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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Episode 105 - Mary Wheeler of Abundant Wealth Solutions
Episode 104 - Property Tax Portability
Episode 103 - Bankruptcy Cases "Dead on Arrival"
Episode 102 - Michael Holmes with Delta Credit Restoration
Episode 101 - Interview with Bankruptcy Attorney Carmen Dellutri
100 - EPISODE 100!
Episode 99 - Christie Arkovich and Parent Plus Loans
Episode 98 - B.O.U.N.C.E. back with Robin Lavitch
Episode 97 - Cost Segregation with Michael Watkins
Episode 96 - Usury Laws
Episode 95 - Entertainment Lawyer Gordon Firemark
Episode 94 - Michael Holmes with Delta Credit Restoration
Episode 93 - Christie Arkovich & Public Service Loan Forgiveness Program
Episode 92 - Robin Lavitch with Surpass Your Goals
Episode 91 - Nick Raithel and the REI 7-Hour Book
Episode 90 - Interview of Julie Shopa with Clarity Finances
Episode 89 - Happy Thanksgiving!
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