LIFESTYLE CREEP
A situation where an individual upgrades his or her lifestyle or standard of living as their income increases, either an increase in income or decrease in expenses. More money is spent on lifestyles and regarding previous luxuries as necessities now. Lifestyle creep is an eminent problem of individuals as they approach retirement.
Also called lifestyle inflation.
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Lifespan of an asset or a liability in which its value is expected to either increase or decline, depending on its nature.
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