If you work hard, you might think you deserve everything you want, but there are costly consequences of a materialistic mindset. The fact that you're striving to buy certain things doesn't make you materialistic. Additionally, you don't need a lot of money to have a materialistic mindset. But if your primary focus is buying in acquiring stuff, to the point where other things in life get pushed aside, you might be dealing with materialism. Here are seven potentially costly consequences of a materialistic mindset.
1. You're Never Content
Never being content is one of several costly consequences of a materialistic mindset. These people typically have an obsession with acquiring bigger, better things. They work hard to buy things, however, the excitement quickly wears off and they're on to the next big thing. This creates a dangerous cycle, and unfortunately, these people constantly strive after the wind and never achieve real satisfaction.
2. False Sense of Success
If you have a materialistic mindset, you might have a warped view of success. Often times, materialistic people base success on the size of a bank account. However, money isn't the definition of success. Additionally, these individuals may view people with less money and fewer possessions as inferior - even if these people live a simple life by choice.
3. You Might Have Higher Debts
In your quest to always buy the latest new item, regardless of its cost, you run the risk of accumulating massive debt. Some materialistic people don't have a lot of money. Because they're determined to acquire stuff and present a certain image, they may use credit cards on a regular basis. Unfortunately, they don't always have resources to pay off this debt.
4. You Might Sacrifice Your Savings Account
Money experts recommend saving 10% of pay for a rainy day. But if you're materialistic and always buying things to feel better about yourself, most of your disposable income might be spent on things you don't really need, such as clothes, jewelry, electronics and vacations. This often results in zero emergency fund, which makes it harder to deal with unexpected expenses.
5. Creates a Love of Money
Money is for a protection, and we all need resources to put a roof over our head and food on the table. But if you have a materialistic mindset, you may develop a love of money. And when you love money, it can become your god. You might make irrational decisions and take unnecessary risks in order to acquire more money.
6. You Buy Things, Just Because
Your obsession with buying the latest things might trigger a habit of purchasing stuff just because. And unfortunately, you can accumulate a lot of stuff you don't need, or really want. If you're not careful, materialism can give birth to a spending addiction.
7. Money Doesn't Buy Happiness
Some people become materialistic because they wrongly believe stuff will make them happier. Although there's some truth behind retail therapy, this happiness is often short-lived. Rather then shop and acquire stuff to fill a void, get to the root of the problem and figure out why you're feeling empty inside.
Materialism is a dangerous problem that can advance if left unchecked. It can result in massive debt, deplete your savings and trigger a shopping addiction. What are other consequences of materialism?