Finance Tip Friday #29: Lifestyle Inflation

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Try to avoid lifestyle inflation during your nurse practitioner entrepreneur journey!

What is lifestyle inflation? It is another word for lifestyle creep. Which is another way of saying “increasing your expenses and lifestyle as you make more money.”

One thing that most nurse practitioners do as they make more and more money is that they begin to buy more and more “stuff” that does very little for them…

Big fancy houses.

Expensive cars.

Lavish vacations.

Designer clothes and accessories.

Eating out all the time.

And so forth…

Even though they are making more money as they did before, they still live paycheck to paycheck or close to it because of the lifestyle inflation.

Listen, if you are a nurse practitioner entrepreneur and are on the cusps of making a lot of money through your business, then you need to prevent this from happening. Once you go down the path of lifestyle inflation, it can be hard to get out of it.

Lifestyle inflation prevents you from saving any considerable amount of money. This then leads to a slower investment rate which leads to a delay in obtaining financial freedom. Isn’t one of the goals of being a nurse practitioner entrepreneur obtaining financial freedom? Then get your lifestyle in check if so.

Try to live within or below your means and you will prevent this problem from happening.

7-10 years of consistent high savings and investments by preventing lifestyle inflation will make you a millionaire. So, what do you want more? The $1,200 handbag or millionaire status and freedom?

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