One summer I was working as a lifeguard. I earned $2.70 an hour. My first check was around $250. I was so money! I hit Contempo Casuals and I was able to buy an entire outfit and have a few bucks left.<\/p>\n
My income was increasing and so was my taste. It\u2019s called lifestyle creep and it happens to hard-working folk when they aren\u2019t paying attention. Workers start out earning minimum wage, get a raise, then move on to a better-paying job. Repeat.<\/p>\n
As you earn more, you spend more<\/strong>, and sometimes your PBR lifestyle is replaced with a craft beer attitude.<\/p>\n Whether you are a broker or have multiple side hustles, working harder to make more money isn\u2019t always the answer, according to finance experts.<\/p>\n As Peter Dunn, aka Pete the Planner explains<\/a>, the only thing better than a lot of money, is not needing that money.<\/strong><\/p>\n Lifestyle creep happens when people have more income and they reward themselves, maybe buying a fancier car, buying nicer furniture, dining out at nicer restaurants, or taking expensive trips. You get the picture.<\/em><\/p>\n But, as The Motley Fool<\/a>, explains, rather than saving that extra money you are making, you have spent it. Should an emergency happen, or your income takes a dive, you will have a hard time going backward. And, you probably don\u2019t have the income set aside for an emergency situation.<\/p>\n \u201cWhen your lifestyle creeps up with your income, you\u2019ve just become more and more dependent on your income,\u201d according to Dunn\u2019s blog.<\/p>\n But, you say, wait a minute! I\u2019ve worked hard and I deserve that nice car and those fancy meals and drinks out at the hot spots.<\/p>\n