Most Accenture Managing Directors have inspiring stories of how they’ve found success at the firm. I’m continually amazed as I talk to my clients and hear their backgrounds.

Something I’ve noticed over and over is that many Managing Directors are first-generation wealthy.

Whether from a lower or middle-class background or different countries, they’re often the first in their family to have the opportunity to generate substantial wealth.

The United States, and most other educations systems, don’t teach the intricacies of personal finance.

Without knowing the basics, it’s even harder to learn the complexity of financial planning and investment management.

People are left to learn it themselves, not knowing the right strategies or the right people to trust. Often, we learn the correct way by doing something wrong previously.

Some of the challenges with first-generation wealth arise from this, but honestly, people from more well-to-do backgrounds have the same struggles.

Here are some of the specific items I’ve observed, along with ways to work through them.

Challenge 1: Afraid to spend money

If you grew up in a scarcity mindset, it leaves a permanent imprint on your psyche. Not knowing if the electricity bill will get paid this month or if there’ll be enough food on the table doesn’t go away when you hit a certain income.

It becomes more amplified for many people due to the fear of losing everything if you make the wrong move.

A scarcity mindset can detract you from living in the moment. You pass on the expensive vacation because it feels excessive, or you worry you’ll need the money later.

You continue to sacrifice, even as your accounts grow.

Ralph Waldo Emerson described a rich man in his town who “never had enough money” by saying he wants more “money to horde and leave for his heirs to spend foolishly”!

Hopefully, you don’t feel that way about your heirs, but it makes you think!!

Solution 1: Build an emergency fund, continually fund retirement, design a comfortable budget that allows you to spend.

As I’ve previously mentioned, most MDs should be able to retire after ten years in the role. It’s highly dependent on spending patterns, but people who are afraid to spend their money are different.

The best way to manage this challenge is to complete all of the basics – accumulate cash in the bank, invest in retirement accounts, and understand how much is enough.

The next step is to create a budget you’re comfortable with and then spend the money.

It helps to create a separate bank account for travel or experiences that you fund each month. You’ll be more likely to spend if it’s already assigned a purpose.

Challenge 2: Risk Aversion

The second challenge, risk aversion, is tied in closely with the fear of spending your money. Risk aversion can also be a side effect of not having enough growing up.

Why would I risk this fantastic opportunity I have now as an MD for an unknown in the future? Am I crazy??

There’s no doubt Accenture MDs are some of the best of the best, but the risk aversion mentality can limit your potential.

Retiring early, starting a new company, quitting to pursue a life in the arts… even taking risks within Accenture is stifled by risk aversion.

Solution 2: Know what Financial Independence means for you and build a plan to support it.

It’s easy to see the risk of quitting your job, retiring early, or starting a new business. You could fail.

But what’s the risk of not doing it? Will you spend the rest of your life wondering what could have been, or even worse, stuck in a job you dislike because you were afraid to leave?

You don’t need to “burn the ships” and go all-in on something right away to find success. A nice nest egg or financial runway will allow you to grow the company or live the life you want.

Determine how much money you need to manage through the risk and give your family a comfortable financial cushion.

Challenge 3: Spending everything you have

This challenge is the antithesis of the first issue of not spending your money, but it can also result from not having anything growing up.

It can be caused by the “I deserve it” mindset or in an attempt to “keep up with the Joneses,” trying to prove your value to others by the fancy things you own.

This one is much harder as it’s typically a result of lifestyle creep, and once you go down this road, it’s hard to turn around.

Your spouse and the entire family is riding on this gravy train, and they won’t be thrilled to tighten their belts!

Solution 3: Explore your meaning and purpose and take control of your money

If you’re happy with your situation and you think you can continue to out-earn your spending habits, maybe you’ll be okay.

However, if you’ve gone down a path you didn’t intend, you need to reflect on how you got here. Only then can you find the will to change.

Spend some time purposefully thinking through where you are now and what you want. Are you living intentionally in your current state, or have you just drifted to where you are?

There are very strategic steps to start taking control of your money, but they won’t be worth anything unless you know why you’re making the change.

Challenge 4: Not knowing who to trust in the financial world

With your significant income and an enormous opportunity to generate equity and wealth, you’re a hot commodity in the financial services world.

You need to make sure whoever you’re working with has your best intentions in mind. There are some easy things to find, like if the advisor is a “fiduciary” and knowing how they get paid.

You can start by reading my seven questions to ask a financial advisor.

While I’ve witnessed many of these challenges with clients, I’ve also experienced most of them myself.

I grew up in a blue-collar family and felt the pain of going without. As the youngest of four boys, my clothes were usually hand-me-downs from my brothers. Unfortunately, these hand-me-downs originally came from other family’s hand-me-downs!

I purchased my first car by working for my dad in maintenance at my high school. It wasn’t pretty, as I sometimes subbed for the janitor and cleaned the very halls I walked in during the day.

There was a particularly awful story where I was cleaning the bathrooms when the cheerleaders walked in… but why make myself live that again??

Even though I knew the value of hard work, I made terrible money moves.

I was already in debt when my career started with Accenture in 2004 due to student loans. A year after I started, I bought a brand new car which increased my total debt to $50k.

Even though I studied Finance and Economics in college, I wasn’t applying the concepts in real life.

Eventually, I got my act together, and retired at age 35 before returning to my passion of helping others secure financial independence.

The financial issues can be easier to overcome for you because of your large shovel (income). However, if you don’t have the will to make the change, not even a large shovel can dig you out of the pit you create.