Lifestyle creep can leave even extremely high earners struggling with debt, saving for retirement, or meeting other financial goals and obligations.
HENRY stands for "high earner, not rich yet," a common description of those who have fallen victim to lifestyle creep.
If you're expecting a raise, Castro says it's important to look at your budget and goals before it goes into effect.
Create habits while you're youngAccording to Drucker, one of the best defenses against lifestyle creep is building strong saving and investing habits young.
Go back to the basicsIf you've found yourself with a lifestyle creep problem, both financial planners advise going back to the basics of budgeting and planning.
Persons:
Brittney Castro, Gideon Drucker, HENRY, Drucker, you'd, it's, Castro, what's, doesn't, Get, you've
Organizations:
Drucker Wealth Management