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For the most part, yes but everyones financial situation is different.
Here areseven viral pieces of money advice from Cruze and Kamel and how they can apply to your life.
Lifestyle creep is the process of spending more as you gain access to more money.
She explained that this is an example of financial abuse.
While every household is different, Cruzes advice is generally correct.
Some studies suggest that the earned income of a stay-at-home parent is as much as $200,000.
Those parents are also working hard and deserve equal access to household finances.
George Kamel says no.
His recommendation is to focus on getting out of debt before making any investments.
While this is sound advice, it may not apply to everyone.
Most Americans carry some debt, and families withchildren and minority groupsare disproportionately impacted.
This is a great question to bring to a financial advisor for personalized advice.
Small changes to your lifestyle will add up over time.
However,scrimping and savingalone wont make you rich or get you out of debt.
Put On Your Own Mask First
This tip refers to saving for your childs education.
Kamel explains that taking on debt just so your child can avoid student loans is a bad idea.
While some of Kamels followers disagreed with this idea, it is generally good advice.
Instead, think of theairline safety mantra: Secure your mask before you help your child.
Remember thatsmall budgetary habitsalone wont lead to financial success.
However, changing your mindset is key to avoiding lifestyle creep.
Studies show that people whose savings goals align with their personality are more likely to succeed [6].
He stands by this advice when revisiting it.
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