Illusion of Wealth from Debt Accumulation


Debt is a challenge for people from all walks of life, and from many different countries. An illusion of wealth is often created when individuals purchase homes, cars, boats, or other consumer goodies, which extend beyond their budget and financial resources. Unfortunately, in the United States as well as other advanced countries, the media pushing consumerism pressures individuals to purchase more than they should.

As we mature in age we learn that we can live without expensive cars, gadgets, designer brands, and other goodies that cost too much. Living up to a specific standard of living often costs one far more than they realize until it's too late, resulting in financial resources being swallowed up by debt rather than being saved or invested for future needs.

Speaking from my own experience, one of the best ways to force yourself to live within your financial resources is to utilize same-as-cash strategies for making purchases of consumer goods that you may feel you need. By limiting your consumer purchases to what you can only pay for over a short period of time, you'll be less susceptible to falling prey to creating an illusion of wealth due to pressures from our society and commercials.

The added benefit is that true friends will enjoy your company because of who you are, and not due to an illusion of wealth you may have portrayed. Of even greater importance is the fact that you'll learn to love yourself for who you are as a person, and not for what your economic status may be.

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