In today’s episode, I am  breaking down the most common financial mistakes tech professionals make—and more importantly, how to avoid them. From lifestyle creep to tax planning oversights, this episode is packed with insights to help you make smarter financial decisions.

What You’ll Learn in This Episode:

• Why high-income tech professionals often underestimate lifestyle costs

• The risks of holding too much wealth in company stock (RSUs, ESPPs, and stock options)
• The impact of poor tax planning on long-term wealth
• How scattered financial education through social leads to poor outcomes
• Why relying solely on salary can limit financial independence
• The importance of financial protection through insurance and estate planning
• How professional guidance can prevent costly mistakes

Key Takeaways & Strategies:

• Be Mindful of Lifestyle Inflation: As your income grows, so do expenses—track your spending and set lifestyle boundaries.
• Diversify Your Investments: Avoid overexposure to company stock by selling vested shares regularly and reallocating funds.
• Use Tax-Efficient Structures: Consider superannuation, investment bonds, and trust structures to reduce your tax burden.
• Follow a Clear Financial Plan: Avoid relying on scattered internet advice; structured learning and coaching can help you take action.
• Protect Your Wealth: Ensure you have the right insurance coverage and estate planning in place.
• Build Passive Income: Invest in assets that generate income beyond your salary, such as rental properties, dividends, or side businesses.
• Seek Professional Advice: Working with a financial planner can help you optimize your strategy and avoid costly errors.

Connect with Mo Shouman:

Connect with me on LinkedIn: ⁠Mo Shouman⁠

Email me: ⁠[email protected]⁠

Visit My Wealth Choice: ⁠www.mywealthchoice.com.au⁠

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Thanks for tuning in! See you in the next episode of Wealth Bytes! Where we will be talking about How to Teach Your Kids About Money – The Right Way.