Don't buy luxuries until you've built the assets to afford them

The #financing of items or activities that have little or no real #value can drastically affect #financialsecurity. Such audacious spending diverts #funds away from #saving and #investing. The “play now, pay later” syndrome implies that people who #spend a large part of their wealth on acquiring luxuries, often on #credit, are in essence robbing their #retirement funds and could ultimately undermine their future financial security.

It is tempting to want to copy others and want what they have.

It all comes down to setting clear #goals and taking deliberate steps to achieve them.

It is wise to look at your own particular situation and look at ways of improving yourself, through self-development and #education.

Focus on what is really important to you.

The phenomenon of wasteful and lavish consumption to enhance #social prestige can be reversed where the mindset shifts towards a disciplined approach to #wealth creation and #spending, where there is a systematic approach to achieving long-term financial goals and being less swayed by short term impressions and wants.

#MMWN #MoneyMattersWithNimi