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61% of people live paycheck-to-paycheck: How to grow money?
Views 15KContents 44
joined discussion06/09 22:36

Stop spending money you don't have to impress people who don't care

Putting a ceveat first, there are those who live paycheck-to-paycheck despite spending very frugally and buying only necessities. I know it because I came from a low income background and understand the pain CryCry When income doesn't match basic living expenses, you have no choice but to pray hard, nothing bad happens.
However, currently in society, there are a larger number of people who live paycheck-to-paycheck despite earning more than enough, some are even high income earners. It also seems like the trend is growing ever since social media became a thing.
Why are more people living paycheck-to-paycheck?
Well firstly, they are buying expensive things on credit, to try and impress others, especially on social media. The irony is those people probably don't care about you, and the opinion they have on you isn't important to you.
Be honest to yourself, have you ever made any decision that caused you to spend extra money just so that you can take a nice photo to post on social media?
Have you ever made a decision to eat something expensive just because it is insta-worthy, instead of it being delicious or healthy?
Have you decided to go on a vacation to some place just because there are insta-worthy shots there, instead of choosing a place within your budget and fun?
There are people who goes to the extreme to rent Lambo, private jet and mansions, just to take photos of them "living the high life".
There is a popular saying going around nowadays.
Who are the customers of luxury brands such as $LVMH Moet Hennessy Louis Vuitton SE(LVMHF.US)$ and $Burberry Group plc Sponsored ADR(BURBY.US)$? The rich?
No, it is people who want to look rich.
How have social media exacerbate the problem?
Social media such as Insta and FB from $Meta Platforms(META.US)$ made this worse. Because everyone is comparing against each other, trying to one up each other. In the social media world, everyone are only putting up the "best" of their life. So in a sense, everyone is trying to show who have the better "fake" life.
The worse part is that over time people start to think these "fake" life is the norm. Then people will start trying to live life like that, thinking that is how normal life is suppose to be.
You look rich but are you really?
Looking rich doesn't make you rich, being rich is what makes you rich. If we look at the rich, what do they have? Income streams, multiple income streams.
They own businesses not Burberry. They own companies not credit card debt. The own real estate not Louis Vuitton. They own investments not installments. They own things that generate them money, even when they are sleeping.
Think about it, if you didn't buy that $10,000 LV bag but invest it in CPF SA, bonds or REITS that gives you a 4% interest. In 30 years, that will be $32,434. Most people say you will get 10% return in the market if you just buy $SPDR S&P 500 ETF(SPY.US)$. If you can get a 10% annual return, that 1 LV bag will become $174,494.
Now that we have so many broker to allow us to invest such as $Futu Holdings Ltd(FUTU.US)$ and $UP Fintech(TIGR.US)$. It is possible for us to invest safely and grow our wealth together.
So maybe it is time for us to rethink life. What is the life you really want? Living paycheck-to-paycheck because you want to impress people that doesn't matter? or a simpler life but with lots of money in your pocket?
your life, your choice Keep FightingKeep Fighting
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