A big problem with lifestyle creep - IMO - is that the environment you're in, will/can influence you a great deal.
If you're a millionaire hanging around with avg. Joe's making $50k a year, then there's really no external forces to influence your habits. Your buddies aren't going to come around with their $300k sports cars, or invite you to their million dollar homes, and you won't be going to diners or clubs, spending thousands of dollars.
The more you see, and hang around those above things, the more normal they become. Peer pressure, even if not intentional, can be quite powerful.
If you're a $1.2MM fund manager / senior banker / law partner / management consultant / etc., then I'm gonna go ahead and assume that you:
A) Live in a very expensive city (NYC as stated in the article)
B) Mostly hang around with peers of your own socio-economic class. (Co-workers / business partners, clients, friends - friends of friends, social activities / clubs, etc.)
C) Are regularly exposed to expensive lifestyle events (expensive client diners, first class business trips, expensive homes, etc.)
All that stuff becomes so normal - it's easy to get sucked in.
If you're a millionaire hanging around with avg. Joe's making $50k a year, then there's really no external forces to influence your habits. Your buddies aren't going to come around with their $300k sports cars, or invite you to their million dollar homes, and you won't be going to diners or clubs, spending thousands of dollars.
The more you see, and hang around those above things, the more normal they become. Peer pressure, even if not intentional, can be quite powerful.
If you're a $1.2MM fund manager / senior banker / law partner / management consultant / etc., then I'm gonna go ahead and assume that you:
A) Live in a very expensive city (NYC as stated in the article)
B) Mostly hang around with peers of your own socio-economic class. (Co-workers / business partners, clients, friends - friends of friends, social activities / clubs, etc.)
C) Are regularly exposed to expensive lifestyle events (expensive client diners, first class business trips, expensive homes, etc.)
All that stuff becomes so normal - it's easy to get sucked in.