Why Looking Wealthy is Keeping You From Being Wealthy!
Money Guy Show
Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors
4.7 • 3.1K Ratings
🗓️ 28 June 2023
⏱️ 28 minutes
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Summary
Transcript
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| 0:00.0 | While looking rich is keeping you from being wealthy. |
| 0:03.4 | I am excited about this because I feel like this is a problem that exists and permeates |
| 0:14.7 | through all of society right now. |
| 0:16.5 | We care so much about the way we look and how others perceive us that is letting us to |
| 0:23.0 | likely make some suboptimal financial decisions. |
| 0:26.4 | I remember when first there was a millionaire next door and then Dr. Stanley of course did stop |
| 0:32.0 | acting rich and it was one of those things where you realized the actual behaviors of people who |
| 0:37.5 | are successful is not what we've been led to believe. |
| 0:41.6 | And that goes for consumption as well. |
| 0:43.4 | A lot of us I think in this world that we live in where you have social media, you have the |
| 0:48.8 | gram, we're being told the way things are but it's not always what it seems. |
| 0:54.7 | That's right. |
| 0:55.2 | We are sucked into this idea that we need to look a certain way. |
| 0:59.3 | We need to buy luxury brands. |
| 1:02.3 | We need to be luxury consumers, luxury purchasers, purchasers so that other people can see how |
| 1:09.2 | well we're doing, how successful we are, how awesome our life is so that we can put it |
| 1:14.8 | on all of the social media. |
| 1:17.2 | We say luxury, what are we talking about? |
| 1:19.4 | We're talking about luxury, we're talking about the Louis Vuitton, the Rolex, the Dior, |
| 1:25.0 | Chanel, Tiffany, all those type of things that when you go on a plane and you look at the fancy |
| 1:32.9 | magazines or you have golf magazines, they're going to have this type of product that's put out |
| 1:37.8 | there and look this was brought to my attention also. |
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