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 51 - Student Loan Debt with Kelly Petry
Episode 50 - Student Loan Debt with Christie Arkovich
Episode 49 - Will Foreclosures Increase in Florida?
Episode 48 - Shawn Interviews Tiffanie Interviews Shawn
Episode 47 - Show Me The Money!!
Episode 46 - Valuing an LLC in Bankruptcy
Episode 45 - Interview with Tyler Sheff of The Cash Flow Guys
Episode 44 - The Five Factors that make up Credit
Episode 43 - Interview with Loren Pincus
Episode 42 - Bankruptcy Chapter 6.5
Episode 41 - Interview with Nickolas Ekonomides
Episode 40 - Bankruptcy is Odd
Episode 39 - Interview with Matt Friesz
Episode 38 - Interview with Nick Ekonomides
Episode 37 - Interview with Barb Hennessey
Episode 36 - What Happens When Only One Spouse Files?
Episode 35 - Interview with David Rosenthal
Episode 34 - Wells Fargo and Bankruptcy, a Bad Mix
Episode 33 - Business Card Graveyard with Tanya Cielo
Episode 32 - Freddie Mac Exclusionary List
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