Lifestyle inflation is an insidious killer of your financial wellbeing and eventual financial independence.
What it is: allowing your expenses to grow along with increases in your income.
How preventing it helps:
MORE IDEAS FROM How to Reach Early Financial Independence
Early retirement is not defined as when you stop working forever, but as having the freedom and flexibility that saving up enough money can give you if you want to leave a job.
The idea that when you retire, you are done working is an old school idea. Working is actually good for you. People that altogether quit working start losing their mental faculties and may die sooner.
Savings and investments should be part of a monthly budget even when young or just starting a career.
You cannot save enough if you are waiting until your late 30's before thinking about savings and investments. Then credit cards and loans will drag the savings with added responsibilities like marriage, children, care of parents, etc.
FIRE is a financial movement of extreme savings and investment that allows proponents to retire far earlier than traditional budgets and retirement plans would allow.
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