The Dangers of Lifestyle Creep: A Million-Dollar Debt Wake-Up Call

A millennial couple with a combined income of $230,000 and nearly $1 million in debt sought advice from personal finance guru Dave Ramsey in 2018. Ramsey advised the couple to cut all discretionary spending for three years and stick to a $30,000 budget to dig themselves out of the hole. The couple's situation highlights the challenges of avoiding lifestyle creep and the struggles of HENRYs (High Earner Not Rich Yet) who earn six-figure salaries but fail to save enough to build wealth.