Wanting to ‘keep up with the Joneses’ maybe due to a lack of self-esteem. Those who buy things they can’t afford sense a boost in their self-confidence by having these things, particularly in the public.
Having luxurious items is fine as long as you know your net worth can sustain it and you do have a financial plan in place.
Stop placing so much importance on demonstrating socio-economic superiority.
Rather, focus on owning a strong financial foundation that can sufficiently meet your life’s goals.
Delay instant urges to gratify your self-image until you are sure your net worth says you can afford it.
If you do indeed have a self-worth issue, fulfil the void with family and meaningful relationships, a heightened appreciation for self, charitable works or even spirituality for some.
After all, money does not buy you happiness but managing it well can get you there.