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.”