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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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.
Episode 71 - Listener Questions Answered
Episode 70 - Association and Bankruptcy Law
Episode 69 - Interview of Richard Ficca
Episode 68 - Negotiations & Garage Sales
Episode 67 - Interview with Tom Wolf
Episode 66 - Can I Rent My House if it is in Foreclosure?
Episode 65 - Tips on Consolidating Debt
Episode 64 - The Seven Hour Book with Nick Raithel
Episode 63 - Juliet Kyes of ActionCOACH Tampa Bay
Episode 62 - Eviction, Ejectment and Detainer Actions
Episode 61 - Interview with Andrew Gordon
Episode 60 - As-Is versus Repair Limit Contracts
Episode 59 - Interview with Jason Crawford
Episode 58 - The Failla Case
Episode 57 - Interview with Brian Morris
Episode 56 - Real Estate Contract Updates
Episode 55 - Interview with Marielis Rivera
Episode 54 - Chapter 13 Case Study
Episode 53 - What Laws Ended in 2016?
Episode 52 - Jason Avery and Room Full of Referrals
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