This is Why Most People Live Beyond Their Means
I understand how people cannot stand poverty. They do not want to be seen as being of no means, so some pretend to be wealthy and of means even when they are not.
Not to intimidate anyone, whether low, middle or high class, we will still hopefully all move to the next tier of luxurious lifestyle, but should we assume you earned it or pressured yourself into it?
Those deemed to be in the lowest level many times experience social pressure whenever they are in places with individuals of high net worth. Most of them end up buying commodities or stuff, to create the perception that they have resources to spend even if they are cash-strapped.
As per research, almost 80% of the people in the world have some or other kind of debt.
The personal debt takes the biggest chunk in the cake. Earlier, at least, the personal debt used to be for some big expenses only. But now, people have started taking loans for holidays, for partying, for buying flight tickets, for buying regular stuff, for things which can be avoided.
People do it all the time knowing full well that they can’t afford it. I know some people think that bro, I have paid all the debts on time, I can afford it.
I also thought so until I came across this quote from Jay-Z.
“You can’t afford something unless you can buy it twice.”
By acquiring expensive products that they can hardly manage to maintain, in the story of “keeping up with the Jones”, many are likely to remain disadvantaged for a lifetime. They are unwilling to live below their means. So, they garner wealth by purchasing expensive items.
What are some of the probable factors leading people to spend money on luxury products?
Nobody likes to be seen as poor; instead, they want to be perceived as rich. This indicates that they have negative self-esteem.
To others, it might be a dream comes true. Purchasing a designer handbag, shoes or watch will either empower them to work harder or steer some of them further into poverty.
Unfortunately, maintaining these kinds of status and lifestyle, can be very expensive and leads to liabilities because one strongly feels wealthy but you’re not, and changing their mentality would be challenging.
Many individuals fail to recognize that status cannot be bought, but must be earned.
I believe that depriving oneself of overly expensive luxurious purchases just to show off, is the only way to become affluent, because it allows a person to advance to the next desired standard by investing the little they have.
The most serious issue in the society is social media. Netizens will display how stylishly they are groomed, and have been reported to be so misleading, as many people have been found to live lives they cannot even afford, creating the perception that they are doing well and off means, while truthfully, it’s just a facade.
Spending more makes them feel rich
“You cannot keep out of trouble by spending more than you earn”-William J.Boetcker
People are buying into products they cannot afford because society has become narcissistic.
Lack of financial intelligence has also resulted in this extravagant lifestyle.The tendency can be reversed if people learn to manage their income within their expenditure.
Embracing individuals as they are will unlock doors to their advantage. They will be relieved of mental isolation, and they will be able to budget by foregoing the expensive brands.
To follow the peers
“Fitting in” is one of those horrible diseases that turn reasonable minds into sheep-gelatin hive minds.”― Alida Nugent
The Law of Nature is growth. We as humans are looking for growth all the time. And we work for that.
Problem is that some other fellow has worked harder than us, or maybe he started earlier than us, or maybe he got lucky, or maybe he is just f****d up and still posting photos of his loaned holiday on social media, whatever is the case, it looks like, he moved a little ahead of us in those material aspects.
And that gave a big jolt to our self-image.
Because most people see themselves and value themselves based on what material possessions they have, that is the definition of good quality of life according to them.
Physical health, mental health, & spiritual health is of the least importance for these people.
All they are bothered about the latest gizmo that has come into the market.
That latest car, latest trend which the neighbor is having and they want that to come to the level of their neighbors, even if it means going beyond their means, taking loans and struggling for years to have that mental peace which comes only by having your finances in control.
This process keeps on going until someones understand that your value and quality of your life doesn’t depend on what kind of material possessions you have, it depends on how much in control of your life you have, it depends on how much you respect and value your current situation in life.
Let us abandon the conception that being stylish is synonymous with being acceptable.