The Sunday Telegraph (Sydney) - Body and Soul - - Finance -

Al­though sim­i­lar in spend­ing style to money wor­ship­pers (com­pul­sive buy­ing, over-ex­tend­ing, credit-card debts), sta­tus-seek­ers aren’t so much about buy­ing for hap­pi­ness, but rather rais­ing their so­cial sta­tus. Sound like you?

Men­schik warns you’re do­ing no favours for your bank ac­count and the same goes for your per­sonal in­tegrity. “Peo­ple who be­have this way of­ten want to buy flashy things to con­vey to their fam­ily and friends that they’re im­por­tant, which sug­gests they might se­cretly feel that they aren’t,” she ex­plains. “Of­ten they might lie about how much they’re earn­ing and how much they’re spend­ing – and they could even be reg­u­larly ly­ing to them­selves.”

LEARN FROM OTH­ERS If you recog­nise these traits in your­self, Men­schik ad­vises look­ing at how other peo­ple (par­tic­u­larly with a high net worth) spend their money. “Talk to them and get some ideas; you might come away with a dif­fer­ent way of think­ing,” she says. “It’s also wise to ask your­self why you’re re­ally buy­ing an item. When you get down to the me­chan­ics of ‘why’, the truth could sur­prise you.”

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.