HOW HAVING AN ADDICTION TO STUFF COULD AFFECT THE BOTTOM LINE OF YOUR FINANCES!
Published in
2 min readJul 7, 2017
The word addiction when it comes to finances is not used to often. But when related to your buying habits and the problems that persist because of it there is a time to reflect on your needs vs. wants when it comes to stuff. When you analyze your finances and a disproportionate percent of your income goes towards floating your lifestyle instead of providing the necessities of everyday living and forming a solid retirement and college savings plan than you should consider deeper reflection on what is important to you when it comes to money and spending it.
Problems:
- Stuff needs to be stored, and as your pile of stuff grows, you will need an ever larger space to store it. That will likely see you looking to buy a bigger house every few years, with all of the expenses that come with it1
- Stuff is a capital trap — it ties up your money, but generally provides no financial benefit1
- Any money that goes into stuff, is money that is not going into productive investments1
- While stuff can make you more comfortable, only income producing or growth oriented investments can improve your station in life1
- During times of financial turmoil, you may become obsessed with protecting and maintaining your stuff, which is not at all what you need to focus on1
- Stuff has a way of eating up time, so that you have less of it to spend on more productive activities1
Sources:
1 — (7) End Any Addiction to Stuff That You May Have
