We are early into the year so this is one concept which I wanted to reiterate again to readers on the importance of personal finance and not keeping up with the joneses. This strategy helps me a lot in my personal finance, especially in my younger days when everyone was partying away with their youth and money while I kept a distance to keep my balances in check. I'm glad that it's a habit that keeps me going until today.
Spending money on status symbols and brands has been overly emphasized by the media and society as a symbol of success. The media called this the conspicuous consumption, which means the ability to keep up with whatever is in the trends right now. The lesser the supply of these branded good circulating around, the greater the demand because everyone wants to be the person everyone else looks up to apparently.
I wrote an article last year which redefines the conventional wisdom of success. As a society, we need to have a better sense of understanding of what measures the true wisdom of success. Is becoming a doctor a symbol of success or is it the role they play that makes them a success? Does the car a doctor drives need to be defined differently than what a normal office employee drives?
The truth is these trapping definition of success weighs aplenty on people's mind that they are willing to pay multiple times the value to get what they want. This leads to the problem of personal finance when you are not disciplined enough and your finances are not able to accommodate to your wants.
The following images you will see below shortly speaks volume to what happens in our everyday's lives. We can be at any of the positions at any point in time but the same thoughts will occur. Just think the last time you see a branded car on the street, do you see the car or do you remember the driver's face?
Everyone will be in a situation that we will envy the better person because he has more of something but that something has better got to do with something useful, not just branded material stuff.
Which one are you?