.How To Avoid High-Income Lifestyle Creep
How To Avoid High-Income Lifestyle Creep
By Poor Swiss
Posted in Dinar Recaps Archives on 7/13/2019
My personal goal is to become financially free as soon as possible. As a software engineer in Switzerland, I am earning about $130,000 per year, and, lifestyle creep is one of the toughest parts of my life.
With my salary, I am viewed as a high-income earner. And, people think that earning a high-income makes it easier to become financially free.
And in many ways, it does.
But, most high-income earners are not financially free and a lot of them are not even wealthy.
Americans more credit card debt than savingsThe main reason for that is lifestyle creep, and in this post, I’m going to spill the beans about how I battled with the devastating phenomenon as well as how I’m avoiding its grasp!
And more importantly, how high-income earners can overcome lifestyle creep and achieve their own version of financial freedom!
Lifestyle Creep
Let’s start at the beginning: what is lifestyle creep?
As people earn more, they have a tendency to spend more. This means that even though you earn more money each money, you are not saving more. In other words, you aren’t acquiring additional wealth. At least, not much.
This is as simple as that. But it has a large impact on their finances.
Lifestyle creep – also known as lifestyle inflation, is the main reason why many high-income earners are not wealthy. In fact, many high-income earners are less wealthy than some low-income earners.
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6 Common Excuses for Not Saving Money By Tara Struyk
Have you ever settled on a new exercise program, only to get a bad cold a few days in and happily throw yourself on the couch, relieved to have a handy excuse? Excuses must be human nature; I know I usually make them when I'm facing something that’s new, that's hard, or that I just don’t enjoy. And I’ve certainly made excuses when it comes to money.
In the years that I’ve been writing about personal finance and investing, I’ve also heard my fair share of excuses, mostly from readers who don’t agree with my advice. The problem is, unlike good financial habits, excuses are easy to come by, even though most of them just don’t stand up to reason. Check out some of the ones I’ve heard most frequently so far.