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.
Living With Mom and Dad - Episode 408
Buying a New Car - Episode 407
Money Trivia - Episode 406
Financial Anxiety - Episode 405
Love, Loss and Ledger - Episode 404
Is Life Insurance Worth it? Episode 403
Why Property Insurance is a Dumpster Fire - Episode 402
15 Reasons People Go Broke - Episode 401
Sleeping Giant of the Senior Real Estate World - Episode 400
Financial Trends - Episode 399
Money Topics Over Turkey and Stuffing - Episode 398
Financial Therapy - Episode 397
Technology Tips to Save You Money - Episode 396
From Piggy Banks to Stocks - Episode 395
Most Ridiculous Pandemic Purchases - Episode 394
Garage Sales Training - Episode 393
Holiday Gift Ideas - Episode 392
The Why of Wealth - Episode 391
Taming The High Cost of College - Episode 390
When Is The Right Time To Start A Business - Episode 389
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