Aug 31, 2026 · 45 min · 10 segments
Host Chad McLain interviews financial advisor Josh Herlin, founder of Future You Financial, about why many people—even six-figure earners—live paycheck to paycheck and how financial freedom comes more…
Chad McLainHostJosh HerlinGuest
So, yeah, the whole paycheck to paycheck, that's something I grew up hearing and I think witnessing that mentality, the paycheck to paycheck mentality.
And why do you think that people even with, I don't know what we would consider to be good salaries, but probably, you know, six figures around, you know, creeping up on six figures or a little above six figures could, would be considered good salaries.
Why do people like that still, in your opinion, why do people like that still live paycheck to paycheck?
One of my good attorney friends used to say, Josh, I'd trade it all in for just a little more, right? Like, look at today's billionaires.
Again, we try to teach our clients and our friends that you can live off 5% of the principal.
And once you get to that number, that's how you achieve your kind of work optional number.
And it's just about freedom, right? Because you're always going to have new hobbies and things you want to do.
I mean, you can still have paycheck to paycheck and have a $10 million portfolio making $400,000 a year.
And as we kind of go through this, these questions, the things that impact and kind of solidify that.
I think credit card debt is one of the things probably that keep people that because you pay ahead of what you earn and you're living a lifestyle that you can't afford because you're borrowing money to do it.
And then you add that, and that usually comes with a steep interest penalty, which the money's costing you a lot of money to live like that.
So, yeah, the whole paycheck to paycheck, that's something I grew up hearing and I think witnessing that mentality, the paycheck to paycheck mentality.
And why do you think that people even with, I don't know what we would consider to be good salaries, but probably, you know, six figures around, you know, creeping up on six figures or a little above six figures could, would be considered good salaries.
Why do people like that still, in your opinion, why do people like that still live paycheck to paycheck?
One of my good attorney friends used to say, Josh, I'd trade it all in for just a little more, right? Like, look at today's billionaires.
Again, we try to teach our clients and our friends that you can live off 5% of the principal.
And once you get to that number, that's how you achieve your kind of work optional number.
And it's just about freedom, right? Because you're always going to have new hobbies and things you want to do.
I mean, you can still have paycheck to paycheck and have a $10 million portfolio making $400,000 a year.
And as we kind of go through this, these questions, the things that impact and kind of solidify that.
I think credit card debt is one of the things probably that keep people that because you pay ahead of what you earn and you're living a lifestyle that you can't afford because you're borrowing money to do it.
And then you add that, and that usually comes with a steep interest penalty, which the money's costing you a lot of money to live like that.
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