How To Fight Lifestyle Creep & Why It’s Dangerous

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Lifestyle creep, also known as lifestyle inflation, is something that can happen before you even realize it. As your income increases so does your lifestyle.
Why is lifestyle creep dangerous?
When you receive the good news that you are getting a raise or a new job with a higher salary that means you are going to hit your financial goals faster, right? Not necessarily, in fact in most cases not. Your goals may even slow down!
For most people, as they receive news that they got a raise their mind instantly goes to all the places they can now spend the money.
First, we need to go out to a fancy restaurant to celebrate. Then we can finally “afford” to upgrade the car… which will lead to a higher car payment. It is so easy to fall into the trap of lifestyle creep and end up spending your entire raise and sometimes even more!
#lifestylecreep #lifestyleinflation
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I am not a financial advisor. The ideas presented in this video are personal opinions and for entertainment purposes only.