Ep. 382: Let’s Talk About Lifestyle Creep!

HAVE A MONEY QUESTION? GET EXPERT ANSWERS.EMAIL US: [email protected] this episode of the Pete the Planner Show, Peter and Damian ask, “Should a person buy a home right now?” And they answer it! Don’t forget! HEY MONEY is your new secret weapon for advice in your personal finances. No time to listen? BUMMER. Here’s some of what happened: Show Notes: Mailbag Question 1: “As my means has grown, so has my budget. My wife and I used to make $25K, now we are both at about $85-90K. Over the years, we’ve purchased a home and pay for daycare now. We both contribute over 15% to our retirements accounts, and we have no debt other than our mortgage. At what point is a growing budget lifestyle creep and what are key indicators to watch out for?“ Damian: Find a way to measure yourself year-over-year. Make sure your goals are covered up front, and appropriate for your situation. Pete: Their income has increased significantly. Their metrics are indicative of people who can responsibly increase their lifestyle. Ask, “what can you remove if times get tough?” Mailbag Question 2: “Is now a good time to refinance my house? … If I am a renter right now, who has a down payment and an emergency fund, is now a good time to buy a house?“ Damian: …No. This is only the highlight reel! Get the full answers to this more — click PLAY below for the full show.