I’m going to ask you a serious question:
If I could double your income today, would all of your financial troubles be solved?
If you’re like most people, you probably answered an empathetic YES!!
Now, I’m going to ask you a second question:
Have you doubled your income since your first job?
Whether it was flipping burgers, working the cash register, or using a jackhammer, chances are your first job didn’t pay very well. You probably make double, if not more money now. So what happened? Why didn’t all of your financial troubles go away? Why are we still a slave to the dollar?
It’s the silent killer called lifestyle creep. As our income increases, so do our expenses. We need a nicer car, we eat out more often, and we wear nicer clothes to simply maintain our same level of happiness. It’s a hamster wheel, and we’re all running on it.
So how do we get off this never ending treadmill?
Leveraging our future increases in income. Whether it’s a raise, new client, or simply a new job, learn to maintain your lifestyle by saving the initial difference instead of letting it creep up your expenses. By automatically tapping the extra $50, $100, $250 directly into your savings account before you touch it, you won’t even feel the crunch. In fact, nothing will have changed because instead of cutting back on expenses, you’re living the exact same lifestyle as before.
Use this extra money to save for vacations, pad your runway, invest, or buy some investment art. Either way, you’ll end up spending the money wisely, rather than letting it capitulate your financial future.
Warren Buffet lives in the exact same house he bought in 1958 for $31,500. A bit extreme, but I think he might be on to something..
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