It’s Wine Time: Lifestyle Inflation

It’s Wine Time:  Lifestyle Inflation

Hi it’s Agnes here and it’s wine time. I want to talk to you today about a term i heard recently it’s lifestyle inflation. Now what it refers to is the fact that, as you move along in your career, if you have a traditional job each year, you usually make a little bit more or you might get a rage when I get a promotion and have more money coming in, and So many people, instead of taking that extra money, maintaining the lifestyle they had at their lower income and taking the extra money and putting it toward whether it’s a long-term investment that might see them through, allowing them to retire earlier or paying down major debt. Like a house mortgage that sort of thing what they do, is they just expand their lifestyle, so they might buy more expensive wine. For example, the holiday might get a little grander each year that sort of thing sort of disposable things that have no lasting value. It was, it was an interesting phrase to me, because, if you get used to living at a certain level, then it seems to me that to continue that on for a bit longer would be well worth it if you suddenly find yourself with extra income now. Obviously, if you pay down major debt, then you know you, your own have debt sooner and you have a larger amount. That’S free for you to use each month or to invest, as I say, for the future, allowing you to retire from that job earlier or the other option is to take that extra money, invest in yourself and create a life and a job for back. Look for lack of a better term, but definitely a business that will give you the income in the recur ring income each month to give you the freedoms you want. So why you to think about that? If you are still currently in a job that perhaps next time you get, that raise, is maintain your current lifestyle for a bit longer, don’t buy into lifestyle inflation and really think about what you can do in terms of long-term goals with that extra income. Thanks for tuning in today, it’s agnes and enjoy your evening. You

As found on YouTube

Charles Lamm

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