People think that buying a diamond ring, or a car, or a luxurious handbag, on a few thousand dollars monthly salary is acceptable.
It’s quite stupid.
“Rich people buy assets. Poor people buy liabilities.”
“Assets put money in your pocket. Liabilities take money out of your pocket.”
“Most people spend money that they don’t have, to buy things that they don’t need, to impress people who they don’t like.”
The moment you swipe your card on any of those luxurious items, their value drops immediately by at least 30-50%.
Rich people pay for luxurious items with their passive income. Poor people pay for luxurious items with the earned income.
People simply need to stop being so obsessed with consumerism, materialism, and being needy of other’s affirmation, if they desire to get out of the rat race of the average, unsuccessful, and poor.