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.
In Guns We Trust - Episode 271
Do You Know Your Target Audience? - Episode 270
Using the Law for Limitless Leverage - Episode 269
Using Your Bookkeeper to Crush Your Debt - Episode 268
I Don't Want Repeat Clients - Episode 267
Crush Your Car Accident Debt - Episode 266
Excuse Me Ma'am, Your Wage Gap Is Showing - Episode 265
Thirteen Ways to Have a Successful Chapter 13 - Episode 264
Stuck in a J.O.B.? - Episode 263
The Secret to Coming off The Freddie Mac Exclusionary List - Episode 262
Can You Evict During a Pandemic? - Episode 261
Your Image Impacts Your Debt - Episode 260
Preventing Long Term Care Debt - Episode 259
Debt During Divorce - Episode 258
Go Focus Yourself! - Episode 257
Personal Finances and Life Events - Episode 256
Evictions, Foreclosures, Student Loans & Relief Packages - Episode 255
Out Of The Box Gifts - Episode 254
Networking Away Debt - Episode 253
Top 52 Books to Crush Your Debt - Episode 252
Create your
podcast in
minutes
It is Free
The emPOWERed Half Hour
Bank of America Treasury Insights
How I Crushed It
Pharmacy Podcast Network
The Ramsey Show
Planet Money