Q&A: What are Some Professional Benefits of Living Below Your Means?
You don’t have to stay at a job you hate.
When you succumb to the “lifestyle creep” of spending as much money as you’re making, you’ve trapped yourself into that level of income. But what if you’re not happy at your job? What if you want to make a change, maybe even a drastic one?
You can’t switch careers because you’ll likely need to take a pay cut and work your way back up the ladder as you learn the ropes. That means you’re stuck looking for work within your current career field, that isn’t too risky, and that will allow you to maintain your standard of living.
In some ways, wealth is a trap, at least when you get to dependent on it. It forces you to be less mobile. You’re not able to take on opportunities that may pay off in the long run because you can only live in the short term.
Living below your means, building up a safety net, and realizing that there are more important things than what car you drive and how big your house is are keys to creating a life where you can be happy both at and outside of work.