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.
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Debt During Divorce - Episode 258
Go Focus Yourself! - Episode 257
Personal Finances and Life Events - Episode 256
Evictions, Foreclosures, Student Loans & Relief Packages - Episode 255
Out Of The Box Gifts - Episode 254
Networking Away Debt - Episode 253
Top 52 Books to Crush Your Debt - Episode 252
SMART Goals for Crushing Debt - Episode 251
Crushing Christmas Debt with Santa - Episode 250
What do I Disclose When Selling Property? - Episode 249
When You Can’t Pay Your Mortgage - Episode 248
Credit Coaching by Kristi - Episode 247
There is Plenty to be Thankful For! - Episode 246
Saving Money by Using a Property Manager - Episode 245
Become Debt Free in Less Than One Hour - Episode 244
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