You might have heard from great authors and financial advisors that how buying expensive stuffs can burn your pockets making you even poorer than what you were before. Though many people think it as humorous but it’s the reality. It also applies to those people who just get inspired by quotes for a temporary period of time and then forget to work on it seriously.
There are many people who share their financial wisdom with other people but ultimately they themselves waste their time in buying unnecessary things which is of no use at that time. Some of these expensive stuffs are just kept as a showcase and nothing else.
I have also seen people who feel threatened of not buying an expensive product which they can make use of in order to socialise. For example, this happens with most of the women when they have to go for a special function. They try to buy the most expensive handbag, lipstick, make-up kit, go to salon so that they can grab attention in their social group.
And this gives rise to fashion competition. No matter how much money you earn but if you are not able to control your ultrahigh expenses then you will have to end up taking a net loss. That’s true because there are people who earn very little but save a lot of money at the end of the year.
It’s not only at the end of the year but whatever they save they invest it wisely in some kind of funds. So if you don’t want to be a loser then you will have to put limitations over your spending power.
What people think is that when they are paid high amount of salaries then they don’t have to make a strict budget for it. What they don’t understand is that the job they are doing is not going to lie for a permanent period of time. If you take example of the recent pandemic then you will realise that it was the worst scenario for the employees who were experienced and working in their respective organizations for a long period of time.
Even the most experienced employees were kicked out from the companies they were working for longer term. Just think how it feels when you are putting maximum efforts for the company whom you are working with but then your company finds you as worthless.
The same feeling was experienced by a lot of people. The job hunt in that period was at its peak. The unemployment rate was at its peak. If you had a similar kind of experience then you have to think again because such calamities could end you up in depression.
If there is no income other than your salary or the profits from your small business then you need to think again. Only those people who have multiple businesses and income source can at least afford what they are making. And they themselves know that where to spend the money they are earning from those sources.
AVOID SOCIAL ENTITLEMENT AND INVEST YOUR MONEY WISELY
The only reason I can see people burning their pockets without understanding their limitation is lack of knowledge about investments and casual look towards their future. I know there are lot of people who plan their future but can’t follow the system when it is required to be done in practical aspect.
And there are very rare people who plan their future accordingly and follow the same with utmost care. This difference in action can become an issue because whatever dreams you have might not get fulfilled if they are related to money.
An investment you do today will make a difference only in future. And that is where you need a lot of patience. I have seen people who make good amount of promises with themselves and then try to act fake that they are investing their money but deep down they spend it on these luxurious items.
Social entitlement can be good for temporary period of time but on other side we are killing ourselves by not focussing on ourselves and the future. We are mostly focused on what people think about us and how we can make our impression on their minds. It’s great to follow the trend but don’t become so much addictive that you forget your priorities and responsibilities.
If you want to build a happy family and positive lifestyle then you need consistent flow of money so that you can afford those things even if you get retired from your job. Think this with your future perspective because someday your body might not give the same output of what you are able to do right now.
It’s better to avoid social entitlement for saving your future from any kind of disaster. It’s the money which will save you and not your social group. So respect the value of money because that’s what will help you even if you don’t have anyone in your life.
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