My financial philosophy developed out of a desire to make the most of my meager wages. When I started my professional career after gradating college, I made $12 per hour. Thankfully, I didn’t have any debt — or paying all my bills and saving a little money each month would have been impossible.
Still, it was hard enough to pay for my living expenses and save, too. Because I made so little, I was focused on spending as little as I could so that there’d be enough money each month to go around.
Since that time, however, I’ve advanced in my career and even quit working for someone else in order to become my own boss, running my own business. I make significantly more than twelve bucks an hour now, and my focus has shifted from gotta spend less! to how can I earn more?
Earning more each year is a good position to be in, and I’m thankful. Every time I bump my earnings up, I make it that much easier for me to achieve my financial goals and reach financial success.
But it also leaves me vulnerable to a phenomenon that has wrecked the potential wealth of many, many people: lifestyle inflation. [Continue reading]