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Hamptons.com
April 14, 2021

Financial Considerations For High-Income, High-Debt Professionals

Rocco A. Carrieroby Rocco A. Carriero
in Uncategorized

Doctors, lawyers and other highly-trained professionals often have their sights on lucrative salaries once they complete their courses of study – but many are also saddled with a less pleasant graduation gift: outstanding student loans. For those who’ve landed a well-paying job in their desired fields, the dual reality of commanding a big salary while being encumbered with debt can lead to financial mistakes. But, as with many complexities in life, having a plan in place can help.

If you find yourself in the camp of high-income, high-debt professionals, consider the following four steps to manage your finances, pay down your obligations and pave the way to a confident financial future.

1. Spend wisely

The income you earn today may seem staggering compared to what you were accustomed to in the years before receiving your degree. Before you increase your spending, it’s important to take a step back and consider how to tackle multiple financial goals at once. Start by earmarking part of each paycheck for your future goals. Knowing you have dedicated savings for future purchases like a new home or sending your kids to college can help you have confidence in your everyday finances – including an occasional splurge. However, until you have your other debts paid off or dramatically reduced, it may not be prudent to take on a large mortgage or a loan for an expensive vehicle.

2. Manage your debt effectively

Keep up on student debt and if you can, consider accelerating your payments. Paying extra will not only help you eliminate the debt sooner but will reduce the total amount you pay in interest. Refinancing the debt to ease your monthly payment schedule may be an option, but given your likely cash flow, it may not be necessary. If you have accrued other debts such as car loans or credit card borrowing, repay them as quickly as possible. Make it a priority to reduce the impact that debt has on your monthly budget.

3. Start saving for retirement

A good rule of thumb for any young professional is to try to save 10 percent (and more, if possible) of their income in accounts designed to build wealth for the long run. While the idea of retirement may seem a lifetime away, starting to accumulate money in a retirement account as soon as possible can be especially effective. Those who begin saving for retirement in their 20s or early 30s can most effectively leverage the power of compounding interest. At this age, you have time on your side and the ability for your investments to grow over the decades to come.

4. Keep it all in perspective

You’ve worked hard to get where you are, and earning a big paycheck is a justifiable reward. Your professional and financial journey is just beginning, so treat your financial life as a marathon, not a sprint. At the very least, focus on living within your means. To the extent you are able, try to live even more modestly with the goal of paying down debts as quickly as possible. You never know what the future holds and what opportunities may arise. Your income level could change, either by your own choice or due to unavoidable circumstances. Take advantage of your good fortune today to strengthen your financial future.

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A Legendary Day at Sebonack!

September 9 @ 08:30 AM - September 9 @ 05:00 PM
Sebonack Golf Club - 405 Sebonac Rd, Southampton, NY 11968
09
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Youth Advisory Committee (YAC)

September 9 @ 06:30 PM - September 9 @ 08:00 PM
25 Ponquogue Ave., Hampton Bays, NY 11946
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THFM 2025 Festival Concert #2

September 11 @ 07:00 PM - September 11 @ 09:00 PM
St. Luke's Episcopal Church East Hampton Village, 18 James Ln, East Hampton, NY 11937
13
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Tour of the Beebe Windmill with Southampton Town Historian Julie Greene

September 13 @ 11:00 AM - September 13 @ 12:00 PM
Beebe Windmill, Hildreth Ave, Bridgehampton, NY 11932
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The Bridge IX

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The Warm Weather Is Here…And So Are The Ticks!

The Warm Weather Is Here…And So Are The Ticks!

  • I recently toured the new Rolex Boutique by London Jewelers in East Hampton, and it’s one of the most beautiful retail spaces I’ve ever stepped into. Located on Newtown Lane, the boutique is set inside a restored historic home that dates back to 1897, originally designed as a summer cottage.⁠
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From the outside, it has that classic East Hampton charm, cedar shingles, white trim, and lush landscaping. But once you step inside, it’s all about quiet sophistication.⁠
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The space is warm and welcoming, with walnut wood paneling, soft neutral tones, and beautiful textures throughout. There’s a fluted marble wall in a rich green Verdi Alpi stone that immediately catches your eye. It’s one of those details that’s understated but unmistakably Rolex.⁠
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Read the full article at Hamptons.com (Link in Bio)⁠
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#rolex #easthampton #hamptons #luxury #watch⁠
  • 🎾 Men’s US Open Final Viewing Party⁠
📅 Sun, Sept 7 • 2–5PM⁠
📍 Canoe Place Inn, Hampton Bays⁠
Watch the riveting Men’s US Open Final with drinks, grilled classics & fellow tennis fanatics in the lush garden.⁠
⁠
🦞 Montauk Seafood Festival⁠
📅 Sat, Sept 6 – Sun, Sept 7 • 12–5PM⁠
📍 On the Green, Montauk⁠
The ultimate seafood event in the Hamptons! Lobster rolls, fish tacos, chowder, oysters & more 🐚🍤⁠
⁠
🩰 Master Class w/ Kat Wildish⁠
📅 Sat, Sept 6⁠
📍 Hamptons Ballet Theatre School, Bridgehampton⁠
Open-level adult ballet class with world-renowned former NYCB & ABT dancer Kat Wildish. One day only!⁠
⁠
🎶 Hamptons Festival of Music⁠
📅 Sat, Sept 6 • 7PM⁠
📍 St. Luke’s Episcopal Church, East Hampton⁠
THFM’s MainStage Festival Orchestra featuring The New American Sinfonietta 🎻✨⁠
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🌾 Outstanding in the Field (Sagaponack)⁠
📅 Sun, Sept 7 • 3PM⁠
Dine where the food is grown! Guest chef Jason Weiner returns for his 19th year 🍽️🌱⁠
⁠
😂 Samantha Bee Live⁠
📅 Sat, Sept 6 • 8PM⁠
📍 WHBPAC, Westhampton Beach⁠
Award-winning comedian Samantha Bee brings her one-woman show to the Hamptons!⁠
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🍴 Stirring The Pot: Andrew Carmellini⁠
📅 Sun, Sept 7 • 11AM⁠
📍 Guild Hall, East Hampton⁠
NYT’s Florence Fabricant interviews star chef Andrew Carmellini about his restaurant empire.⁠
⁠
🌕 Full Harvest Moon Hike⁠
📅 Sun, Sept 7 • 7:30PM⁠
📍 Meet at SOFO Museum, Bridgehampton/Sag Harbor Tpke⁠
Walk under the moonlight with Friends of the Long Pond Greenbelt 🌙✨⁠
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🎨 Style Beading Workshop⁠
📅 Fri, Sept 5 • 1PM⁠
📍 Nathaniel Rogers House, Bridgehampton⁠
Join Indigenous artist Savannah LeCornu to learn traditional beading techniques.⁠
⁠
⛳ A Legendary Day at Sebonack!⁠
📅 Tues, Sept 9 • 8:30AM–5PM⁠
📍 Sebonack Golf Club, Southampton⁠
An unforgettable day of golf supporting Westhampton Beach PAC 🌟⁠
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👉 Which event are you going to this weekend?⁠
⁠
Check out more events at Hamptons.com (Link in Bio)⁠
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#community #entertainment #hamptons #usopen #golf #comedy #seafood #montauk
  • Hamptons fashion week was hosted at Zoe Hospitality Private Membership Club, featuring designer Johnny Was, Porshia Swim, Vernice Holmes, Atelier H, Cesar Galindo, SixyByVenice and Ines Hernandez Hats.

#hamptonsfashionweek
  • As the summer comes to an end, it’s time to find out what everyone was reading this summer.
  • Brook Sheilds celebrates the launch of her hair care brand for women over 40 by making stops at some of her favorite stops in the Hamptons. The stops include The Hub, Clare V and Jones Road. Brooke personally handed out the Shine-Enhancing Detangler to the first 25 people at each stop.

#commence #brookeshields
  • Although Mavericks has only been open for two years, it has quickly become a Montauk staple beloved by locals and summer vacationers. Under the helm of Executive Chef and Montauk local Jeremy Blutstein, Mavericks stands out in the Hamptons restaurant scene with large-format dishes, sunset views, and an elegant ambiance marked by an exclusive contemporary art collection.⁠
⁠
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Hamptons.com caught up with Jeremy to talk about his favorite dish, Mavericks’ menu, and his go-to lunch spot.⁠
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When did you first realize you wanted to be a chef?⁠
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I wouldn’t say there was a defining moment when I knew I wanted to be a chef. I do know that the first time I worked in a restaurant, I was hooked on the whole experience. I was a teenager at The Farmhouse Restaurant in East Hampton (which is now Moby’s). The structure within the chaos was intoxicating, and we had to make everything happen because there was no other option. Thriving in those high-stress environments was like a drug.⁠
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What’s your favorite dish to cook and why?⁠
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I don’t come from a cooking family, so I don’t have any go-to Grandma’s recipes or food traditions. I’ve always been drawn to what’s available at the moment. I grew up with my very dear friend Alex Balsam (from Balsam Farms in Amagansett), who has been obsessed with farming as far back as our 35-year friendship began. He taught me where and who our food comes from. I’m also a big believer in the old “keep it simple stupid” mantra. Honest ingredients seasoned well and cooked with honest intentions. ⁠
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Read the full interview at Hamptons.com (Link in Bio)⁠
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#mavericks #montauk #chef #dining
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