Jan 3, 2026
While much of financial advice is focused on spending less and saving money, there are ways to invest in yourself that can significantly boost your financial well-being.
Many of these opportunities open wider when you start making a so-called “good” income.
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Here are the top five things you should upgrade or spend more money on when you cross that threshold.
1. Backdoor Roth IRA
When money is tight, contributing to a Roth IRA, a tax-advantaged investment account used to save for retirement, is probably the last thing on your mind.
Normally, it takes being flush with cash to convince people to invest in a workplace plan and another retirement plan funded with after-tax dollars.
The kicker is that Roth IRAs are, in theory, unavailable once you earn over a certain amount. For 2026, you could be ineligible to contribute to a Roth IRA if your annual income is over $168,000. If you’re married and filing taxes jointly, the threshold for ineligibility rises to $252,000. (1)
Simply put, this isn’t supposed to be a tool for rich people. However, there is a way around that. You can legally bypass these income limits through a backdoor Roth IRA, which essentially means contributing to a traditional IRA and then later converting it to a Roth IRA.
If you’re still unsure, reach out to your financial advisor to find out how this strategy could fit into your long-term financial plans.
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2. Hire a financial advisor with tax expertise
The progressive tax system means your tax bill likely rises alongside your income. Beyond certain income thresholds, your tax situation is simply too complicated to manage on your own.
You could use accounting software or spreadsheets, but your chances of leaving money on the table or overpaying taxes are simply higher once your income rises.
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Cheap accounting software or an inexperienced accountant can do more harm than good, especially if your personal finances have a lot of moving parts and complicated transactions.
This could be why affluent adults are more likely to hire financial advisors or planners. According to a 2025 Gallup survey, 54% of upper-income individuals had hired an expert, compared to only 39% of middle-income and 20% of low-income individuals. (2)
However, that still means nearly half of high earners don’t have a financial advisor or planner to help them manage their finances. If you’re one of them, maybe it’s time for an upgrade.
3. Hire an investment advisor
Unlike a general financial planner, investment advisors primarily focus on helping you invest better.
These professionals are regulated by the Securities Exchange Commission (SEC) or state securities regulators and are held to a fiduciary standard, which means they have to put your financial interests first.
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For wealthy individuals looking to expand or preserve their wealth, investment advisors could be indispensable. So if you’re part of this exclusive club, it’s probably time to add a specialist to your team.
Read More: Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it
4. Invest in your health
If you’ve reached six- or seven-figures, it’s probably time to upgrade your healthcare and wellness plans. A fancier gym membership, personal trainer, bespoke nutrition plans and expensive fitness gadgets can all help you boost your physical and mental health.
This could have tangible impacts on your finances as well. Across all incomes, healthcare is a major expense in America. An unexpected chronic illness could leave you financially drained. This is why investing in your health is so crucial, especially if you can afford an upgrade.
5. Pursue experiences
Once you cross a significant income threshold, the list of items you can afford to buy expands considerably. You can finally afford that sports car you always dreamed about or drop $3,000 on a pair of virtual reality goggles without breaking a sweat.
But you also have the choice to invest in experiences rather than physical products, and there’s plenty of data to suggest that’s a better option.
A Cornell study, for instance, found that the satisfaction derived from purchasing physical products often wanes quickly, while the satisfaction of experiences is often higher and longer-lasting. (3)
Additionally, an experience shared with friends and family could reinforce your relationships and boost your well-being further. So, ditch the VR headset and invest in an upgraded family vacation that you and your loved ones can cherish forever.
Article sources
We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.
IRS (1); Gallup (2); Cornell Chronicle (3).
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Vishesh Raisinghani is a financial journalist covering personal finance, investing and the global economy. He's also the founder of Sharpe Ascension Inc., a content marketing agency focused on investment firms. His work has appeared in Moneywise, Yahoo Finance!, Motley Fool, Seeking Alpha, Mergers & Acquisitions Magazine and Piggybank.
