We all do it to a degree. Your brother-in-law gets a sweet new ride and it makes you want to get a new (slightly better than his) vehicle really bad. Or your sister goes on and on about how great having a cleaning lady is and it starts sounding like a great idea to you as well. In fact, you may even convince yourself that it is impossible to NOT have one!
It’s the classic financial disease known as keeping up with the Joneses. It is human nature to immediately feel that slight twinge of envy when someone you know gets something nice. What will make or break your financial future is what you do next. If you act on that feeling, you will get yourself in trouble very quickly. If you acknowledge it, decide that your financial future is much more important than your image, and then move on, you won’t be living in a tent when you retire (unless of course you choose to just for fun).
The first step is to decide that you don’t care what others think of you. Next, understand that most millionaires are hard to spot because they live very simple lives. The ultra flashy people you see are most likely broke as a joke and their house of cards will eventually start tumbling down. If that is you, then now is the time to make the change! Get control of your spending. You may just need to help the Joneses out come retirement.