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Lifestyle Inflation

Hosted by: Laura Hawley Special guest: Troy Garcia

July, 2019

Laura Hawley – CFP®, Vice President at Allen & Company

Troy Garcia – CFP®, Financial Advisor at Allen & Company

In this episode, we discuss what is commonly referred to as lifestyle inflation. As we all know, there is a near universal belief that having more money will improve a person’s personal finances. More often than not, an increase in income is followed by an increase in spending. And while an increase in spending is not always a bad thing, there is the potential to take it too far.

The opinions voiced in this program are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which strategies or investments may be suitable for you, consult an appropriate qualified professional prior to making a decision. Securities offered through LPL Financial, Member FINRA/SIPC. Investment advisory services are offered through LPL Financial, a registered investment adviser, or Allen & Company of Florida, LLC. DBA Allen & Company, a registered investment advisor and affiliate of LPL Financial.

In this episode we cover:

  • What is lifestyle inflation? (1:52)
  • Time saving vs Wasteful spending (6:45)
  • Indications that you might be living with lifestyle inflation (12:06)
  • Planning towards avoiding lifestyle inflation (17:11)
  • Limiting the growth rate of expenses (28:20)
  • Some money management mistakes (29:10)
  • Building a budget (30:54)

Links From the Show:

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Laura Hawley – CFP ®, Vice President at Allen & Company
Allen & Company – Laura Hawley

Troy Garcia – CFP ®, Financial Advisor at Allen & Company
Allen & Company – Troy Garcia

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