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!
Please also visit our sponsors:
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 31 - Client Expectations
Episode 30 - Kerry Kott with Pure Elements Healing
Episode 29 - What Questions Will the Bankruptcy Trustee Ask
Episode 28 - Filing Bankruptcy More than Once
Episode 27 - Interview with Sara Chiarilli
Episode 26 Lien Priority
Episode 25 Interview with Kelly Jenkins
Episode 24 The Mortgage Debt Relief Act
Episode 23 Interview with Katie Davis
Episode 22 So You Want to be a Real Estate Investor? Part 2
Episode 21 So You Want to be a Real Estate Investor?
Espisode 20 Probate Questions with Cristin Silliman
Episode 1 Foreclosure Timeline
Episode 19 Mediation
Episode 18 Why File Bankruptcy?
Episode 17 Running and Networking
Episode 16 Trustee Sales in Bankruptcy
Episode 15 Florida Homestead Exemption
Episode 14 Charged Off Debt
Episode 13 Partition
Create your
podcast in
minutes
It is Free
Pharmacy Podcast Network
Aktörspodden
The Power of Storytelling
The Ramsey Show
Planet Money