Financial planner Sammy Azzouz writes: “Why aren’t more people rich? All too frequently, sufficiently high income earners prefer to emulate the rich’s spending habits, spending more as their income grows. You can call it ‘keeping up with the Joneses’ or ‘lifestyle creep’, but whatever you call it, you should avoid this pitfall.” Lifestyle creep prevent you to save early on in your career to compound it later in your investment. To avoid the trap, Mr. Azzouz explains that you should be “thoughtful about where you live” as housing is one of the main ingredient that let you falling into the lifestyle creep. Furthermore, you should control your spending and live below your means. (linkedin.com)
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