I just read an article on Yahoo, Finance from "The Street.com" entitled "10 Reasons You Aren't Rich". Pretty catchy title isn't it! I always get sucked into reading these things. Probably because saving money was what was preached in our family from day one (besides the Golden Rule). Somehow, I didn't get it passed on to my kids quite as strongly.
Anyway, it is a good article and here are their first two reasons:
1. You Care What Your Neighbors Think: If you're competing against them and their material possessions, you're wasting your hard-earned money on toys to impress them instead of building your wealth.
2. You Aren't Patient: Until the era of credit cards, it was difficult to spend more than you had. That is not the case today. If you have credit card debt because you couldn't wait until you had enough money to purchase something in cash, you are making others wealthy while keeping yourself in debt.
Many times I have thought about the fancy neighborhoods some people live in and the pressure the homeowners would have to keep up with each other. A few years ago I visited an old friend that had "moved up" into a much higher price bracket. It was Christmas time and he told me that all the other home owners had hired decorators to put up the lighting etc.
I love looking at the fanciest of homes and enjoy seeing how decorators put things together. It just isn't me. I like living in Seattle in a much smaller home. It is easier to maintain, both financially and physically, and if we keep the yard up and the house painted--the neighbors are happy.
Instant gratification is the cause of most peoples financial problems. Patience is definitely a virtue when talking about your future and wealth.