Why more Americans are living paycheck to paycheck (#358)
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In this episode of Financial Advisors Say The Darndest Things, A.B. Ridgeway breaks down the concept of lifestyle creep and how it could be silently sabotaging your financial freedom. Even with a six-figure salary, many Americans find themselves living paycheck to paycheck. A.B. dives into the psychology behind why we spend more as we earn more, and how this behavior can impact long-term financial security. Listen in as we explore practical strategies to overcome lifestyle inflation and build a more secure financial future.
Key Takeaways:
- Understanding Lifestyle Creep: Even high earners can fall into the trap of lifestyle creep—spending more as they make more—often resulting in financial stress and reduced savings for the future.
- Psychological Factors Behind Overspending: Many people tie their perceived self-worth to material possessions, feeling like they "deserve" more due to hard work, which can drive excessive spending.
- The Importance of Living Within Your Means: Rather than upgrading your lifestyle with every raise, A.B. advises staying mindful of your long-term goals, encouraging listeners to save more and spend wisely to reduce financial anxiety in retirement.
Memorable Quotes:
- “More than half of Americans with an income of $100,000 or higher are still living paycheck to paycheck. This may be the result of lifestyle creep.”
- “We feel entitled to live a certain lifestyle because we work so hard, but does the person with a million-dollar lifestyle really need two pairs of everything?”
- “You’re only hurting yourself when you overspend. The person with the million-dollar lifestyle could be living a $500,000 lifestyle and saving the rest for future investments.”
Tune in for actionable advice on how to avoid lifestyle creep and secure your financial future!
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*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.
Video/Audio Credit: CNBC
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