What is lifestyle creep?
Do you feel the need to keep up with the Joneses? Do your expenses increase as your income increases?
Years ago, Shawn's father taught him that your expenses do not have to grow proportionately to your income. In other words, just because you make more money doesn't mean you have to spend less money.
Unfortunately, it seems like some people spend more as they make more. Their lifestyle creeps to the more expensive as they get more income.
More disturbing, some people are using their credit cards as de facto savings accounts. See the article here: Millennials may be using credit cards as a 'de facto emergency fund' (cnbc.com)
In today's episode, George and Shawn talk about lifestyle creep, plus the negatives (and positives) of using credit cards in lieu of savings accounts. For example, it might be necessary for a high-ticket emergency.
What do you think? Let us know if you've experienced lifestyle creep or what you did to avoid it.
Also, f you enjoyed this episode, please share it with your friends!
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To contact George Curbelo, you can email him at GCFinancialCoach21@gmail.com or follow his Tiktok channel - https://www.tiktok.com/@curbelofinancialcoach
To contact Shawn Yesner, you can email him at Shawn@Yesnerlaw.com or visit www.YesnerLaw.com.
Finding and Keeping Happy Employees - Episode 334
Florida's Car Insurance Mistakes - Episode 333
Making Time to Crush Your Debt - Episode 332
Who Owns My House? - Episode 331
The Perfect Personal Finance Education Class - Episode 330
Financial Literacy For All Ages - Episode 329
How to Get Paid by the Bankruptcy Trustee - Episode 328
How Will the Fed's Rate Hike Impact You? - Episode 327
Money Myths - Episode 326
Crush Medical Debt - Episode 325
Get Out of Debt - Episode 324
What Happens When You Win the Lottery? - Episode 323
How is Blockchain Affecting Real Estate Investing - Episode 322
Entrepreneurship and Credit Scores - Episode 321
The Land Geek - Episode 320
The Wealth Architect - Episode 319
Spectacular Failures - Episode 318
Legacy Cash Flow - Episode 317
How Many People Live in Your House? - Episode 315
Pay Off Your Car Loan! - Episode 314
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