Recently with the amount of money that has been pouring into the crypto space, I see many people becoming wealthier than they imagined, especially those from a younger generation. However despite of this, many people are going to throw almost all the money they made, away. Either through bad choices or buying expensive stuff they don’t need, that money is going to be eaten up. With how the media and culture we consume pushes a buy now, pay later mentality, I think it is very important for people to learn that just because you can afford something doesn’t mean you should buy it.
Every month it seems like another celebrity who was once a multimillionaire, even worth hundreds of millions or more, declare bankruptcy or are forced to sell off most of their assets. We live in a culture that values those who spend obscene amounts of money on nice things and people, especially younger people buy into it. Even in the bitcoin space we have watched many figures through the years go down in a ball of flames, when, if they had just sat back and threw their money in an index fund, would be living on a beach somewhere.
Despite what people actually believe, having nice things wont make you exceptionally happy. Have you ever bought something you really wanted to and then the appeal wears off after a week or so? This is the same thing that happens for rich people just on a much higher scale. There is a reason why so many people who are so wealthy turn to drugs in order to get them high. When you can suddenly buy anything you want, there is little to yearn and wish for. Buying everything wont fill the hole in your heart, in fact it probably will hurt you more than it helps.
If you truly want to create a life filled with wealth that is more than just material, take a job doing something you love, pay off your loans, live within your means and don’t buy everything just because you can. There is a time and a place to buy things you want and if you have the money and really want something, go ahead buy it, just know that its only an item. Youre better off purchasing something for functionality rather than status. Yes a Lamborghini may come with a ton of status, but functionally it is still just a car.
People who like you for the status you bring, aren’t exactly people you really want to be hanging out with anyway. Those who will be with you for the good and the bad times are your real friends, not the imposters who like you for your things. So I say this, no matter how cheap or expensive something is, weigh the value that it will bring to your life and whether or not that is worth it. If you decide an item is worth purchasing, go ahead, but beware buying something simply because you can.
Thanks to @Elyaque for the badges