You may have heard the phrase “lifestyle inflation,” or seen articles about families making well over six figure incomes and still living paycheck to paycheck. This phenomenon is also known as “lifestyle creep” and refers to the tendency to let spending rise as income rises.
One of the best ways to become financially secure in retirement is to develop solid financial habits early in life.
Appreciating the need to begin investing at the start of a career is critical, as is making sure debt doesn’t get out of control.
Here are eight things that young Americans can do to increase their chances of a secure retirement.