{"id":3252,"date":"2020-01-01T07:00:01","date_gmt":"2020-01-01T12:00:01","guid":{"rendered":"https:\/\/109.199.100.74\/~scarletoakfs88\/?p=3252"},"modified":"2023-04-28T13:28:03","modified_gmt":"2023-04-28T17:28:03","slug":"beware-of-lifestyle-creep","status":"publish","type":"post","link":"https:\/\/scarletoakfs.com\/beware-of-lifestyle-creep\/","title":{"rendered":"Beware of Lifestyle Creep"},"content":{"rendered":"

Sometimes more money can mean more problems.<\/em>\u00a0 <\/em><\/p>\n

\u201cLifestyle creep\u201d is an unusual phrase describing an all-too-common problem: the more money people earn, the more money they tend to spend.<\/p>\n

Frequently, the newly affluent are the most susceptible.<\/strong><\/h5>\n

As people establish themselves as doctors and lawyers, executives, and successful entrepreneurs, they see living well as a reward. Outstanding education, home, and business loans may not alter this viewpoint. Lifestyle creep can happen to successful individuals of any age. How do you guard against it?<\/p>\n

Keep one financial principle in mind: spend less than you make. <\/strong><\/h5>\n

If you get a promotion, if your business takes off, if you make partner, the additional income you receive can go toward your retirement savings, your investment accounts, or your debts.<\/p>\n

See a promotion, a bonus, or a raise as an opportunity to save more<\/strong>.<\/h5>\n

Do you have a household budget? Then the amount of saving that the extra income comfortably permits will be clear. Even if you do not closely track your expenses, you can probably still save (and invest) to a greater degree without imperiling your current lifestyle.<\/p>\n

Avoid taking on new fixed expenses that may not lead to positive outcomes<\/strong>.<\/h5>\n

Shouldering a fixed mortgage payment as a condition of home ownership? Good potential outcome. Assuming an auto loan so you can drive a luxury SUV? Maybe not such a good idea. While the home may appreciate, the SUV will almost certainly not.<\/p>\n

Resist the temptation to rent a fancier apartment or home.<\/strong><\/h5>\n

Few things scream \u201clifestyle creep\u201d like higher rent does. A pricier apartment may convey an impressive image to your friends and associates, but it will not make you wealthier.<\/p>\n

Keep the big goals in mind and fight off distractions.<\/strong><\/h5>\n

When you earn more, it is easy to act on your wants and buy things impulsively. Your typical day starts costing you more money.<\/p>\n

To prevent this subtle, daily lifestyle creep, live your days the same way you always have \u2013 with the same kind of financial mindfulness. Watch out for new daily costs inspired by wants rather than needs.<\/p>\n

Live well, but not extravagantly.<\/strong><\/h5>\n

After years of law school or time toiling at start-ups, getting hired by the right firm and making that career leap can be exhilarating \u2013 but it should not be a gateway to runaway debt. According to the Federal Reserve\u2019s latest Survey of Consumer Finances, the average American head of household aged 35-44 carries slightly more than $100,000 of non-housing debt. This is one area of life where you want to be below average.1<\/sup><\/p>\n

Scarlet Oak Financial Services may be reached at 800.871.1219 or contact us here<\/a>. \u00a0 \u00a0<\/strong><\/p>\n

Source<\/h5>\n

This material was prepared by MarketingPro, Inc.<\/a>, and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note – investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.<\/em><\/p>\n

 <\/p>\n

Citations.<\/strong><\/em><\/h5>\n

1 – time.com\/money\/5233033\/average-debt-every-age\/ [4\/13\/18]<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Sometimes more money can mean more problems.\u00a0 \u201cLifestyle creep\u201d is an unusual phrase describing an all-too-common problem: the more money people earn, the more money they tend to spend. Frequently,…<\/p>\n","protected":false},"author":3,"featured_media":7011,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[578,582],"tags":[100,765],"yoast_head":"\nBeware of Lifestyle Creep - Scarlet Oak Financial Services<\/title>\n<meta name=\"description\" content=\"\u201cLifestyle creep\u201d is an unusual phrase describing an all-too-common problem: the more money people earn, the more money they tend to spend.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scarletoakfs.com\/beware-of-lifestyle-creep\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Beware of Lifestyle Creep\" \/>\n<meta property=\"og:description\" content=\"\u201cLifestyle creep\u201d is an unusual phrase describing an all-too-common problem: the more money people earn, the more money they tend to spend.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/scarletoakfs.com\/beware-of-lifestyle-creep\/\" \/>\n<meta property=\"og:site_name\" content=\"Scarlet Oak Financial Services\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/ScarletOakFS\/\" \/>\n<meta property=\"article:published_time\" content=\"2020-01-01T12:00:01+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-28T17:28:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/scarletoakfs.com\/wp-content\/uploads\/2020\/01\/New-Records-and-Changes-400-x-343-px_Page_11.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2500\" \/>\n\t<meta property=\"og:image:height\" content=\"2144\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Faye Sykes\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Scarlet_OakFS\" \/>\n<meta name=\"twitter:site\" content=\"@Scarlet_OakFS\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Faye Sykes\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/scarletoakfs.com\/beware-of-lifestyle-creep\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/scarletoakfs.com\/beware-of-lifestyle-creep\/\"},\"author\":{\"name\":\"Faye Sykes\",\"@id\":\"https:\/\/scarletoakfs.com\/#\/schema\/person\/670fe6249fac217d387fb33ca2248717\"},\"headline\":\"Beware of Lifestyle Creep\",\"datePublished\":\"2020-01-01T12:00:01+00:00\",\"dateModified\":\"2023-04-28T17:28:03+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/scarletoakfs.com\/beware-of-lifestyle-creep\/\"},\"wordCount\":590,\"publisher\":{\"@id\":\"https:\/\/scarletoakfs.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/scarletoakfs.com\/beware-of-lifestyle-creep\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/scarletoakfs.com\/wp-content\/uploads\/2020\/01\/New-Records-and-Changes-400-x-343-px_Page_11.jpg\",\"keywords\":[\"budget\",\"Lifestyle Creep\"],\"articleSection\":[\"Budgeting\",\"Money Management\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/scarletoakfs.com\/beware-of-lifestyle-creep\/\",\"url\":\"https:\/\/scarletoakfs.com\/beware-of-lifestyle-creep\/\",\"name\":\"Beware of Lifestyle Creep - Scarlet Oak Financial Services\",\"isPartOf\":{\"@id\":\"https:\/\/scarletoakfs.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/scarletoakfs.com\/beware-of-lifestyle-creep\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/scarletoakfs.com\/beware-of-lifestyle-creep\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/scarletoakfs.com\/wp-content\/uploads\/2020\/01\/New-Records-and-Changes-400-x-343-px_Page_11.jpg\",\"datePublished\":\"2020-01-01T12:00:01+00:00\",\"dateModified\":\"2023-04-28T17:28:03+00:00\",\"description\":\"\u201cLifestyle creep\u201d is an unusual phrase describing an all-too-common problem: the more money people earn, the more money they tend to spend.\",\"breadcrumb\":{\"@id\":\"https:\/\/scarletoakfs.com\/beware-of-lifestyle-creep\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/scarletoakfs.com\/beware-of-lifestyle-creep\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/scarletoakfs.com\/beware-of-lifestyle-creep\/#primaryimage\",\"url\":\"https:\/\/scarletoakfs.com\/wp-content\/uploads\/2020\/01\/New-Records-and-Changes-400-x-343-px_Page_11.jpg\",\"contentUrl\":\"https:\/\/scarletoakfs.com\/wp-content\/uploads\/2020\/01\/New-Records-and-Changes-400-x-343-px_Page_11.jpg\",\"width\":2500,\"height\":2144,\"caption\":\"Young people smiling with a drink. Article title: Beware of Lifestyle Creep\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/scarletoakfs.com\/beware-of-lifestyle-creep\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/scarletoakfs.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Beware of Lifestyle Creep\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/scarletoakfs.com\/#website\",\"url\":\"https:\/\/scarletoakfs.com\/\",\"name\":\"Scarlet Oak Financial Services\",\"description\":\"Best Financial Services\",\"publisher\":{\"@id\":\"https:\/\/scarletoakfs.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/scarletoakfs.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/scarletoakfs.com\/#organization\",\"name\":\"Scarlet Oak Financial Services\",\"url\":\"https:\/\/scarletoakfs.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/scarletoakfs.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/scarletoakfs.com\/wp-content\/uploads\/2023\/03\/Untitled-design.png\",\"contentUrl\":\"https:\/\/scarletoakfs.com\/wp-content\/uploads\/2023\/03\/Untitled-design.png\",\"width\":200,\"height\":100,\"caption\":\"Scarlet Oak Financial Services\"},\"image\":{\"@id\":\"https:\/\/scarletoakfs.com\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/ScarletOakFS\/\",\"https:\/\/x.com\/Scarlet_OakFS\",\"https:\/\/www.linkedin.com\/company\/scarlet-oak-financial-services\/\",\"https:\/\/www.youtube.com\/channel\/UCLWHBSwlhKI5u627x3ZLxUg\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/scarletoakfs.com\/#\/schema\/person\/670fe6249fac217d387fb33ca2248717\",\"name\":\"Faye Sykes\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/scarletoakfs.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/975c9fc102d990e6ba1cbcf7ef3f218f?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/975c9fc102d990e6ba1cbcf7ef3f218f?s=96&d=mm&r=g\",\"caption\":\"Faye Sykes\"},\"url\":\"https:\/\/scarletoakfs.com\/author\/faye\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Beware of Lifestyle Creep - Scarlet Oak Financial Services","description":"\u201cLifestyle creep\u201d is an unusual phrase describing an all-too-common problem: the more money people earn, the more money they tend to spend.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/scarletoakfs.com\/beware-of-lifestyle-creep\/","og_locale":"en_US","og_type":"article","og_title":"Beware of Lifestyle Creep","og_description":"\u201cLifestyle creep\u201d is an unusual phrase describing an all-too-common problem: the more money people earn, the more money they tend to spend.","og_url":"https:\/\/scarletoakfs.com\/beware-of-lifestyle-creep\/","og_site_name":"Scarlet Oak Financial Services","article_publisher":"https:\/\/www.facebook.com\/ScarletOakFS\/","article_published_time":"2020-01-01T12:00:01+00:00","article_modified_time":"2023-04-28T17:28:03+00:00","og_image":[{"width":2500,"height":2144,"url":"https:\/\/scarletoakfs.com\/wp-content\/uploads\/2020\/01\/New-Records-and-Changes-400-x-343-px_Page_11.jpg","type":"image\/jpeg"}],"author":"Faye Sykes","twitter_card":"summary_large_image","twitter_creator":"@Scarlet_OakFS","twitter_site":"@Scarlet_OakFS","twitter_misc":{"Written by":"Faye Sykes","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/scarletoakfs.com\/beware-of-lifestyle-creep\/#article","isPartOf":{"@id":"https:\/\/scarletoakfs.com\/beware-of-lifestyle-creep\/"},"author":{"name":"Faye Sykes","@id":"https:\/\/scarletoakfs.com\/#\/schema\/person\/670fe6249fac217d387fb33ca2248717"},"headline":"Beware of Lifestyle Creep","datePublished":"2020-01-01T12:00:01+00:00","dateModified":"2023-04-28T17:28:03+00:00","mainEntityOfPage":{"@id":"https:\/\/scarletoakfs.com\/beware-of-lifestyle-creep\/"},"wordCount":590,"publisher":{"@id":"https:\/\/scarletoakfs.com\/#organization"},"image":{"@id":"https:\/\/scarletoakfs.com\/beware-of-lifestyle-creep\/#primaryimage"},"thumbnailUrl":"https:\/\/scarletoakfs.com\/wp-content\/uploads\/2020\/01\/New-Records-and-Changes-400-x-343-px_Page_11.jpg","keywords":["budget","Lifestyle Creep"],"articleSection":["Budgeting","Money Management"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/scarletoakfs.com\/beware-of-lifestyle-creep\/","url":"https:\/\/scarletoakfs.com\/beware-of-lifestyle-creep\/","name":"Beware of Lifestyle Creep - Scarlet Oak Financial Services","isPartOf":{"@id":"https:\/\/scarletoakfs.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/scarletoakfs.com\/beware-of-lifestyle-creep\/#primaryimage"},"image":{"@id":"https:\/\/scarletoakfs.com\/beware-of-lifestyle-creep\/#primaryimage"},"thumbnailUrl":"https:\/\/scarletoakfs.com\/wp-content\/uploads\/2020\/01\/New-Records-and-Changes-400-x-343-px_Page_11.jpg","datePublished":"2020-01-01T12:00:01+00:00","dateModified":"2023-04-28T17:28:03+00:00","description":"\u201cLifestyle creep\u201d is an unusual phrase describing an all-too-common problem: the more money people earn, the more money they tend to spend.","breadcrumb":{"@id":"https:\/\/scarletoakfs.com\/beware-of-lifestyle-creep\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/scarletoakfs.com\/beware-of-lifestyle-creep\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/scarletoakfs.com\/beware-of-lifestyle-creep\/#primaryimage","url":"https:\/\/scarletoakfs.com\/wp-content\/uploads\/2020\/01\/New-Records-and-Changes-400-x-343-px_Page_11.jpg","contentUrl":"https:\/\/scarletoakfs.com\/wp-content\/uploads\/2020\/01\/New-Records-and-Changes-400-x-343-px_Page_11.jpg","width":2500,"height":2144,"caption":"Young people smiling with a drink. Article title: Beware of Lifestyle Creep"},{"@type":"BreadcrumbList","@id":"https:\/\/scarletoakfs.com\/beware-of-lifestyle-creep\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/scarletoakfs.com\/"},{"@type":"ListItem","position":2,"name":"Beware of Lifestyle Creep"}]},{"@type":"WebSite","@id":"https:\/\/scarletoakfs.com\/#website","url":"https:\/\/scarletoakfs.com\/","name":"Scarlet Oak Financial Services","description":"Best Financial Services","publisher":{"@id":"https:\/\/scarletoakfs.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/scarletoakfs.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/scarletoakfs.com\/#organization","name":"Scarlet Oak Financial Services","url":"https:\/\/scarletoakfs.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/scarletoakfs.com\/#\/schema\/logo\/image\/","url":"https:\/\/scarletoakfs.com\/wp-content\/uploads\/2023\/03\/Untitled-design.png","contentUrl":"https:\/\/scarletoakfs.com\/wp-content\/uploads\/2023\/03\/Untitled-design.png","width":200,"height":100,"caption":"Scarlet Oak Financial Services"},"image":{"@id":"https:\/\/scarletoakfs.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/ScarletOakFS\/","https:\/\/x.com\/Scarlet_OakFS","https:\/\/www.linkedin.com\/company\/scarlet-oak-financial-services\/","https:\/\/www.youtube.com\/channel\/UCLWHBSwlhKI5u627x3ZLxUg"]},{"@type":"Person","@id":"https:\/\/scarletoakfs.com\/#\/schema\/person\/670fe6249fac217d387fb33ca2248717","name":"Faye Sykes","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/scarletoakfs.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/975c9fc102d990e6ba1cbcf7ef3f218f?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/975c9fc102d990e6ba1cbcf7ef3f218f?s=96&d=mm&r=g","caption":"Faye Sykes"},"url":"https:\/\/scarletoakfs.com\/author\/faye\/"}]}},"_links":{"self":[{"href":"https:\/\/scarletoakfs.com\/wp-json\/wp\/v2\/posts\/3252"}],"collection":[{"href":"https:\/\/scarletoakfs.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/scarletoakfs.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/scarletoakfs.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/scarletoakfs.com\/wp-json\/wp\/v2\/comments?post=3252"}],"version-history":[{"count":0,"href":"https:\/\/scarletoakfs.com\/wp-json\/wp\/v2\/posts\/3252\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/scarletoakfs.com\/wp-json\/wp\/v2\/media\/7011"}],"wp:attachment":[{"href":"https:\/\/scarletoakfs.com\/wp-json\/wp\/v2\/media?parent=3252"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/scarletoakfs.com\/wp-json\/wp\/v2\/categories?post=3252"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/scarletoakfs.com\/wp-json\/wp\/v2\/tags?post=3252"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}