The word addiction when it comes to finances is not used to often. But when related to your buying habits and the problems that persist because of it there is a time to reflect on your needs vs. wants when it comes to stuff. When you analyze your finances and a disproportionate percent of your income goes towards floating your lifestyle instead of providing the necessities of everyday living and forming a solid retirement and college savings plan than you should consider deeper reflection on what is important to you when it comes to money and spending it.
- Stuff needs to be stored, and as your pile of stuff grows, you will need an ever larger space to store it. That will likely see you looking to buy a bigger house every few years, with all of the expenses that come with it1
- Stuff is a capital trap – it ties up your money, but generally provides no financial benefit1
- Any money that goes into stuff, is money that is not going into productive investments1
- While stuff can make you more comfortable, only income producing or growth oriented investments can improve your station in life1
- During times of financial turmoil, you may become obsessed with protecting and maintaining your stuff, which is not at all what you need to focus on1
- Stuff has a way of eating up time, so that you have less of it to spend on more productive activities1
1 – (7) End Any Addiction to Stuff That You May Have