video about lifestyle inflation

[readytorock]

Hey guys, I made a short video discussing "lifestyle inflation", basically just introducing the concept and a little bit on how to avoid it. Thought that if anyone would enjoy it (though, probably not need its lesson), it would be you guys here. =)

YouTube - "Lifestyle Inflation"

[Mr Nice Guy]

Hopefully it opened up the eyes of the "asleep"

[maat55]

Also known as "Docitis". Not anything Steve ever had, but DR mentions on occasions where how young doctors start making big money and spending it just as fast, when they could maintain their meager lifestyles and payoff SL debt rather quickly.

[disneysteve]

Originally Posted by maat55

Also known as "Docitis". Not anything Steve ever had, but DR mentions on occasions where how young doctors start making big money and spending it just as fast, when they could maintain their meager lifestyles and payoff SL debt rather quickly.

Very true. I've mentioned before that I (and my family) were actually featured in an article in a national physician magazine for living frugally despite me being a doctor with a 6-figure income. In the article, we talked about shopping at thrift shops, cooking our meals from scratch at home, taking budget vacations, buying a modest home and saving a significant percentage of our income. Our story was felt to be so unusual as to warrant a multi-page spread in this magazine. What does that tell you?

[Mr Nice Guy]

Originally Posted by disneysteve

What does that tell you?

The magazine is published in the United States!

[maat55]

Originally Posted by disneysteve

Very true. I've mentioned before that I (and my family) were actually featured in an article in a national physician magazine for living frugally despite me being a doctor with a 6-figure income. In the article, we talked about shopping at thrift shops, cooking our meals from scratch at home, taking budget vacations, buying a modest home and saving a significant percentage of our income. Our story was felt to be so unusual as to warrant a multi-page spread in this magazine. What does that tell you?

Sounds like "Docitis" is a widespread epidemic. I suspect it affects every occupation. I think it is more rampant among doctors due to their longterm schooling. They are ready to cut loose.

[disneysteve]

readytorock - I just watched the video and it is well done. Nice to see some intelligent comments, too.

Yes, maat, after at least 24 years of schooling, newly minted doctors have lived with deprivation for so long that when those big paychecks finally start coming, they want to make up for lost time. Friends who entered the work force after high school or even after college have at least a 7 year head start on their lives. They have homes, cars, and all of the other stuff that comes with a decent income while we're still living in cheap apartments with hand me down furniture and worn out clothes. I certainly understand the desire to go out there and start enjoying life, and I certainly did some of that, but I just didn't dive into it nearly to the extent that many others do.

[readytorock]

Thanks, Steve, and everyone else. Plan on doing a few more personal finance videos in the future from time to time.

[landon.bruno]

The more you start earning the more you spend on your lifestyle. Yeah lifestyle inflation is a common thing nowadays. Everybody want to buy designer clothes or clothes many celebrities have wore.