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Michael Kitces: Investing in Stocks vs. Skills [GREATEST HITS WEEK]
Afford Anything
The Pitfalls of Lifestyle Creep and Financial Regrets
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Quickly adapting to an enhanced lifestyle leads to escalating expenses without a corresponding increase in savings, inhibiting progress towards financial independence. The desire to maintain a higher standard of living causes individuals to overlook the long-term financial implications of their decisions, resulting in ongoing financial burdens. Many people face regrets in their final years before retirement due to lifestyle inflation experienced during their prime earning years. Lifestyle creep occurs gradually, often unnoticed, as people indulge in new purchases or conveniences, such as luxury cars or outsourcing chores, which become permanent fixtures and hinder financial freedom in the long run.
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