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The Seductive Lure of Luxury.(Investing)
- Article from:
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Kiplinger's Personal Finance Magazine
- Article date:
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January 1, 2004
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Copyright informationCOPYRIGHT 2004 The Kiplinger Washington Editors, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline:Knight Kiplinger
by Knight Kiplinger
As a sometime procrastinator, I'm all too aware of the wisdom of Parkinson's Law, which posits that "work expands to fill the time available for its completion." And as a longtime observer of how people handle their money, I've come to believe that there is a financial corollary to Parkinson's Law: "Household spending expands to consume rising income."
This law explains why so many people who make a very comfortable living, with steadily rising income, can't seem to accumulate any wealth. They're always vowing to start saving some real money someday--as soon as their income rises a bit more. Their problem, of course, ...