Ep 1 | Making Six Figures but Feeling Broke? Here's Why
In this episode, Priya Malani pulls back the curtain on lifestyle creep—the sneaky way your spending habits skyrocket as your income rises, leaving you more stressed than you’d expect, even with a bigger paycheck. She shares powerful personal stories and dives deep into the psychology behind why you spend the way you do. Plus, she reveals the secrets to mastering your money with intention and automation, so you can break free from the cycle of overspending. Stick around for actionable strategies to keep your spending in check and achieve the financial freedom you’ve been craving.
Tune into this episode to hear
The sneaky way lifestyle creep can derail your finances, even when you're earning more.
Why understanding the psychology of spending is your secret weapon for mastering money.
How automation can make saving effortless and transform your financial health.
Simple but powerful strategies to help you live within your means and build real wealth.
Follow Priya Malani
LinkedIn | Instagram | Youtube | Stash Wealth
Transcription
I began shopping more than I probably should. Soho was just a few subway stops away, and I was going out more, doing more things. Before I knew it, I was totally a victim of lifestyle creep.
Who the f*** am I to tell you what to do with your money?
My name is Priya Malani—ex-Merrill Lynch, ex-Wall Street, extremely Type A. The kind of crazy you want in charge of your cash. Currently managing millions of hardworking dollars for hardworking, high-earning 30-somethings like yourself.
Guys, I’m kicking things off with a topic that’s super relatable for almost everyone. It’s universal. It’s lifestyle creep. Even if you’ve never heard the term before, you definitely know what it is.
If you’re wondering if you’ve ever been a victim of lifestyle creep, here’s a good test: Have you ever said to yourself, When I’m making $10,000 more… or $20,000 more… then I’ll save. Then I’ll travel. Then I’ll invest. But time goes by, you actually are making more money, and yet—you literally don’t feel like you have anything more to show for it. It’s like, Where’s that money going?
It’s so common, and it’s something I really, really want to help you avoid.
An important part of getting your financial life in order is making sure you’re living a lifestyle you can afford. If you’re pulling in six figures but still feeling behind, struggling to save, or living paycheck to paycheck—I’m going to help you fix that today. Stick around until the end, and I’ll share the only two things you need to do to make sure you’re living a lifestyle you can afford and that you don’t fall victim to lifestyle creep.
My Story of Lifestyle Creep
I remember when I first moved to New York for my job at Merrill. I was coming from Atlanta, and my salary was doubling. Literally, I was going to be making twice what I had before.
In Atlanta, my rent was dirt cheap—$330 a month for the largest bedroom in a three-bedroom apartment I shared with a couple of college friends. Looking back, that’s insane. We got an apartment in a retirement community off of North Druid Hills (if you know it), which was required to save a portion of their apartments for non-retirees. We snagged one of those, split it, and it was ridiculous. Honestly, it made me feel rich because my rent was so affordable.
Then I moved to New York. My salary shot up—basically doubled—but my rent? I’ll never forget the number: $1,800 a month for a studio under 300 square feet. I could barely fit a bed in there. In fact, I had a pull-out couch from IKEA that doubled as my bed because, well, the kitchen was also the living room.
But I was working on Wall Street, so it kind of felt like… that’s just the deal.
My pay went up, but here’s the thing: My lifestyle grew tremendously.
At first, it was little things. I was working on a trading floor, and we had to be at our desks by 7:30 AM. In Atlanta, I made breakfast at home. In New York, I started grabbing bagels and coffee from the vendor on the trading floor—because everyone did. A small change, right? But then came the bigger shifts.
Things I used to say no to? I started saying yes. I didn’t want to clean my tiny, overpriced apartment anymore, so I hired a cleaning person. I started flying home more often—just taking more trips without planning for them. I felt like, Oh, I can just go to the airport and fly anywhere.
I began shopping more than I probably should. Soho was just a few subway stops away. I was going out more, doing more things.
Before I knew it, I was totally a victim of lifestyle creep.
I’m sure part of it was the excitement of the new city, the new job, the new opportunities. But looking back, I can pinpoint what really got me: that $1,500 rent increase.
Somehow, paying that much more in rent made me feel like I could increase my lifestyle in other ways too. And I didn’t even realize it was happening.
One day, I looked at my bank account and thought: I don’t have any more savings than I did when I was in Atlanta. My income had doubled, but my bank balance? It wasn’t growing like I expected.
That’s when it hit me—I thought I had it under control, but really, I had just redefined what “normal” spending looked like for me.
The Psychology Behind Lifestyle Creep
We all do this. We just adjust our normal.
And that’s what makes lifestyle creep so difficult to prevent. Because it doesn’t feel like you’re overspending—you’re just living your normal life.
If you have the money, you just… spend it. Sometimes on things you actually need. But the problem comes when the future rolls around and now you don’t have money for the things you really want.
I actually saw a Reel the other day about how influencers in LA are renting the rich life by the hour. I mean, I’ve rented designer bags before, but I didn’t realize you could rent a house and a sports car just to make it look like your lifestyle.
It reminded me: You can buy just about anything, including looking rich. But you cannot buy your way to being rich.
The Reality of Lifestyle Creep
A few years ago, we had a client from Connecticut—a couple making a combined $650,000 a year. They had three kids, lived in a nice area, and yet… they had nothing saved. Worse, they had a shit ton of debt.
Not student loans. Not medical debt. Lifestyle debt.
Fancy gym memberships. Luxury cars. Loans for things they didn’t need.
And that’s the power of lifestyle creep. You start living like you’re rich. By the time you realize it—you’re actually poor.
How to Fix Lifestyle Creep
This is a real problem, but it’s fixable.
It comes down to two things: intention and automation.
Intention – Get clear about what your goals are. Do you want to travel? Buy a home? Pay off debt? Build an emergency fund? Without clarity, it’s too easy to get distracted and spend on random things.
Automation – Automate your savings so that you force yourself to save before you have the chance to spend. Set up separate savings accounts for specific goals and transfer money automatically—just like paying rent.
Your Challenge
Instead of waiting for your next raise to reset your normal, try this:
Write down your financial goals. What’s important to you? Be specific.
Look at last month’s credit card statement. Add up all the charges you could’ve done without. (It’s usually in the hundreds—if not thousands.)
Automate your savings. Open a separate account and set up automatic transfers so that you pay yourself first.
When your income goes up, don’t just spend more—put your money where it actually matters. That’s how you beat lifestyle creep and get on track for financial freedom.
Thanks for listening to The F Word with Priya Malani. If you liked what you heard, hit subscribe and leave a review—we’re approval junkies. And check out stashwealth.com for tons of resources, courses, and other freebies.
THE STUFF OUR LAWYERS WANT US TO SAY: Stash Wealth is a Registered Investment Advisor. Content presented is for informational and educational purposes only and is not intended to make an offer or solicitation for any specific securities product, service, or strategy. Consult with a qualified investment adviser (that's us) before implementing any strategy. Investing involves risk, including the loss of principal. Past performance does not guarantee future results. There…we said it.
