One of the Big THIEVES of Personal Wealth: Behavior

Dear Reader,

One of the biggest problems when it comes to building personal wealth in the United States is the cultural phenomenon of “keeping up with the Joneses.” This idea that we need to look just as good or better than others is keeping us broke and unhappy.

Trying to impress others is often the reason many people go into debt. 

As a culture, we buy cars we can’t afford to impress people we have never met. Even if you think you aren’t trying to impress anyone, if you live beyond your means so you can have nicer things, you are robbing yourself of personal wealth.

Ask yourself this: can I think of anyone in my circle of friends who does NOT have a car payment? If so, what does that car look like? Nine times out of ten, it’s older and may have more wear and tear than those driving brand-new cars and making monthly payments. But the person with the paid-off car probably has a higher net worth, regardless of their income.  They sacrificed “looking cool” in a brand-new luxury car for personal wealth.

While it helps, you simply don’t have to earn six figures per year to build personal wealth, and it’s time we smash that myth.

All you must do is give up the ingrained idea that what others think about you matters and live below your means.  This isn’t earth-shattering news, but it is something many Americans have a hard time coming to terms with.

As a society, we are taught to go into debt for things others find important: college degrees, BMWs, big houses, etc.  But none of those things are making any of us happier.

In fact, we are the most depressed we’ve ever been as a society! 

The number of Americans on anti-depressant drugs is astounding!  We chase things instead of valuing those in our lives. Consumerism is expanding, and so is our debt to pay for it.

In the constant quest to impress others, we fail to ask ourselves why we would rather spend our money than build our personal wealth (Freedom).

Instead of buying that big house right away, slowly raise your standard of living as you increase your personal wealth through saving and paying cash for things.

If you raise your standard of living quickly and you cannot afford it, you will end up in debt and be broke and unhappy, but you’ll have nice things.  Plus, it is a lot easier to avoid debt than it is to pay it off – trust me on this one (been there, done that!).

Toss out that outdated idea that you need to “keep up with the Joneses” because chances are they probably have a negative net worth – literally! 

47% of Americans can’t afford to deal with an unexpected $400 emergency.

Let’s be real, too: no one gives a sh*t what kind of car you drive, and the good feeling of a new and expensive car lasts about a day, or no longer than the first time you showed the people you were trying to impress.

Meanwhile, you’re left with the obligation to pay for it, robbing yourself of other opportunities you could have put the money towards.

You end up neglecting places like PeerStreet and FundRise, where you cancreate multiple streams of income for yourself, cashing monthly checks from sources that require no physical effort from yourself.

Avoid the idea that your expenses MUST rise with your income, and keep living below your means. Find out what’s important to you, plan, and work toward it, but don’t let expenses eat up every cent you earn.

Once you let go of the idea that you need to have the best things to impress others, it will feel like a weight has been lifted off your shoulders.

You will no longer need to spend money to feel happy or enjoy life.

You are in charge of your future! Don’t let the expectations of others tell you what that looks like. 

The truth is that it’s YOUR money! Don’t waste it chasing the dreams of others.

In the end, financial freedom is freedom, and it allows you to have the choice to do what you want.

Best Regards,

James Davis
Wealth Strategist, FutureMoneyTrends.com

Editors Note: Learn more about my new gold speculation play by clicking here. 

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