Do you have Same problem or you know someone who got same problem?To spend money

[Samlucky O]

A lot of people are like that and I sometimes put myself in that category. Not spending on luxury brands does not mean the spender is not getting the satisfaction he should be getting from an alternative product. Sometimes, the items or services we tag as luxury are just there because it costs more to get them, other products with lesser amounts can actually do better. These people who select what they spend on are called rational spenders.

You have just nailed it man. Yea most people have money to spend on luxury but chose not to because they see that those item don't worth it. I feel same thing too that luxury item are overhyped to suppress the poor. If you check properly all luxury materials sold in the market also have the casual that can be affordable to the low class people and someone who is rich may chose to purchase it and pretend to be a usual guy. But that doesn't mean he is usual except a need to show up arises. Just like @ Franky made a reference .

its like the movie pretty woman that got ill treated by walking into a high class fashion store in her normal clothes and then later when the shop owner realised she could afford the stuff the shop owners attitude changes

I equally watch such movie yesterday, when a restaurant owner who has not been around for many years came around to see how his manager and workers are treating people in his restaurant, he decides to appear simple and he was treated bad due to his appearance and he was angry at them and decide to fire his workers who didn't know it was the boss and it was their first time meeting their boss. So it's fun how people act by trying to switch immediately they noticed you are not what they think you are.

[junder]

Do you think that's the issue ?

I don't think that's a problem, because when someone has a clear income and makes them have a lot of money or become rich, of course their lifestyle will also improve. That is a natural law which in my opinion will indeed happen, in fact I think all people who were previously in the lower class, but when they become rich, their tastes and lifestyle will tend to rise. But what you have to pay attention to is managing your money. We must be able to manage our finances well by considering carefully when spending a certain amount of money on something.

Many young people nowadays have a mindset with a perception of life only once, so they do things that sometimes don't make sense or are even beyond their abilities, this is something that must be paid attention to. It's true that we only live once, but that doesn't mean we have to do everything just like that, of course there must be good consideration so that we don't regret it in the end. People who have a lot of money in a short time usually buy what they want, not what they need, that's absolute, because I think everyone feels that way.

[Kelward]

I believe that luxury is in the eyes of the beholder, that is a person that values the item. The rich prioritize some goods in the luxury class so that they can lavish their money on it, feeling satisfied that what they're buying is out of reach of the average income earners. I sometimes see a designer watch that costs a fortune to buy and I wonder what makes them so special, I realize that it's because the makers has prioritized it strictly for the rich. But a person that doesn't know the value that is attached to the watch will not value it, infact they'll rather pick a bicycle that they feel is more valuable to them than the very expensive watch. People should not feel intimidated by luxury items, that is somebody's business to reap off from the ego of the rich.

[Akbarkoe]

Personally I don't know anyone who has a problem spending money but I know a lot of people who have a problem getting money. 

Joking aside, yes I have this problem. I remember when I got some money and it became more than I needed. I did not know what to do or how to spend the money exactly. I was still in my old thinking that I should only spend money on necessary things, and sometimes I would buy some Luxury things that have no real value in my eyes but I regret afterwards.

It's rare for people to have a problem spending their money, most of the time it's how they get the money itself, which is even a big problem for some people.

I was once in that position when I was young with a salary that was more than enough that I could get per month, and thought that I could already buy what I ever wanted, since then my money was more and I was quite confused about what to spend it on, until at the stage of knowing investment, I always feel less, especially when I know bitcoin, a salary that is considered sufficient feels still quite lacking because I want to always invest in crypto assets.

The confusion is where we still don't know much so it will make our eyes blind to use it.

[South Park]

It's rare for people to have a problem spending their money, most of the time it's how they get the money itself, which is even a big problem for some people.

I was once in that position when I was young with a salary that was more than enough that I could get per month, and thought that I could already buy what I ever wanted, since then my money was more and I was quite confused about what to spend it on, until at the stage of knowing investment, I always feel less, especially when I know bitcoin, a salary that is considered sufficient feels still quite lacking because I want to always invest in crypto assets.

The confusion is where we still don't know much so it will make our eyes blind to use it.

Very often those problems go hand in hand, so if the amount of money that you are earning is not very high, then it is easier for you to spend more money than what you should, as you try to compensate this by using your credit card or a loan, however a person that is earning a lot of money will be able to satisfy all their needs, buy several luxury items and still save some money they can later use to invest in an asset they may like.

[EarnOnVictor]

-snip-
Do you think that's the issue ?

Money is volatile, we should spend it wisely irrespective of whether we can afford what we are spending it on or not. Luxury is a want, it will never be a necessity, I love to moderate everything no matter how rich I am. I can do the luxury once in a while, but I tell you, I will limit it to the bearers minimum because most of these luxury goods and services are ostentatious, they can't change who you are or hand you the ticket to the best health and other important aspect of life.

Even as we think of luxury, we should think of the future as well, money stays with those who are wise and who use it well, or else, you will be a yesterday rich man. Perhaps the luxury will save you at that time. By the way, I was referring to the middle-class people who would always want to feel wealthy without prioritizing the better use of the money. But if the person is truly wealthy, luxury is a must, and by then, it will happen naturally without coughing one's last card out.

[Z_MBFM]

Many newly wealthy individuals often feel intimidated by the perceived exclusivity and sophistication associated with high-class services
Even If you have quite a lot money it's not like that you walk in some high price Luxury place or try to buy high class product or service If you not use with high class even If you want to really spend some money and sometimes we all want to spend it "we live only once "
But that's how the Luxury services missing their profit margin of the potential clients money
As by crypto and other ways more and more average kind of people getting wealthy to afford a lot expensive things

Do you think that's the issue ?

Most of the luxurious products are overpriced sh*t, that is sold under a big price tag, only because it is associated with a big brand.
I've heard many stories about luxurious clothes, that are manufactured in Bangladesh for 50 USD being sold in Western Europe/USA for 2K USD. We live in a clown world. When you buy and wear premium products from "luxurious" brands, this manifests social status. The rich idiots always have to brag about their wealth and show their high social status to everyone. I really hope that most of the crypto bros stay away from this fake BS. Everything in the luxury industry is vanity plus good marketing.

Everyone considers his goods and services as luxuries depending on the amount of wealth he has.  When you are a poor person, if you buy a pair of shoes for $20, it will seem very expensive to you, but it is very cheap to a rich person.  Again, when the price of the same product varies by location, we consider the same quality product as good or bad depending on the price.  A common thing that always works in us is that the more we see the price of the product, the better we think of the product.  In this case we waste a lot of money trying to prove ourselves rich.  So first of all everyone should learn money management and acquire real good saving skills then only you can manage life very well without any kind of hesitation.

[Wexnident]

~

Being wealthy doesn't mean that you have to start using wealthy-ish stuff though? You can love off of whatever you were originally using or comfortable with. If you find something better then go for it but I don't think it'd necessary to actively look for a much more expensive alternative, e.g. switching to an iPhone just to idk, flaunt that your rich or something? Heck the first idea I got when I received a pretty big sum was to upgrade my personal stuff not because I wanted to feel rich, but because I wanted the upgrades themselves.

And no, it's not a problem for luxury businesses. They target the rich, more expensive but less clients so pretty sure it's already part of their thing.

[Finestream]

It's actually the poor and average people that loves dressing luxuriously and they do this by spending the only money they have to just impress, to feel among, trying to fit into a class they are not found going by their real networth. I think I prefer living that life where I have to take people by surprise about what they think about me different from what I really worth.

It's a sad generation that many people nowadays are living to impress other people rather than to check themselves out if there's progress in their lives.

Social media's influence made them to be like that.

Well, they've got progress and that's why they're availing these luxury things that they think will uplift them. I'm not against to it if they are able to afford it without any having difficulties in life.

Because emotional satisfaction is hard to please and if that's how they are taking this challenge to themselves, I'll let them be.

I think this could be the reason why some newly wealthy people do not end up getting richer because they tend to level up their wants and needs and embrace some luxuries in life. Yes, they can afford but the problem is, how long will it be? If they don’t focus on rolling their money and invest more, their wealth will never grow but might run out along the way because they keep on releasing their money without securing first if they also have vast amount entering in their bank account. At the end of the day, people who tend to live like this will get poorer instead because of their uncontrolled expenses here and there.

[Lida93]

It's actually the poor and average people that loves dressing luxuriously and they do this by spending the only money they have to just impress, to feel among, trying to fit into a class they are not found going by their real networth. I think I prefer living that life where I have to take people by surprise about what they think about me different from what I really worth.

It's a sad generation that many people nowadays are living to impress other people rather than to check themselves out if there's progress in their lives.

Social media's influence made them to be like that.

Well, they've got progress and that's why they're availing these luxury things that they think will uplift them. I'm not against to it if they are able to afford it without any having difficulties in life.

Because emotional satisfaction is hard to please and if that's how they are taking this challenge to themselves, I'll let them be.

I think this could be the reason why some newly wealthy people do not end up getting richer because they tend to level up their wants and needs and embrace some luxuries in life. Yes, they can afford but the problem is, how long will it be? If they don’t focus on rolling their money and invest more, their wealth will never grow but might run out along the way because they keep on releasing their money without securing first if they also have vast amount entering in their bank account. At the end of the day, people who tend to live like this will get poorer instead because of their uncontrolled expenses here and there.

All of these happen as a result of misplaced priority among some newly wealthy persons. Often times people misplace their priority while trying to enjoy their life due to how much they have wallowed in poverty in times past, and before they realize it they have squandered on irrelevant luxuries money they ought to have invested to reproduce more wealth. It is a common logic that when money regular leave ones wallet without correspondent or higher returns it's definitely going to get exhausted but some people don't think at all.

[Yatsan]

It's actually the poor and average people that loves dressing luxuriously and they do this by spending the only money they have to just impress, to feel among, trying to fit into a class they are not found going by their real networth. I think I prefer living that life where I have to take people by surprise about what they think about me different from what I really worth.

It's a sad generation that many people nowadays are living to impress other people rather than to check themselves out if there's progress in their lives.

Social media's influence made them to be like that.

Well, they've got progress and that's why they're availing these luxury things that they think will uplift them. I'm not against to it if they are able to afford it without any having difficulties in life.

Because emotional satisfaction is hard to please and if that's how they are taking this challenge to themselves, I'll let them be.

I think this could be the reason why some newly wealthy people do not end up getting richer because they tend to level up their wants and needs and embrace some luxuries in life. Yes, they can afford but the problem is, how long will it be? If they don’t focus on rolling their money and invest more, their wealth will never grow but might run out along the way because they keep on releasing their money without securing first if they also have vast amount entering in their bank account. At the end of the day, people who tend to live like this will get poorer instead because of their uncontrolled expenses here and there.

Margin indeed is the bottomline. It is okay upgrading one's lifestyle upon reaching higher financial milestones however, do it gradually and not in an instant. Not because you can buy something, you would already make a purchase because what matters is how you would sustain things in the long run. Perhaps from $20k per month, you reached $100k but your monthly expenses is around $80k. Obviously you won't be feeling that much of the increase with your wealth not to mention the idea that purchasing luxurious things would mean higher maintenance amounts. What to do is to properly leverage your expenses and earnings. On my end, whenever I am purchasing things that I want, to celebrate, I make sure to at least have a margin of 5x its value so that my wallet won't be tightened on the next days upon my purchase.

[knowngunman]

I equally watch such movie yesterday, when a restaurant owner who has not been around for many years came around to see how his manager and workers are treating people in his restaurant, he decides to appear simple and he was treated bad due to his appearance and he was angry at them and decide to fire his workers who didn't know it was the boss and it was their first time meeting their boss. So it's fun how people act by trying to switch immediately they noticed you are not what they think you are.

This is one of the issues we are facing now in our society. Some challenges we are going through now in our society is as a result of our actions. I personally don't mingle with people that respect only the rich people. It is why many are forcing their way to make money by all means even if it means to kill because the society does not regard or respect them without money.

Majority of people living extravagant lifestyle and see it as luxurious are actually doing it to impress others and nothing more. I know the importance of being classy but it becomes unnecessary at some point. You don't need to spend extra too much to prove your worth. By the way, you don't need to prove it to anyone that you worth it, it will only create hatred for you.

[Iranus]

I have been following quit a lot of rich/wealthy people and from what I learned, they don't have the luxury to dress so elaborately and flamboyantly, as in, they just feel comfortable in their skin dressing simple except for those that are celebrities and by virtue of their career want to stay trendy as a part of their lifestyle.

It's actually the poor and average people that loves dressing luxuriously and they do this by spending the only money they have to just impress, to feel among, trying to fit into a class they are not found going by their real networth. I think I prefer living that life where I have to take people by surprise about what they think about me different from what I really worth.

That's not entirely true, rich people like to dress simply because they are too familiar or even too bored with those expensive things. In their eyes, those are just cheap things or maybe they are too busy and don't even have time to take care of themselves, so they have to dress simply to bring themselves the most comfort. And just because they dress simply doesn't mean they will live simply, many people go to work in super cars, eat expensive things or live in luxurious houses...Meanwhile, things that are too boring for rich people are dreams of poor people, so some people will sacrifice a large amount of money to buy expensive things but have no intention of showing off to everyone. Sometimes they just want to fulfill their dreams or reward themselves...because they have worked hard all their lives but never enjoyed life.

Don't be too shortsighted to try to judge and criticize others just by the way they dress.

[Cookdata]

Many newly wealthy individuals often feel intimidated by the perceived exclusivity and sophistication associated with high-class services
Even If you have quite a lot money it's not like that you walk in some high price Luxury place or try to buy high class product or service If you not use with high class even If you want to really spend some money and sometimes we all want to spend it "we live only once "
But that's how the Luxury services missing their profit margin of the potential clients money
As by crypto and other ways more and more average kind of people getting wealthy to afford a lot expensive things

Do you think that's the issue ?

Some people make money with many objectives on their mind which they must fulfill in their lifetime. Some people will raise from nothing to something tomorrow only for them to see them display wealth through cars, houses and buy all stuff of materialistic things and there some people that makes money and do incredible stuff through donations to orphanage and that's how they want to be recognized and many more huge donations but will have to be on a lowkey.

I just think that we all have different lifestyles, didn't you see who Elon Musk is today? He was not near among the top richest people by forbe but look at his lifestyle till date. He claimed he doesn't own a house even though that might subjective to some investigation, that's how he choose to leave his life. There are some people that if they have such positions, they might want to display materials. However, I have a question for you, have you seen a public entrepreneur that display wealth to people? I think they are rare.

[Zoomic]

A lot of people are like that and I sometimes put myself in that category. Not spending on luxury brands does not mean the spender is not getting the satisfaction he should be getting from an alternative product. Sometimes, the items or services we tag as luxury are just there because it costs more to get them, other products with lesser amounts can actually do better. These people who select what they spend on are called rational spenders.

You have just nailed it man. Yea most people have money to spend on luxury but chose not to because they see that those item don't worth it. I feel same thing too that luxury item are overhyped to suppress the poor. If you check properly all luxury materials sold in the market also have the casual that can be affordable to the low class people and someone who is rich may chose to purchase it and pretend to be a usual guy. But that doesn't mean he is usual except a need to show up arises. Just like @ Franky made a reference .

I do not see the need pretending to impress anyone. People should normalize living within their means and doing stuffs they are comfortable with. A rich man may not be comfortable spending so much on luxury, that does not make him less a man. It's his money and he has the rights to decide how he spends it according to his personal budget.

The society expects so much from people that even those who cannot afford certain lifestyles begin to live in debts just to live up to expectations. Any business which gives its customers some discriminatory treatment has lost it and I won't be patronising such a business if I notice such.

[C10H15N]

Luxury items are what wealthy people sell to poor and working class people in order to become wealthier.

I consider most luxury items to be mediocre appreciable assets at best and a liability / burden at worst.

It's much better to be rich than to look rich. 

[AYOBA]

There alot of people's who has problems on how to spend their money and those people's are those who find their money in difficult way, which are the people's that hustle very well they swelth before they become wealth.

But you see some people's that just earned money on a lucky way they don't know how spend their money they will be spending the money in a unnecessary way buying a car that didn't supposed to buy instead of them to help those that noting to eat in a daily basic so that they can even get rewards, but they will not there only about to change their lifestyles by dressing the way them wish.

[Stepstowealth]

Many newly wealthy individuals often feel intimidated by the perceived exclusivity and sophistication associated with high-class services

It is a new environment in a new social class and a new lifestyle that can be intimidating, it may take some time for a newly wealthy individual to adjust to this new life. It is a huge challenge to society that people have chosen to judge individuals based on how people look, the clothes they have on, the car they drove in and all that. While it can be a measure of wealth, it is can be misleading because some individuals can appear rich or wealthy without really owning anything big, while someone who has achieved financial freedom and chooses to be very simple can be mistaken as poor.

It's much better to be rich than to look rich. 

I say social media has made people want to live fake lives of appearing rich without actually being rich.

[iv4n]

Many newly wealthy individuals often feel intimidated by the perceived exclusivity and sophistication associated with high-class services
Even If you have quite a lot money it's not like that you walk in some high price Luxury place or try to buy high class product or service If you not use with high class even If you want to really spend some money and sometimes we all want to spend it "we live only once "
But that's how the Luxury services missing their profit margin of the potential clients money
As by crypto and other ways more and more average kind of people getting wealthy to afford a lot expensive things

Do you think that's the issue ?

I am trying to understand the issue... is it to spend money or not? On some nice things? Newly wealthy or newly poor what's the difference? We all want better things for ourselves, and we "overspend" on some things for sure, but what's the connection with ' Luxury services missing their profit margin of the potential clients money"?! Who cares about them? It's your thing, your taste, and your wallet! If you wish to have something "luxurious" it's up to you, many of us make these choices every day.

As by crypto what? In the past 15 years (more or less) crypto has made many millionaires & billionaires, and I am sure there will be people with trillions in crypto one day... so what? Each of those people has their own desires to spend money on them, it's a normal thing... Each of us chooses where to spend money and on what things, that's not an issue, it's just a taste & wishes!

[tygeade]

All of these happen as a result of misplaced priority among some newly wealthy persons. Often times people misplace their priority while trying to enjoy their life due to how much they have wallowed in poverty in times past, and before they realize it they have squandered on irrelevant luxuries money they ought to have invested to reproduce more wealth. It is a common logic that when money regular leave ones wallet without correspondent or higher returns it's definitely going to get exhausted but some people don't think at all.

That is mainly because people who are newly wealthy are people who have no idea what to do and how to do it. I personally believe that the best thing to do in that case would be making sure that we are dealing with people who know what they are doing and nothing bigger. I get that it may not sound too critical but if they focus on keeping the money growing, instead of spending the newly found money, then they will do much better with time.

I think that is the part that will take some time, and I hope that people could see how that could be helpful as well. I am not saying that lets see what happens, we are just going to end up with a lot of people who do not know what they are doing, which is the main issue.