Keep a raise from disappearing into your spending
your income just went up, and last time it did, your spending rose to match within a year and you ended up no better off.
Built on
Morgan Housel · 2020
Supplies the why: wealth is the gap between ego and income, and the money you don't spend is invisible. Ronald Read the janitor against Richard Fuscone the executive.
Thomas J. Stanley & William D. Danko · 2016
Supplies the scoreboard: expected net worth = age x income / 10, and the high-earning 'under accumulators' whose spending rose with every raise.
The prompt
My situation: [describe the raise or windfall, what happened to your spending the last time your income went up, and what you want this money to change]
Use The Psychology of Money by Morgan Housel (2020) and The Millionaire Next Door by Thomas J. Stanley & William D. Danko (2016) to help.
Recall any details from the whole book that help, including names, numbers, scenes, or cases that are not the most famous chapter titles.
Copies as plain text. Paste it into whatever model you already use.