Could the status symbols we all chase make our lives worse?
Seriously, this is an important question to ponder.
We have all chased one, or more, status symbols and I’m starting to think that avoiding them may be an important operating principal to follow. I certainly chased the big, lakefront home for years. Thankfully, my wife decided she wasn’t ready to move before initialing one minor change to the purchase agreement on the 8,000 square foot home I wanted to buy.
Consider this tweet:
The reason why status symbols tend to provide long-term negative results is because we finance them. This means we sell a significant portion of our future income simply to impress others. We pay for this with our lives – our future – where we’re forced to work to pay the debt we incurred to impress someone else.
Is it worth it?
The answer is different for everyone.
For me, status symbols aren’t worth borrowing money over. The cost far exceeds the benefit.
For me, living a good life consists of…
… reading great books.
… eating great food.
… feeling great (amazing health).
… rewarding work that adds value.
… having great relationships with family and friends.
… connecting with and masterminding with great people.
… having great experiences.
… watching great movies.
… having less financial stress.
… living in a home I love.
… having plenty of time to be with my family.
Notice that none of these things that make our lives truly amazing require the purchase of any status symbols. In fact, every status symbol we acquire may actually detract from the things that make life truly amazing.
If you have a lot of debt, you’ll feel financial stress. I know because I certainly did! This stress will lead you to work more. I know because I was working 7 days a week trying to keep everything afloat. More work means less time with loved ones and less time for yourself. I know because I didn’t spend much time with my wife for our first few years of marriage and I’m lucky she stayed with me.
Speaking of debt, I share something in my November Cashflownaire Newsletter critically important about debt that you should consider as you start planning 2019. It may be the most important financial planning strategy you can use with your family. And this strategy includes a way for you to actually profit from debt!
You can become a Cashflownaire Member here:
And you’ll instantly receive the November newsletter, which is only available for a few more days. Plus, you’ll automatically receive the December Newsletter later next week when it’s released. It’s like getting two months of the membership for the price of one. 🙂