You buy the latest Louis Vuitton bag that costs over $3,000 to take with you on your European trip. You’re in competition with your friends who have closets full of designer purses and brag about their latest travels.
We all have the need to raise our social status. But if the desire to impress others is going to lead you to the road of foreclosure, bankruptcy, or delayed retirement, you may want to ask yourself if it’s worth it. The designer bags, shoes, and first class travel tickets can add up quickly where you are unable to manage your debt.
Recognize that you are the average of 5 people you spend time with. Improve your average by socializing with friends who are in a place you aspire to be one day.