Dominique BroadwayFounder & CEO, Finances Demystified · Turning Knowledge Into Generational Wealth

Avoid Lifestyle Creep & Live Within Your Means #shorts

Name: Avoid Lifestyle Creep & Live Within Your Means #shorts
Uploaded: 2024-08-23T15:45:03+00:00
Duration: 58 s
Channel: Dominique Broadway
Description: Your income goes up, so you buy a nicer car, a bigger house, fancier clothes. But you're still broke because your spending grew with your paycheck. The…

23 Aug 2024 · 1 min

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Your income goes up, so you buy a nicer car, a bigger house, fancier clothes. But you're still broke because your spending grew with your paycheck. The trick is keeping your lifestyle the same while your money compounds.

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Living beyond your means. I also like to call this lifestyle creep. Now, this is one of the first lessons, one of the many first lessons that my grandfather taught me was that as your income increases, you do not need to increase your expenses or increase your lifestyle to match that new salary. Now, believe it or not, this is one of those things that's literally going to keep you poor because for many of us, we're like, hey, if I can just make I could just get to that golden 6 figures a year, then my life will improve. But unfortunately for most people, as soon as their income starts to increase, they literally go out and buy a fancier car. They may move to a fancier home. They may start buying fancier clothes. They may start taking more vacations. And then you look up and you're like, oh my gosh, why does it not feel like I have any more money at all? This is because you let your new lifestyle creep up to match your new salaries.