Many people, including teens, suffer from this problem! The Lifestyle Creep Hyperdoc introduces students to the concept and explores not only what the signs and effects are, but also how it change a person’s life as well as how it can be prevented. It’s a great lead in to the importance of living within your means and budgeting!
- Share the following scenario with students: You receive a promotion at work and suddenly you have $10,000 more income each year, what do you do with it?
- Also ask students if they agree or disagree with the quote by Charles F. Jaffe: “It’s not your salary that makes you rich, it’s your spending habits.” Ask them to briefly explain their position.
- Discuss both of the above as a class before moving on.
- iPads or Laptops
- Projector & Screen
- ESPN Films 30 for 30 Broke (optional) (affiliate link)
- Students complete the K-W-L chart on the topic of “Lifestyle Creep”. In the left-hand column, anything KNOWN (or think you know) about the subject is listed. In the middle column, questions you would like to be answered about “lifestyle creep” are written. Finally, students view the video titled Lifestyle Creep (Are you making this common money mistake?). After watching the video, at least 3 details learned are listed.
- Next students use reliable internet sources, research the signs, effects or characteristices to determine if they’ve been affected by lifestyle creep.
- Additionally, students research how to avoid lifestyle creep.
- Finally, their project is to take all of the information and create an infographic, using an assigned template (see below) to share what they’ve learned about lifestyle creep with friends and family! See the hyperdoc for specific criteria.
- Because lifestyle creep can happen to anyone, including the rich and famous, student find an example of one famous actor or athlete who suffered from lifestyle creep and went broke because of it. They include their name, photo and brief summary to finish off the hyperdoc.
- Optional Activity: If I have time, I like to show students the ESPN Films 30 for 30 Broke featuring athletes that went broke despite making bookoo bucks!