Financial standing = Social standing = Self Worth
If you make material and financial decisions that you feel will enhance your social standing or self-esteem, you’re bound to be caught up in the marketing of ‘the latest and the greatest’.
Getting caught in this cycle can lead to high expenditure through fear-based decision making. This behaviour can seriously undermine otherwise healthy and sustainable wealth creation.
Fear based decisions result from a belief of ‘not being good enough’. Like happiness, feeling ‘good enough’ comes from the inside. “Retail therapy” may feel good for a while; however, this feeling is seldom sustainable.
If the cycle continues, you may start to build debt to purchase things you think or feel you need, to find out later that you didn’t really need or want them at all. Your financial well being will be challenged and in time you’ll discover that faking wealth can cost you wealth.