lifestyle inflation 2014.debtcc
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Lifestyle inflation begins to creep in as you grow up in your organization, thereby bringing in all sorts of perks and incentives. Splurging once in a while is allowed, but over-doing the same would definitely put you in a financially tight-spot sooner rather than later.TRANSCRIPT
Lifestyle Inflation Show
The “what”, the “why”, the “when” and the “how” of lifestyle inflation!
©Debtconsolidationcare.com, 2014
The lifestyle dilemma
It's addictive
It's cancerous
It's flattering
It's showy
Ultimately it's
DEPRESSING!!!
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What is lifestyle inflation?
Spending more money just because you have more
Monthly costs rises in correspondence to more profits made at work
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An Example:
You had a fine, cozy apartment when you started out with your first job right after graduating from college and then moved up to higher positions in your organization.
Now, you seek to own a larger accommodation just to satisfy your increased authority and social status, even though your current apartment is just as comfortable for you like any other one. This is Lifestyle Inflation.
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Causative agents of lifestyle inflation
Unnecessary, excessive perception of self-worth
Having financial frenemies (a combo of financial
friends+enemies) in your circle
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Causative agents of lifestyle inflation
Keeping-up-with-the joneses attitude
An “ extreme entitlement” mindset towards money
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When is it OK to splurge? When upgrading your wardrobe
When your family size grows
When your family and professional obligations evolve
When you want to improve your work-life balance
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How to get rid of lifestyle inflation
Avoid financial frenemies
Spend after saving money
Learn to cook food at home at affordable costs
Buy car with cash
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How to get rid of lifestyle inflation Downsize your
accommodation space
Pay off monthly bills
Develop a habit of paying back your debts on time
©Debtconsolidationcare.com, 2014