Why you don't want to keep up with the Joneses
I’ve been writing about personal finance for about eight years now and I still get jealous when I see a friend with a new car. I start to wonder why I don’t have a brand new car. I start to think about keeping up with the Joneses. We’ve all been guilty of this mindset at some point in our lives. I want to remind you why ignoring the Joneses is the way to go.
You don’t know how much is being put on credit
I had a friend in college who had it all. This guy always had the trendiest clothes, newest technology, and he would always be taking cabs everywhere. I was so impressed by this because I rarely bought new clothes, didn’t keep up with technology, and I took public transit everywhere. Then one day he confessed that he was putting everything on credit. He somehow got approved for a $20,000 credit card and his mom co-signed it for him. He ended up declaring bankruptcy in his early-20s. When I saw what was really happening, I wasn’t so impressed by his purchases.
They may not have what you want
Do you know what you truly desire? I get impressed when I see a friend with a new car until I remember that I don’t care for cars. I’m not willing to give up my trips and my lifestyle for a brand new car. I would rather travel multiple times throughout the year. This is my main priority.
The goal should be to live within your means
How much do you make? How much money do you have coming in on a monthly basis? The problem with looking at what others have is that you don’t know what they’re making. Your goal should be to increase your income while you work on your savings.
We all have different priorities
Personal finance is about priorities. You can have anything that you want. You just can’t have everything that you want. So, what are your priorities?
It’s tempting to compare yourself to others. The reality is that you don’t know what’s happening behind the curtain. All that you can do is focus on your finances to ensure that you’re headed in the right direction.
“Money never made a man happy yet, nor will it. The more a man has, the more he wants. Instead of filling a vacuum, it makes one.” - Ben Franklin