Specific Steps on How to Break Through the Golden Handcuffs and Prevent “Lifestyle Creep” in an Industry or Job You Hate
Have you ever felt stuck at a job because the pay was just so good that you don’t want to risk changing your lifestyle by finding a new job?
I have a lot of people who reach out to me how are miserable in their careers, but ARE UNWILLING to change their lifestyle. They feel stuck, and rightfully so!
Lifestyle creep is defined as: “when an individual's standard of living improves as their discretionary income rises and former luxuries become new necessities.”
Similarly, golden handcuffs are used by employers to make lifestyle creep happens. Because your salary is so good, you may be more willing to put up with a stressful work environment. These golden handcuffs are often enough to keep you at a job you don’t love.
Sound familiar to you?
Lifestyle creep is a continuous cycle that a lot of people deal with, and I work with so many clients to overcome their golden handcuffs. That’s why this blog is going to focus on all you need to know about how to beat these two MAJOR issues!
WHY YOU SHOULD AVOID LIFESTYLE CREEP AND BREAK THOSE GOLDEN HANDCUFFS
Everyone loves having money, no debt, and a lifestyle they love. If you think back to your first jobs getting paid minimum wage, do you wonder “how did I ever survive off of that?!”
You survived on that lower income because a) you had to and b) your standards were different.
Let’s back up for a second: I am NOT saying that you should quit your high-paying job and re-apply for your high school gig.
What I AM saying is that too many of us get caught up in the 💸💸💸 without thinking about how we may be sacrificing our happiness. Not to mention that you may be putting yourself in an active job seeker position if something ever were to happen to your job.
Since both of my husband and I have launched our own businesses, focused on paying off our student debt, and started saving for a home, our lifestyle has become so minimal. Literally bare bones.
We actively decided to forgo living the lifestyle our incomes could afford us simply because we did not want lifestyle creep to make us feel stuck.
Why? Because our happiness, family, and success is more important to us than buying that new sexy Tesla (although dang, I really want one of those haha!)!
While you can still enjoy a vacation, Starbucks, or ladies night out, think critically about how lifestyle creep and golden handcuffs may be keeping you in a career you don’t love.
TIPS TO PREVENT GOLDEN HANDCUFFS AND LIFESTYLE CREEP:
After spending a significant amount of time thinking about lifestyle creep and golden handcuffs in my own life as well as for my clients, these are my top tips to prevent them from affecting you:
Outline your personal and financial goals and stay accountable to them. Write them down every single morning to stay focused.
Consider the ROI on all of your investments. Attending events, conferences, and networking events can be REALLY steep expense. Ask yourself: Why am I attending? What will I get out of this experience? Is it worth the investment?
Just because you earn more does not mean you should spend more!
Surround yourself with people who want the same lifestyle as you. Personally, I love cooking at home and having friends come to us rather than going out to dinner. It saves money on food and a babysitter, too. Plus, it’s healthier to cook at home! #win
Practice minimalism and only purchase objects based on necessity. There’s no need to keep up with the Jonses!
Be realistic with what you want in your life. You can accomplish and get everything you want, but maybe not all at once. So plan and tread carefully.
Develop a side hustle and invest your earnings. Side hustles can take time, energy, and $$$ to build, so outsource some help (like a career coach) to keep you on track and focused.
Once you implement these tips, circle back with me. Give yourself 6-12 months to adjust, and see how your life explodes with more satisfaction, less stress, and overall the ability to THRIVE in your life.
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