Steven Sarrel

  Building wealth is often about thinking differently. Millionaires approach money, investing, and lifestyle choices with a long-term, strategic mindset that separates them from the average person. Here are 10 key money principles that millionaires understand and apply consistently. 1. It’s Not About How Much You Make Millionaires focus on overall net worth — not how much they make annually. Your net worth is the value of all your assets (real estate, investments, retirement accounts, etc.) minus liabilities (debts). A six-figure salary doesn’t guarantee wealth if savings and investments aren’t more prominent than your spending habits or debt. In terms of spending, millionaires spend on things that grow in value, like real estate, and minimize their debt on things that don’t grow — like clothing. Understanding net worth can help people focus on how to best accumulate things that appreciate — like real estate, fine art, education, index funds and businesses and avoid spending on lif...

Many clients ask what low-risk, tax-efficient investments make the most sense in today’s market — especially for high earners looking to grow or protect capital without excessive exposure. Below are seven smart, accessible investment options that offer a range of benefits from steady returns to tax advantages. 1. High-Yield Savings Accounts (HYS) High-yield savings accounts (HYS) offer higher interest rates than standard savings accounts, sometimes even reaching 4–5%. For example, if you put $10,000 in an account offering 4%, you’d earn $400 in interest over a year. This is a solid option if you want low-risk growth for your cash while keeping it easily accessible. HYS accounts are a good choice for short-term savings, emergency funds, or parking money you don’t need right away. Online banks often offer the best rates and the FDIC insures accounts up to $250,000. 2. Certificates of Deposit (CDs) A CD is a time deposit where you agree to lock your money for a set term in exchange for a ...

  The “Company Man” Is Dead The traditional concept of the “Company Man” that many Boomers embraced — working at the same job for 30 years and retiring with a pension — is largely dead among Gen X and Millennials. Instead of climbing the ladder within one organization, Millennials change jobs every 2.8 years on average (BLS, 2023). This shift is driven by a combination of economic instability, changing workplace values, and the rise of remote work. A report from the NYC Comptroller’s Office found that Millennials in New York City earn about 20% less than the previous generation, with job growth concentrated in low-wage sectors experiencing declining real wages. That economic reality, coupled with a growing mindset of “working to live” rather than “living to work,” has reshaped how younger workers view their careers. Job-hopping also pays: Millennials who switch jobs see an average pay increase of 10–20%, compared to just 3% annual raises for those who stay put. Many Millennials ope...