Are you earning more but saving the same? How to avoid the lifestyle inflation trap that keeps HENRYs from building real wealth.

In this episode of The Confident Retirement Podcast, host Kris Flammang and advisors Armando Faucy-Smith and Collin Habig from LPF Advisors continue their special series designed for HENRYs (High Earners, Not Rich Yet). They break down why so many professionals who make excellent money still struggle to build wealth, and provide actionable strategies to reverse this common pattern.
Key Takeaways:→ Lifestyle inflation is the gradual habit of spending more as you earn more, causing your savings rate to remain flat even as income increases→ HENRYs are particularly vulnerable to lifestyle creep, especially in professions like medicine, law, and tech where income can double in short periods→ Take your "money temperature" regularly by asking: Have fixed expenses increased recently? Are you upgrading just because you can? Would a 20% income drop cause financial trouble? Are you saving a higher percentage than last year?→ Automate your savings first (aim for 20-30% of gross income) and then enjoy spending what remains without guilt→ Focus on controlling the "big rocks" of spending (housing, cars, travel) rather than stressing about small purchases like coffee or takeout

Quotes from the Episode:

"You can afford almost anything if you're in that high-income bracket—you just can't afford everything at once." - Collin Habig, Financial Advisor
 "Take your money temperature, get a clear picture of your priorities, and upgrade intentionally, not automatically." - Armando Faucy-Smith, Financial Advisor 
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