Lifestyle Inflation Will Keep You Broke (No Matter How Much You Earn)
Lifestyle Inflation Will Keep You Broke (No Matter How Much You Earn)
Making this single mistake could keep you living paycheck to paycheck forever even if you’re making millions of dollars per year. Lifestyle creep or lifestyle inflation is a problem almost everyone experiences. Whether you’re a recent college grad with a first real job, an entrepreneur with a growing business or you’re climbing your way up the corporate ladder, when you begin earning more money it’s hard to gauge how much is wise to spend. The problem continues to present itself when a raise, promotion, extra income or sudden windfall arrives. As people gradually get used to a more expensive way of living, budget friendly meals and value priced clothing loses appeal. The extra income becomes disposable income, and investments and savings often lose priority. Thankfully, it's easy to recognize this behavior so you can avoid it, allowing you to build incredible wealth and reach financial freedom so you can retire instead of staying broke forever.
