It’s not often that I get to sit down and watch TV for any significant length of time. But last night was the exception and I actually got the opportunity to channel surf on our new TV. As we only have basic cable, I assumed that we only had from channels 2 – 24. However, out of curiosity, I kept pressing the “channel up” button to see where it would go. Low and behold, there are a lot more viewable channels that I had assumed!
Most of the “extra” channels weren’t my taste, but there was a channel that made my eyes widen a little. The little gem was CNBC – a money channel. Last night in particular, there was a show on called “Untold Wealth – Rise of the Super Rich“. The show basically explained the lifestyles of the super rich and tried to explain why they have recently become extremely extravagant spenders.
The show basically came down to the conclusion that some super rich people equate their self worth to what they owned and what they could show off to the world. I don’t think that this phenomenon is limited to the super rich as I think it’s the primary reason why there is so much credit card debt in North America today. Some people want to “appear” rich, even if they don’t have the income/savings to support it. Who’s to blame for this mentality? Is it the constant marketing that we receive from advertisements?
There was another segment about “middle class millionaires” that also peaked my interest. The basic premise was that a lot of self created millionaires (low single digits) still feel like they are still in the middle class because they compare themselves to the “super rich”. Preet has a post that confirms that to some, having MORE money than the guy next to you is apparently more important than the actual dollar amount. How sad is that? Shouldn’t wealth be a personal goal for your personal lifestyle?
Have you fallen into the competing with the Jones’ trap? How happy are you with your finances? I guess it’s all relative.