April is Financial Literacy Month, a time to take a step back, evaluate your decisions, and sharpen your financial knowledge. If you’re a high earner, you might think you’ve already got it covered. After all, you’re building wealth, saving consistently, and investing regularly.

But income doesn’t always equal mastery. As your wealth grows, so do the complexities of managing it. Without continued financial education, even the most successful individuals can miss financial planning strategies that protect, preserve, and amplify their hard work.

Here are six key areas high earners can explore this Financial Literacy Month, plus helpful action steps to put your knowledge into motion.

1. Deepen Your Tax Literacy

Why it matters: The more you earn, the more complex taxes can become. Yet many high earners don’t fully understand how their compensation structure, deductions, and timing strategies affect their payments.

Sharpen your literacy:

  • Learn the difference between marginal and effective tax rates.
  • Understand how business income, capital gains, and passive income are taxed differently.
  • Explore strategies like defined benefit plans, donor-advised funds (DAFs), and real estate depreciation.

Action step: Schedule a tax strategy session with a tax planner or financial advisor. Ask about deductions or credits you might be missing and how they support your long-term goals.

2. Know What Threatens Your Wealth

Why it matters: High earners often have more to lose but may lack proper risk management. Whether it’s insufficient insurance, legal exposure, or cybersecurity gaps, these threats can undo years of planning.

Sharpen your literacy:

  • Understand how umbrella insurance works and what it doesn’t cover.
  • Learn about asset protection tools—LLCs, trusts, and liability shields.
  • Review risks tied to your profession, business, or family.

Action step: Do a personal risk audit. When was the last time you reviewed insurance, estate documents, or cybersecurity protections? Use this review as an opportunity to strengthen your organizational systems and ensure your financial foundation is secure.

3. Know How to Protect & Direct Your Wealth

Why it matters: Personal financial literacy extends to estate planning, especially for those with complex assets. Without the right structures, your estate could face unnecessary taxes, legal delays, or outcomes that don’t align with your values.

Sharpen your literacy:

  • Understand how estate tax thresholds work in the United States, and if your state of residency assesses an estate tax. 
  • Learn the difference between probate and non-probate assets.
  • Explore trusts, ILITs, and charitable giving strategies that align with your legacy goals.

Action step: If you don’t have an estate plan, a financial professional offering estate planning services can help you get started. If you do, review and update it to reflect your current wishes and assets.

4. Know How to Evaluate the Experts You Hire

Why it matters: Financial literacy includes knowing how to choose the right professionals. Many high earners work with advisors or tax preparers, but not all offer strategic planning, or follow the same fiduciary standard.

Sharpen your literacy:

  • Learn the difference between commission-based, fee-based, and fee-only financial advisors.
  • Understand what it means for a professional to act in your best interest.
  • Ask about coordination between your accountant, advisor, and estate attorney. Are they working as a team?

Action step: Review your current financial team. Is there a certified financial planner (CFP) involved? Do you fully understand the costs and services each advisor provides?

5. Understand Your Own Money Psychology

Why it matters: Financial behavior can drive outcomes as much as, if not more than, technical skill. Even high earners can fall into traps, such as impulsive investing or avoiding meaningful conversations about budgeting, credit card debt, and other personal finance challenges.

Sharpen your literacy:

  • Understand how spending habits and emotional decisions affect long-term wealth.
  • Learn to spot lifestyle creep and differentiate between wants and needs.
  • Explore how your credit report, credit score, and overall debt management reflect your financial behavior.

Action step: Track your spending and payment habits for 30 days. Are your financial decisions supporting your long-term goals? Could you benefit from more structure and intentional goal setting?

6. Prepare for Financial Pivots Before They Happen

Why it matters: Life transitions — like business exits or early retirement — require advanced planning. Being financially literate means understanding how to navigate those changes without jeopardizing your stability or future goals.

Sharpen your literacy:

  • Learn how interest rates and tax policy affect decisions around mortgages, loans, and business sales.
  • Understand retirement distribution strategies that optimize income and reduce tax exposure.
  • Review your insurance and investment mix as part of any major life pivot.

Action step: If you anticipate a significant financial transition, consider working with a financial planner now. Use this time to build scenarios, model outcomes, and prepare ahead.

Turn Financial Knowledge Into Meaningful Progress

The reality is that high earners don’t necessarily need more information — they need deeper understanding. Financial literacy at this level is about asking the right questions, identifying potential risks, and making confident, well-informed decisions before issues arise.

This April, take Financial Literacy Month as an opportunity to reflect, refine, and take meaningful action toward your financial goals.

Explore our comprehensive financial planning services to see how we help high earners navigate complexity with clarity. If you’re ready to take the next step, book a free consultation today.