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.
The Secret to Moving Forward In Reverse - Episode 384
Back to School Shopping - Episode 383
Crush IRS Debt - Episode 382
Need versus Want - Episode 381
Hiding Your Credit Card Debt - Episode 380
Canceling Student Loan Debt - Episode 379
Heroes Home Advantage - Episode 378
No Spend Challenge - Episode 377
Crushing the Credit Card Debt Cycle - Episode 376
Why Did I Receive This Letter from Freddie Mac - Episode 375
14 Steps to Financial Freedom - Episode 374
How To Delegate at a Garage Sale - Episode 373
Finance and Fitness - Episode 372
How To Win In Crushing Debt - Episode 371
Money Hacks - Episode 370
Out Of Office Notification - Episode 369
Money Grief - Episode 368
Money Schemes - Episode 367
Money Scams! - Episode 366
Constructing Success - Classic - Episode 365
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