A coworker of mine was excited to tell me that he bought a brand new truck the other day. After congratulating him I asked him how much he paid. I almost choked on my water when he told me “Only $62,000″. I asked him why he paid so much for something that’s only going to depreciate and rust? He replied, “Because I’m young and it’s a super sexy truck and besides, the sticker price was $75,000 so I got a great deal”. Why is it that a person would rather spend $62,000 on a vehicle instead of , I don’t know, putting a down payment on a house!?
It seems that most people let their spending define who they are. What’s worse is that they are willing to go into debt to maintain the illusion. Wearing $350 jeans and $300 sunglasses have a magical way of transporting a person from their dull, mundane life into the rich and fabulous lifestyle they have always dreamed of. That is until the credit card bill arrives and reality rears its ugly head.
I remember one time I was working in a parking garage installing a new fire alarm system when a fancy green Jaguar pulled into a stall nearby. I couldn’t help but laugh when the door opened and out popped a tall, lanky man in a suit that was 3 sizes to small and had a pattern like my grandmother’s old couch. I assumed in order to pay for the sports car this man had to cut corners in his clothing budget and most likely other sources. I guess wearing flood pants was worth driving such a nice car.
Delusional thinking will have us believe that the more items we have, the happier we will be. When the thrill of the buy is gone, and the buyer’s remorse sets in, that’s when the problems start. Depression is becoming more and more common place each year. As blood pressure rises from stress, the body becomes more worn out and lowers life expectancy. All of a sudden that frivolous spending doesn’t seem as exciting as it once did.
So what can one do to battle this urge to spend ridiculous amounts of money to make us feel important? Quitting cold turkey would kill most thrill spenders, so I suggest a slow and steady approach. Instead of spending $350 on a pair of jeans, spend $350 on four pairs of jeans for the entire year. Even better spend $90 on jeans, then take your grandparents out for lunch and ask them about the tough economic times when they were younger. I guarantee you will learn to be more thrifty with your money.
I don’t plan to impress people with fancy clothing, a giant house or an expensive sports car. My plan is to impress people with how early I can afford to retire. Now that’s something worth giving up designer labels for if you ask me!
