""For me, somebody who is affluent likes the trappings of what money can buy," says Ryan on the latest episode of the Money Talks podcast."
""They like the stuff. They want other people to know that they can afford the stuff. They have new things, the latest things, and a constant through-flow of conspicuous consumption.""
""People who value wealth over that are people who are quietly putting money aside for their future. They have little or no debt. They don't need the stuff to show off to other people what they do own or do have. It's a more modest interaction with money, but they're using money for a more powerful purpose, as they would see it.""
""He drove a 10-year-old Volvo and lived in the house he'd always lived in. All of his furniture was from Ikea. He was an extraordinarily wealthy man, but not one who valued affluence.""
Affluent individuals prioritize visible material trappings, constantly acquiring new items and engaging in conspicuous consumption to signal status. Wealth-focused individuals prioritize saving, maintaining little or no debt, and using money for future security rather than public display. Modest lifestyles can coexist with vast wealth, as shown by an example of a billionaire who lived simply, drove an older car, and furnished his home economically. Preferences over spending versus saving influence saving and investment behaviors, with some people prioritizing pensions and long-term resilience over immediate consumption while still acknowledging enjoyment of possessions once basic needs are met.
Read at Irish Independent
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