THE BROKEN WALLET

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Are you making purchases for all the wrong reasons?!

Have you ever found yourself buying things to show off or impress others? It’s a common trap that many fall into…and it comes at a high cost.

Whether it’s a new car, designer handbag, or the latest gadget, some people unconsciously (and consciously) see possessions as a measurement of success. They become so preoccupied with how others perceive them that they no longer buy for themselves – they buy for status. 

Here are a few ways to spot a status-driven purchase.

1. You prioritize brand names over quality

One of the most common signs that you’re buying for status is prioritizing brand names over quality. Rather than investing in products that are well-made and will last a long time, you’re drawn to products solely because of the name on the tag.

For example, you might choose to buy a designer handbag over a well-made, less expensive alternative simply because of the logo. Or, you might pay a premium for a particular brand of clothing – even when the quality isn’t any better than a less expensive option – all because of the status symbol behind the designer’s name.

2. You’re constantly seeking approval from others

Another sign that you’re buying for status is constantly seeking approval from others. You’re more concerned with how others view your purchases than with whether you actually need (or like) an item.

People who fall into this category are more likely to buy a luxury car they can barely afford to impress their so-called friends and colleagues. Or, they might purchase expensive jewelry, even if they don’t particularly like it, just because they think it’ll make others view them as more successful.

3. You feel the need to keep up with the Joneses

If you’re constantly comparing yourself to others, and you feel the need to keep up materially, there’s a chance that you’re also buying for status.

Do you feel like you have to buy the latest and greatest smartphone, even if your current one still works perfectly? Or, do you feel like you have to upgrade your car every few years, despite your current car being in good condition?

4. You make purchases impulsively

Another sign that you’re buying for status is making purchases impulsively.

Rather than think about a purchase and consider whether you actually need it, you’re more likely to buy on a whim based on how you think the item will make you look to others.

Whenever I create a blog post or video on materialism and keeping up with the Joneses I always encourage asking this question: If no one ever saw this item, would I still want it?

Ask yourself this question and be honest. The way you respond reveals the true intent behind a purchase. You might find that you don’t shop for yourself – but rather for others. 

5. You’re willing to go into debt to maintain your image

Going into debt to maintain a certain image is one of the biggest tell-tale signs of buying for status.

Rather than focusing on your financial well-being and living within your means, you’d rather rack up credit card debt or take out loans to buy expensive items – simply because you want to impress others.

Keep in mind that your TRUE friends won’t care about your possessions. Whether you live in a small or big home, or drive a luxury or basic car, they won’t make you feel inferior. And if you feel that you have to buy certain things to fit into a social circle – it’s time for a new one. 

FAQ

Why do people like to keep up with the Joneses?

People keep up with the Joneses because they want to fit in and feel like they belong. When they see their peers with nice cars, fancy clothes, or big houses, they feel like they need those things to be successful or happy. Additionally, social media has made it easier than ever to compare ourselves to others, as we see carefully curated images of other people’s lives online. It’s important to remember that everyone’s financial situation is different, and what works for one person may not work for another. Instead of trying to keep up with the Joneses, it’s important to focus on your own goals and priorities, and make financial decisions that align with those values.

How to get over keeping up with the Joneses?

Try to focus on your own goals and values, and make financial decisions that align with those priorities. Secondly, consider taking a break from social media or limiting your exposure to images of other people’s lives. This can help you stay focused on your own journey and reduce the pressure to keep up with others. Lastly, surround yourself with people who share your values and are supportive of your goals. Having a strong support network can help you stay motivated and on track, even when the temptation to keep up with the Joneses is strong. Remember, financial success is not a one-size-fits-all approach, and what works for others may not work for you. Stay true to your own goals and values, and you’ll be on your way to financial success in no time.

How to be content with what you have?

Learning to be content with what you have can be a powerful way to improve your overall happiness and wellbeing. Firstly, try to practice gratitude on a daily basis. Take time each day to reflect on the things you’re thankful for, no matter how small they may seem. Secondly, focus on experiences rather than material possessions. Instead of buying new things, invest in experiences that bring you joy, such as traveling, spending time with loved ones, or trying new hobbies. Lastly, try to live in the present moment and enjoy the little things in life. Whether it’s a beautiful sunset or a cozy night at home, learn to appreciate the simple pleasures that life has to offer. By focusing on gratitude, experiences, and the present moment, you can learn to be content with what you have and find joy in the everyday moments of life.