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!
Please also visit our sponsors:
Or, you can support the show by visiting our new Patreon page: https://www.patreon.com/crushingDebt
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.
Secrets to Increasing Cash Flow and Profit - Episode 228
Using Bank Products to Pay Down Debt - Episode 227
How Home Title Theft Works, A Case Study - Episode 226
Home Title Theft is Real - Episode 225
The Short Term Retirement Program - Episode 224
The Secret to Using Old Jewelry to Crush Your Debt - Episode 223
What is E&O Insurance? - Episode 222
How Can I be a Better Person? - Bonus Episode
Business Interruption Insurance, Part 2 - Episode 221
Business Interruption Insurance, Part 1 - Episode 220
How to Wipe Your Dad’s Butt - Episode 219
Are Loan Modifications Worth the Risk? - Episode 218
Are Payments to the Chap 13 Trustee Refundable? - Episode 217
New COVID-19 Laws - Episode 216
Bank on Yourself for Asset Protection - Episode 215
How to Choose the Right Custom Home Builder - Episode 214
Forbearances, Modifications, Foreclosures and Evictions - Bonus Episode
Two Attorneys and a Global Pandemic - Episode 213
Asset Protection Trusts - Episode 212
Zombie Cars - Episode 211
Create your
podcast in
minutes
It is Free
Pharmacy Podcast Network
Aktörspodden
The Power of Storytelling
The Ramsey Show
Planet Money