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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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.
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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
Organize Your Money - Episode 363
Lease or Buy a Car? - Episode 362
Hustle & Grind is the New Stupid - Episode 361
My Landlord Died! What now? - Episode 360
Your Kids, Their Money - Episode 359
Financial Trainwrecks - Episode 358
Make More Money ... Networking - Episode 357
Money Myth Busters - Episode 356
Things That Make You Say Hmmm - Episode 355
Millionaire Mindset - Episode 354
SMARTY Pants Goals 2023 - Episode 353
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