Keeping Up With The Jones is a term used to describe people who try to get the latest clothes & gadgets. The people you try to keep up with probably make more money than you and are debt free so that's why they can splurge like they do. If your income is limited, you can't spend money like water. You can but you'll pay for it later in worrying about how you're going to pay this bill & that bill. I want to splurge from time to time but if my money won't allow it and I have bills due, I do the responsible thing and take care of bills first, then if there's anything left over, I either splurge on that or save because you never know when emergencies are going to come up. I keep $10-$20 for emergencies. Keeping Up With The Jones is almost like imitation because you see someone with a new car, you go out and get a newer ride; someone upgrades their home, you do the same and so on. It never ends. Be content with what you have. If you have a car and home that's paid off, keep those items for the simple fact they are PAID FOR. Why go back into debt if you don't have to? Doesn't make sense to me. Material posessions don't define me because the way I see it: As long as I can get nice clothes at a discount and have a nice car that's paid for while making good money, that's enough for me. I don't need to drive luxury vehicles or live in grand mansions. All I want to do is live comfortable and I'm fine with that. Keeping Up With The Jones has never been my thing. They can have the country club dues, the $10,000+ mortgage per month. With what most wealthy people pay in club dues and other expenses, I could take that money and invest in high-risk/high return stocks, mutual funds or invest in real estate. Here's a couple scenarios to illustrate how people try to Keep Up With The Jones:
Scenario 1: The Jones have a 5 br 3 ba home with a 3 car garage a boat an RV, 2 Seadoos and 3 ATV, They have a Benz, and Audi, and a Beamer. You think they are doing well? Mrs. Jones has $3 in her coach wallet in her coach purse while Mr. Jones has nothing in his Kenneth Cole Wallet.
The 3 American Express cards, the 2 Visas, the Mastercard, and the Discover are maxed out
The only way the Discover card gets paid is from the cash back check they get every month.
Scenario 2: Mrs Jones must shop, get her hair and nails done. Mr. Jones must golf and pay country club dues.
At first glance, it may look good to keep up with the Jones', but if your money isn't right, you'll pay for it later in the form of worrying about how you'll meet your monthly bills. Too many people try to ball out of control which results in misplaced priorities.
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