Preemptive Lifestyle Inflation
Yesterday on Facebook I was scrolling through a friend’s post and he was being giddy about some new toys that he bought. He wouldn’t reveal what it was, so a number of his friends started guessing what he bought. A new camera? No. A new laptop? No. A new car? No. Nobody was able to guess it and he was really happy about that too. Many posts down his girlfriend chimed in saying that if he got new toys then she wants new ones too. She started naming off the “stuff” that she wants him to buy her: the new iMac, a new car, a jetski, a house, and other big-ticket items. She asked him when he would buy it for them. I know both of them (the boyfriend and girlfriend) and they each make around 40 to 50 thousand a year while living with their parents. Both are older than me. Both travel more, buy more, and eat more extravagently than me. The girlfriend has been pressuring the boyfriend for marriage and to buy a house for both of them to live in. She wants to start a family. She wants the white picket fence and 2.5 kids. She wants the shiny new toys and the hobbies to match. I don’t believe they have much savings since they complain about being broke. See anything wrong with this picture?
I met up with a coworker of mine two weeks ago. We talked about office going-ons and the various politics. During dinner she switched eyeglasses and flashed her new Cartier glasses to me. She excitedly told me how she got a great discount on it: it was priced at $1,000 and she was able to buy it for $550! I gave the obligatory “wow, you got a great deal on it!” Later on I noticed that she got a new handbag, she merrily revealed that it was Ferragamo (spelling?) and that it matches her wallet now. I asked how much it was and she said she got it for free from her sister after her sister got a Chanel bag. I commented on how much more upscale her items have become and more expensive her taste is now. She was happy I noticed. Currently she leases two vehicles: a Scion and Tacoma. She also wants to buy her father a new Lexus and herself one too. She doesn’t do used cars. She makes around 75 thousand a year, by no means a paltry sum and should be enough to live on. She has plans to buy a house in the future and but is constantly fretting about how she can’t save any money. See anything wrong with this picture?
Sometimes things just feel so alien to me. Why do people put themselves in these mental cages that are so strong they cannot break the bond. Why do so many people worship material possessions and can’t see the chains they bring. Why can’t more people see the possibility of choosing something other than the rat race and instead forge their own future which isn’t all about keeping up with the Jones. It’s a wonderful world out there and it isn’t all about being consumption lemmings.
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I have heard that Cartier glasses give you x-ray vision. I’m not sure though and I would never pay $500 to find out.
I didn’t quite see the connection between the title and the post though?
I think I get a little frustrated sometimes when I still see people spend money frivolously in the middle of a “Great Recession”. But I called it preemptive lifestyle inflation because to me lifestyle inflation is when your standard of living rises as your income rises. But their wants are far greater than their current income flow, thus they have already fallen into preemptive lifestyle inflation and will end up accruing a lot of debt to service those wants.
I have come across this as well and while I wonder about how they can afford it or why they would waste their money I do realize that some people’s values are different than mine and I respect them for it. For them having the most luxury items and portraying a certain image of themself is essentil at this point in their life for happiness while for me knowing that I am living an affordable life style is essential to their happiness.
This makes my inner PF’er squirm and it makes me a wee nauseous.
They’re all pretty bad stories, but the girlfriend who has no reality check in the first story, makes me cringe.
Then the last one who upgrades her lifestyle and is HAPPY that you’ve noticed (Er.. $550 on a $1000 handbag is still $550 out of your bank account.. )
I am an admittedly reformed shopaholic who slips once in a while, but even I clutched the table in awe, reading those stories.
Thanks for the reminder.. :)
Yes same here. I think I actually physically feel pain when I or other people make frivolous purchases (that they can’t really afford). Don’t feel the catharsis that some people seem to feel when shopping.