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 90 - Interview of Julie Shopa with Clarity Finances
Episode 89 - Happy Thanksgiving!
Episode 88 - Polly Bauer of Swipe! The Podcast
Episode 87 - Interview with Tonya Lonsbury
Episode 86 - More Garage Sale Lessons
Episode 85 - Zombie Debt
Episode 84 - Client Success Story!
Episode 83 - Freddie Mac Exclusionary List Update
Episode 82 - Non-Dischargeable Debts
Episode 81 - Interview with Samantha Dammer
Episode 80 - Debtor's Prison
Episode 79 - Chapter 13 Success Rates
Episode 78 - Interview with Paul Moore
Episode 77 - The Scholarship System
Episode 76 - Living a Spectacular Life
Episode 75, Quit Claim Deeds and Quiet Title Lawsuits
Episode 74 - Bryan Levine, Association Enforcement
Episode 73 - Surplus Funds and Associations
Episode 72 - Association Questions with Bryan Levine
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