How you waste money and ruin your career with LIFESTYLE INFLATION (Part 3 MC Journey)

How can LIFESTYLE INFLATION ruin your life and career? What is lifestyle inflation exactly, and how does it limit your career choices? #multiplecareers #lifestyleinflation #careerchange

In this video, I’ll talk about what lifestyle inflation, also known as lifestyle creep is, how it can chain you to your job, and keep you from making the best career decisions. If you are someone who wants to have a fulfilling career and are thinking about making a career change, then make sure that you avoid lifestyle inflation at all costs!

People tend to increase their spending once they earn more, get a salary increase. They start upgrading their lifestyle, instead of putting it into their savings. Then the day comes when they want to change their career, switch to a different industry, start a business, but feel that they can't leave their jobs because they're trapped. Trapped with high monthly expenses, a ridiculously high mortgage, costly habits to maintain. They don't dare to quit their jobs because they don't have enough savings to keep financing that lifestyle. They don't dare change careers to something that might pay a bit less, at least in the beginning, and don't want to take any risks fearing that they have to put a stop to their pleasurable lifestyle.

Avoiding lifestyle inflation is one of the most important things you need to do for your career. Save up that extra money from your bonus or salary increase; That stash can be used to buy career options, the possibility to change careers, try something new, rather than buy a new pair of heels or the latest gadget. Try to keep your expenses low, your future self will thank you for that!

I’ll share with you my experience of how I avoided lifestyle inflation and what you can do as well. I hope this video is useful, and please let me know your thoughts in the comments!

This video was reposted from my YouTube channel: https://www.youtube.com/multiplecareers
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