News & Trending Money News

11 Things You Must Do Once You Start Making $100,000

Here are 11 tasks to handle ASAP if you want to make the most of your new wealth.

happy businessman with heap of money
Updated Sept. 24, 2024
Fact checked

We receive compensation from the products and services mentioned in this story, but the opinions are the author's own. Compensation may impact where offers appear. We have not included all available products or offers. Learn more about how we make money and our editorial policies.

Stepping into the six-figure club can bring up a lot of emotions. Happiness, joy, celebration, and excitement are super common when achieving more financial success, but they can also create their own problems.

Just what do you do when you achieve more financial stability? In a world where inflation is up and everything costs more, it feels even more confusing and unclear. 

Here are 11 things you must do to ensure you maintain your financial health once you start making $100,000.

If you’re over 50, take advantage of massive discounts and financial resources

Over 50? Join AARP today — because if you’re not a member you could be missing out on huge perks. When you start your membership today, you can get discounts on things like travel, meal deliveries, eyeglasses, prescriptions that aren’t covered by insurance and more.

How to become a member today:

  • Go here, select your free gift, and click “Join Today”
  • Create your account (important!) by answering a few simple questions
  • Start enjoying your discounts and perks!

Important: Start your membership by creating an account here and filling in all of the information (Do not skip this step!) Doing so will allow you to take up 25% off your AARP membership, making it just $12 per year with auto-renewal.

Become an AARP member now

Revisit your budget

Kittiphan/Adobe woman checking bills, taxes, bank account balance and calculating expenses

Every time your income changes, it's important to go back to the board when it comes to budgeting. Your budget and priorities can change with each shift. 

The nature of the beast, when you make more, is that you may want to start spending more. However, budgeting correctly can help you stop wasting money

If you don’t give yourself a little wiggle room as you make more money, you could spend like crazy. Budgets are about control and restraint, but not at an unhealthy level.

Chip away at high interest debt

Shisu_ka/Adobe man sitting on floor holding credit cards

Credit card debt can carry an interest rate of up to 30% and as interest rates rise, those rates are rising. Yikes! 

Instead of letting high-interest credit card debt linger, chip away at it. Now that you’re making more money, take the time to send in more than just the minimum payment.

Start an emergency fund immediately

lovelyday12/Adobe business accounting saving money

Once you start making more money, the most important savings goal is an emergency fund. This rainy-day fund is your cushion against uncertainty. 

Start with getting your first $1,000 set aside, but don’t stop there. Three to six months of living expenses is really key, and more is better in the face of rising inflation and layoffs. 

As a bonus, if you put your savings into a high-yield savings account, you can grow your money until you need it.

Resolve $10,000 or more of your debt

Credit card debt is suffocating. It constantly weighs on your mind and controls every choice you make. You can end up emotionally and even physically drained from it. And even though you make regular payments, it feels like you can never make any progress because of the interest.

National Debt Relief could help you resolve your credit card debt with an affordable plan that works for you. Just tell them your situation, then find out your debt relief options.1

How to get National Debt Relief to help you resolve your debt: Sign up for a free debt assessment here. (Do not skip this step!) By signing up for a free assessment, National Debt Relief can assist you in settling your debt, but only if you schedule the assessment.

Try it

Contribute to a retirement account

wirojsid/Adobe retirement plan with glasses and calculator

The most common route to retirement these days is regular contributions to a 401(k) at work or your workplace equivalent in order to really grow your wealth.

You should definitely set up automatic payroll contributions to a 401(k), but that’s not the only retirement vehicle out there. 

You can and should also contribute to a Traditional or Roth IRA. A Traditional IRA is tax-deferred, meaning you pay taxes on withdrawals, but a Roth IRA provides tax-free withdrawals because post-tax monies are used. 

Build sinking funds

Studio Romantic/Adobe woman in eyewear with yes gesture putting coin into piggybank

Let’s say you’ve already built up a good emergency fund. What’s next? Well, when you start making over $100,000, it’s a good idea to also have other funds set aside for other goals. 

Want to do a renovation or do you need to start regularly traveling to see family every year? Open a sinking fund.

A sinking fund is just money that isn’t an emergency fund that helps you save money for a purpose. You can save for any short- or long-term goal you’d like.

Save for a home

PIC SNIPE/Adobe stack coins and house model on table

Getting on the real estate ladder is often better than renting. Yet, to save up closing costs, down payment, and other first-home expenses, you’ll have to work at it. 

Decide what type of starter home you can afford and make it a real goal. Track your savings towards this goal. Maybe you need $25,000 for a down payment. It will take some time, but it’s worth doing.

Owning property has its fair share of responsibilities, but it also has its rewards. Historically, homes in most areas appreciate over time and can become a financial asset as well as a place to live.

Donate to charity

Zoran Zeremski/Adobe volunteers with working in community charity donation center

Giving to charity can make you feel good about yourself, it benefits the community, and there are even tax benefits around charitable giving. 

Do you need all of those benefits to take part in watching over the community? Not really, but it does provide a financial incentive for people to pour money into where they live, work, and play.

How much should you donate to charity? That depends. For example, if you’re still paying down high-interest credit card debt, that’s going to have to be the priority. 

Buy yourself more time

rh2010/Adobe professional cleaners in blue uniform washing floor

Do you feel overloaded, like you couldn’t possibly take on another task? It’s definitely time to slow down and buy yourself more time.

What does that really mean in terms of making more money? Well, it can mean hiring a cleaning service instead of trying to cram all of your cleaning chores into a Saturday or Sunday rush session. 

It could also mean purposefully ordering grocery delivery so that you aren’t standing in line with everybody that ran to the supermarket after work.

Leave room for new experiences

NDABCREATIVITY/Adobe beautiful girls looking for direction in the city

Making more money isn’t just about what you spend; it’s about what you learn. Leaving room for new experiences could mean travel, but it’s also about serving others. 

You don’t have to donate the bulk of your wealth like Mackenzie Scott or Bill Gates, but you can commit to leaving yourself open for new opportunities. 

If your dream is to travel more, a travel credit card can help you earn points or miles to help you travel more, for less.

Earn cash back on everyday purchases with this rare account

Want to earn cash back on your everyday purchases without using a credit card? With the Discover®️ Cashback Debit Checking account (member FDIC), you can earn 1% cash back on up to $3,000 in debit card purchases each month!2

With no credit check to apply and no monthly fees to worry about, you can earn nearly passive income on purchases you’re making anyway — up to an extra $360 a year!

This rare checking account has other great perks too, like access to your paycheck up to 2 days early with Early Pay, no minimum deposit or monthly balance requirements, over 60K fee-free ATMs, and the ability to add cash to your account at Walmart stores nationwide.

Don’t leave money on the table — it only takes minutes to apply and it won’t impact your credit score.

Apply for a Discover Cashback Checking account today

Consider going back to school

Prostock-studio/Adobe young woman with headset studying online

Getting an education is so much more than just getting a degree. That’s only one path to educational achievement. Perhaps your field of choice is heavy on certifications, as many in the IT industry will attest. 

No matter what or how, never stop learning. Take that one-off class, sign up for that three-day intensive, or meet with your boss for a personalized development plan that keeps your skills sharp.

Information is changing at supersonic speeds; you’re going to have to change along with the times.

Get your estate in order

Brian Jackson/Adobe signing last will and testament template

Contrary to popular belief, estate planning isn’t just for the super-rich. You’re going to pass away someday, and that means that there needs to be a plan for what happens to your money. 

Dying without a will means that the state gets to decide where your money and property go. They won’t know what you want, so if you have particular needs or wishes, it’s important to spell them out.

As you make more money, having your estate planning documents reviewed by an attorney becomes even more important. It's important to take the necessary steps to help you truly get ahead financially before it's too late. 

Bottom line

deagreez/Adobe  confident straight-haired girl throwing money

Getting into the six-figure club is only the beginning. Once you start making more, you have to start thinking about ways to protect and build wealth

Money can work for you, but only if you work at having it do so. The more you make, the more opportunities you may have to grow your wealth, travel, and give back to your community. 

Working with a professional financial advisor can help you make room in your budget for all of your long-term goals. 

Lucrative, Flat-Rate Cash Rewards

5.0
info

Wells Fargo Active Cash® Card

Current Offer

$200 cash rewards bonus after spending $500 in purchases in the first 3 months

Annual Fee

$0

Rewards Rate

Earn unlimited 2% cash rewards on purchases

Benefits and Drawbacks
Card Details