How to Maximize Wealth and Avoid Lifestyle Creep

We see money messages everywhere we go. There are advertisements on streaming services, billboards, in social media, and even podcasts that encourage us to consume and buy more. Buying more increases our lifestyle, not our wealth. How can we see past all of that each day to find our own financial clarity?

In this episode, Army Veteran and Certified Financial Planner, Christopher Manske shares the common money illusions were are taught that limit our ability to build wealth and encourage lifestyle creep and how to change our mindset and actions to instead maximize our wealth.

Chris graduated from West Point and served in the military for five years. In 2000, he became a broker at Merrill Lynch, where he was asked to devise and deliver nationwide training to ML brokers. He earned his CFP (Certified Financial Planner) designation from Rice University.

Chris founded Manske Wealth Management in 2012. He is the author of The Prepared Investor, which offers guidance to investors as to what to do in a crisis, and his new soon-to-be-released book, Outsmart the Money Magicians, which warns investors not to allow lifestyle creep to impede wealth accumulation.

Avoid Lifestyle Creep Episode Details

    • The common “money illusions” that limit our ability to build wealth
    • What lifestyle inflation is and how it impacts wealth
    • Systemic issues of advisor quotas and their ramifications
    • How the Consumer Price Index (CPI) manipulation leads to underestimated inflation
    • Why “pay yourself first” is a trick that enables lifestyle creep
    • Why a growth mentality is difficult long-term
    • How putting money into savings first can pay off

Related podcast: How to Use Consistency to Achieve Your Financial Goals

Maximize Wealth and Avoid Lifestyle Creep Resources

     

     

     

     

     

     

     

     

     

     

    Related: Practical Wealth Building

    Military Money Show Sponsor

    The Military Money Show is supported by Navy Federal Credit Union, where service isn’t just what they do – it’s who they are. That’s why Navy Fed created tools to help you earn and save more and make your financial goals a reality with great rates and low fees. Members could benefit from earnings and savings of $473 per year by banking with Navy Federal and an average credit card APR that’s 6% lower than the industry average. You can learn more at navyfederal.org/join.

    MilMoneyCon

    Passes for MilMoneyCon24 are now on sale! April 25-27, 2024, MilMoneyCon will be held in Denver, CO, at the Westin Downtown. Whether you’re a seasoned financial professional or just starting out, MilMoneyCon is a great place to get connected to the community, grow your career or business, and continue your education. You can go to MilMoneyCon.com to get your pass today.

    Got Money Questions?

    Get them answered on the show. Submit your questions here.

    Thank You for Podcast Reviews!

    I appreciate your review of The Military Money Show on iTunes, Google Podcast, iHeart Radio, and Stitcher. It helps me make the podcast better and better. Plus, it helps other people find me.

    Connect

       

       

       

       

       

       

       

       

       

       

       

       

      Disclosure

      These notes may contain links to our affiliate products or services, which means I might get compensation when you click or buy. That said, I will only put affiliate links that align with our podcast discussion.

      If you want to “kickstart” your finances in the military, you can get access to my free Financial Kickstart Kit here.

      Show More

      Related Podcast

      An Early Harvest for Money

      We've had a record-warm winter this year, and now that it's spring, things are really starting to bloom—including our beloved money trees. But while the lack of frigid temperatures has been nice, these dryer conditions may come at a price—an early harvest. In this episode, I’ll discuss how a warmer.
      Trusts and Your Financial Planning

      Trusts can play a crucial role in helping plan your financial future by providing benefits like avoiding probate or tax efficiency and financial planning strategies like providing for special needs children. But they cost money and can be complicated.   In this episode, Certified Financial Planner, Isidore Ogoussan shares what.
      Everything You Should Know About the Dependent Care Flex Spending Account

        Saving money on your childcare expenses is getting ready to get easier for service members and their spouses. The new Dependent Care Flex Spending Account is starting soon and can help you save pre-tax dollars to pay for your childcare expenses each year, but how does it all work,.