Avoid lifestyle inflation from "summary" of The Dumb Things Smart People Do with Their Money by Jill Schlesinger
Many of us start out with good intentions. We graduate from college, land a job, and begin to earn a salary. We're finally making money! But then something strange happens. As our income grows, so do our expenses. We upgrade our living situations, buy nicer things, and start dining out more frequently. Before we know it, we're living paycheck to paycheck, wondering where all our money went.
This phenomenon is known as lifestyle inflation. It's a silent wealth killer that creeps up on us when we're least expecting it. Instead of saving and investing our hard-earned money, we end up spending it on things that don't really add value to our lives. We get caught up in a cycle of always wanting more - more clothes, more gadgets, more experiences. And the worst part is, we think we deserve it.
Avoiding lifestyle inflation requires a shift in mindset. It means being intentional about how we spend our money and making conscious choices about what truly brings us happiness. It's about distinguishing between needs and wants, and prioritizing the things that matter most to us. By setting clear financial goals and sticking to a budget, we can resist the temptation to keep up with the Joneses and instead focus on building wealth for the future.
One way t...
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