. You're also coordinating stock options, restricted stock units, deferred compensation plans, and potentially business ownership interests. Your advisor needs to understand how these different components interact and optimize them collectively rather than managing them in isolation.

Tax planning becomes exponentially more important as your income increases. The difference between good and great tax planning for someone earning $900,000 annually can easily amount to $50,000 or more per year. Your advisor should coordinate with your CPA to implement strategies such as tax-loss harvesting, asset location optimization, and charitable giving strategies that align with your values.

Estate planning also requires more sophisticated approaches for high-net-worth individuals. With substantial assets and high incomes, basic wills and trusts may not provide adequate protection. Your advisor should be working with estate planning attorneys to implement strategies that minimize estate taxes while providing flexibility for changing circumstances.

Perhaps most importantly, a high-net-worth financial advisor serves as a behavioral coach. They help you make rational decisions during market volatility, provide objective perspectives on major financial decisions, and most critically, give you permission to enjoy your wealth when appropriate.

When you have a complex financial life that might include multiple income streams, significant investments, and family or business interests, the stakes are higher and the decisions more nuanced. But here’s what most advisors miss: You’re not just looking for someone to crunch numbers. You want a partner who understands your real-life challenges—family, career, taxes, business—and who can help you integrate your personal values into your financial plan.

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Behavioral Financial Advisor: Why Mindset Matters

Traditional financial planning focuses primarily on numbers, asset allocation, and tax optimization. While these elements are important, they miss a crucial component: human behavior. A behavioral financial advisor recognizes that financial decisions are rarely purely rational and incorporates psychological insights into the planning process.

Behavioral finance principles are particularly relevant for high earners struggling with spending anxiety. Many successful professionals have personality traits that contributed to their financial success, but now hinder their ability to enjoy their wealth. Perfectionism, risk aversion, and the need for control can all interfere with rational financial decision-making.

A behavioral approach starts with understanding your money personality and identifying potential behavioral biases. Are you prone to analysis paralysis when making large purchases? Do you consistently underestimate your financial security? Understanding these patterns enables the development of systems and strategies that work in harmony with your personality, rather than against it.

Behavioral financial advisors also help clients separate emotions from financial decisions. When markets are volatile, it's natural to want to adjust your investment strategy. A behavioral advisor helps you understand these impulses and provides frameworks for making rational decisions during emotional times.

For spending decisions, behavioral advisors may implement strategies such as the "24-hour rule" for large purchases, predetermined spending limits that eliminate the need for additional analysis, or visual representations of financial security that make abstract concepts more concrete.

Remember, even the most disciplined savers and investors are human. Emotions such as fear, excitement, and anxiety can drive financial decisions just as much as spreadsheets and forecasts. That’s where our behavioral financial advice comes in.

• Understanding Emotional Biases: We all have them. Loss aversion, herd mentality, and overconfidence. A behavioral financial advisor helps you recognize these patterns so you don’t sabotage your own goals.

• Values-Based Planning: We start by exploring what truly matters to you. Is it family security? Philanthropy? Experiences? This clarity makes it easier to spend (and save) with intention, not guilt.

• Coaching Through Uncertainty: When markets wobble, or life throws a curveball, we help you avoid knee-jerk reactions and stay committed to your plan so you don't end up working longer than you intended.

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Cash Flow Planning: The Foundation of Financial Confidence

Effective cash flow planning forms the backbone of any successful financial strategy for high-net-worth individuals. Unlike basic budgeting, comprehensive cash flow planning for high earners must account for irregular income patterns, substantial tax obligations, and complex family dynamics.

Your cash flow plan should start with understanding your actual monthly needs versus wants. Many high earners discover they have significantly more discretionary income than they realized once they separate essential expenses from lifestyle choices. Essential expenses might include mortgage payments, insurance premiums, children's education costs, and basic living expenses. Everything else falls into the discretionary category, where you have more flexibility than you might think.

For high-earning professionals, we often see monthly essential expenses ranging from $30,000 to $40,000 or more. This leaves substantial room for both saving and spending on life's pleasures. The problem isn't insufficient income but a lack of clarity about where that income is going.

A sophisticated cash flow plan also incorporates tax optimization strategies. High earners face significant tax burdens, often paying 40-50% of their income in combined federal, state, and local taxes. Strategic planning around the timing of bonuses, maximizing retirement contributions, and implementing tax-loss harvesting can free up thousands of dollars annually for either saving or spending.

Consider setting up automatic systems that allocate your income across different buckets, including retirement savings, emergency funds, short-term goals, taxes, and discretionary spending. This automation removes the emotional burden of making spending decisions and provides clear boundaries for guilt-free enjoyment of your money.

Here’s how we help:

• Personalized Spending Plan: We map out your income, fixed expenses, savings goals, and yes, discretionary spending. This isn’t to make you feel deprived, but rather to give clarity and intentionality to your spending.

• Cash Flow Automation: Automate savings, investments, and even charitable giving so you can focus on the big decisions (and enjoy your weekends again).

• Liquidity Management: We ensure you have sufficient accessible cash for opportunities and surprises without allowing "lazy money" to drag down your returns.

• Tax-Efficient Withdrawals: When it’s time to spend, we help you do it in a way that minimizes taxes and maximizes enjoyment.

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How to Be Okay Spending Money: Permission Granted

Learning how to be okay with spending money requires a fundamental shift in thinking. Most high earners have internalized a scarcity mindset that served them well during their wealth-building years but now hinders their ability to enjoy their success.

The first step is recognizing that money is a tool, not an end goal. You didn't work 80-hour weeks and sacrifice time with family just to see numbers grow in your bank account. You did it to create freedom, security, and opportunities for yourself and your loved ones.

Consider the trade-offs in concrete terms. That $100,000 Porsche you've been eyeing? If you're 45 years old and earning $900,000 annually while saving $200,000 per year, purchasing the car might delay your retirement by approximately three months. When framed this way, the decision becomes clearer. Is three months of working worth avoiding five years of enjoying that car?

The key is establishing what we call "guilt-free spending thresholds." These are predetermined amounts you're comfortable spending on different categories without second-guessing the decision. For someone with your income and savings rate, this might be $50,000 annually on luxury purchases, $25,000 on experiences, and $15,000 on spontaneous purchases. Having these thresholds eliminates the mental energy spent on every financial decision.

Here are some ways we can help you:

• Reframe Spending as Values-Driven: We tie your spending to your personal values. Want to travel more? Support a cause? Invest in your kids’ experiences? Let’s make it part of the plan, not a guilty secret.

• Trade-Off Education: We’ll show you the real impact of big purchases. A $100K car today? That’s an extra year of work. But if it truly brings joy and fits your plan, let’s make it happen without regret.

• Behavioral Coaching: When you hit a spending roadblock, we talk it through. Sometimes, you just need a nudge to realize you’ve earned it.

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Saving Money Versus Spending Money: Finding Your Balance

The tension between saving money versus spending money becomes more complex as income increases. While basic financial advice focuses on maximizing savings rates, high earners must consider the opportunity cost of excessive saving and the impact on their quality of life.

For someone earning $900,000 annually and already saving $200,000 per year, increasing savings to $250,000 might have a minimal impact on long-term financial security but a significant impact on current quality of life. The additional $50,000 could fund meaningful experiences, reduce stress through outsourcing, or support family members' goals.

The optimal balance depends on your specific goals and timeline. If early retirement is a priority, higher savings rates make sense. If you're already on track for a comfortable retirement and value present enjoyment, higher spending might be appropriate.

Consider the concept of "enough" in concrete terms. How much money do you need to feel financially secure? What lifestyle do you want to maintain in retirement? Once you can answer these questions with specific numbers, you can determine whether your current savings rate is excessive, insufficient, or appropriate.

It's also worth considering the diminishing returns of additional savings versus the increasing value of experiences and relationships. Research consistently shows that experiences provide more lasting happiness than material possessions, and relationships are the strongest predictor of life satisfaction. Spending money on experiences with family and friends often provides better returns than additional investment contributions once your basic financial security is established.

Save for tomorrow or live for today? Our approach is to help you do both with a plan that evolves as your life does. The key is not to “balance” for balance’s sake but to align your money with your life so you can enjoy today, sleep well tonight, and feel confident about tomorrow.

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Integrating Personal Values Into Financial Planning

Many high-net-worth individuals are seeking advisors who can integrate personal values into financial planning. This goes beyond traditional socially responsible investing to encompass a holistic approach that aligns all financial decisions with your core beliefs and priorities.

Values-based financial planning starts with identifying what matters most to you. Is it providing educational opportunities for your children? Supporting charitable causes? Achieving work-life balance? Creating generational wealth? Understanding your core values provides a framework for making financial decisions that feel authentic and meaningful.

For example, if work-life balance is a priority, your financial plan might emphasize strategies that allow for earlier retirement or sabbaticals. This could mean accepting slightly lower investment returns in exchange for more predictable income streams or prioritizing flexibility over maximum wealth accumulation.

If charitable giving is important, your advisor should be incorporating philanthropic strategies into your overall financial plan. This might include donor-advised funds, charitable remainder trusts, or direct charitable giving strategies that maximize both your impact and tax benefits.

Values-based planning also addresses the guilt many high earners feel about their wealth. By explicitly connecting your financial success to your ability to support causes you care about, provide for your family, or contribute to your community, spending and saving decisions become more meaningful rather than purely transactional.

Your money should reflect what matters most to you. That’s why our process starts with a conversation—not just about numbers, but about your values, ambitions, and the legacy you want to leave.

• Values Exercise: We explore what’s important to you and your family and build your plan around those priorities.

• Written Plan: Your values and goals are documented, so we can revisit them as life evolves.

• Ongoing Review: As your situation changes (new job, business sale, family milestones), we update your plan so it always fits your life.

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Real-Life Guidance for Real-Life Challenges

High-net-worth financial planning must address real-life challenges that extend beyond investment management. Family dynamics, career transitions, and business considerations all play crucial roles in comprehensive financial planning.

Family considerations for high earners are particularly complex. Dual-income couples earning $800,000+ annually often face decisions about whether both spouses should continue working, especially when children are involved. The financial analysis might suggest that one spouse could stop working, but the personal and professional implications require careful consideration.

Private school decisions represent another common challenge. With tuition costs in New York reaching $50,000+ annually per child, families often struggle with whether the expense is justified. A comprehensive advisor helps analyze not just the financial impact but also the opportunity costs and alternatives.

Career transitions become more complex as net worth increases. The golden handcuffs of high compensation, stock options, and deferred compensation plans can make it challenging to pursue entrepreneurial ventures or career changes, even when they align with personal values. Your advisor should help model different scenarios and identify strategies for maintaining financial security while pursuing professional fulfillment.

Business ownership adds another layer of complexity. Many high earners have equity stakes in their companies or are considering entrepreneurial ventures. These decisions require analysis of concentration risk, liquidity needs, and tax implications that extend far beyond traditional investment planning.

Our clients aren’t spreadsheets. They’re parents, business owners, partners, and leaders. We help you problem-solve across all aspects of your life:

• Family: Planning for education, supporting aging parents, or navigating family business dynamics.

• Career: Equity compensation, career transitions, or negotiating a new role.

• Taxes: Proactive strategies to minimize your tax bill so there are no surprises and no headaches.

• Business: Succession planning, liquidity events, or integrating business and personal finances

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Financial Advisor in New York Serving High-Net-Worth Clients Nationwide

New York City is a financial ecosystem with its quirks, tax rules, and opportunities. Our presence in the heart of NYC gives us expertise in the specific challenges and opportunities that come with working and living in one of the world’s most expensive cities.

While our roots are in New York, we serve high-earning professionals across the country. Our understanding of NYC’s financial landscape translates directly to help you navigate similar dynamics in other high-cost markets.

We’re familiar with the compensation structures common in finance, law, medicine, and other high-paying industries. We understand how bonuses work, the tax implications of stock-based compensation, and the timing considerations around major financial decisions. This expertise can be invaluable when making decisions about everything from property purchases to private school selection.

Our NYC expertise provides valuable context even for clients outside the city. Understanding high-cost-of-living dynamics helps us provide appropriate guidance for spending decisions across different expensive markets. We know what constitutes reasonable expenses for high-net-worth individuals and can help you make confident spending decisions based on your income and savings rate.

Additionally, our experience with complex tax environments, including New York's combination of federal, state, and city taxes, gives us unique insights into tax planning strategies that benefit high earners in any state.

As a financial advisor in New York serving clients across the country, we understand:

• State and Local Taxes: How to structure your income, investments, and real estate for maximum tax efficiency in your specific location.

• Various Housing Markets: Whether you’re buying a brownstone in Manhattan or a home in Silicon Valley, we help you weigh the trade-offs.

• Career-Based Financial Complexity: From bonuses to equity to deferred compensation, we help you make tax-smart, time-sensitive decisions.

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Working With Servet Wealth Management: A Comprehensive Approach

At Servet Wealth Management, we believe you deserve to enjoy your success today without sacrificing your future. If you’re ready to work with a high net worth financial advisor who understands the unique challenges of busy professionals in New York and who integrates behavioral financial advice and your personal values into every recommendation, let’s talk.

To see if we can help you spend confidently, save wisely, and live fully, click here to schedule a conversation today. And if you need a little inspiration to feel good about spending, watch my

video “Spend More! 5 Changes My Happiest Clients Made in Retirement After 60.” It could be the nudge you need to start living more fully.

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