Classes Of Wealth & Poverty; What Drives The Reasons Behind Spending Money?

in LeoFinance2 months ago

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There's no amount of money that one can have that will ever be enough, this is because of things like spending culture, spending habits, the pressure to spend, insatiability, the state of the economy and man's numerous increase in wants, need and cravings as means of income keeps increases. The world is full of ostentatiously worthless things that adds little value.

Sometimes I hear people buy diamond wrist watches the price that can feed a community, or provide them pipe Bourne water or even electricity for up to a year, for just a wrist watch that only tells time and does nothing else. It's in man's nature to crave for things especially when the means of income is limitless and there's even guarantee for the future.

But then does this means this resources will last forever? No. Oil, gold, silver, diamonds will not last forever and one of the reason why people fail to notice this is that people who holds it greedily will die one day and it will be left for those who are readily available to claim it. From where I come from people hardly spend because they need to spend sometimes people spend because they're pressured to spend.

Now when people are pressured to spend it amounts to little or not output. People wear clothes to be trendy and not to be decent, people spends money on expensive dates Just to propose to their lovers in an open place, people book expensive hotels just to convince their friends and family that they're rich.



While we have different classes of rich people, we have different classes of people who spends money to seem or appear rich. The people who are broke are spending to look rich while the people who are majorly rich will spend as if they have nothing. We have another class of people who spend because they need to oppress others and we have rich people whose wealth are for competitive purpose alone.

You can see that various things drives people's spending habit, sometimes it can be a mentality sometimes it can be background upbringing and sometimes it can be the society in general. Needless to say we have more people spending too much rather than more people spending judiciously and the motive behind spending is because they don't have the right financial education.

In Nigeria sometimes, to get married might cost you your life savings and this is simply because you're spending because of a cultural norm that has been set in place for hundreds of years. Africa should be the wealthiest continent on earth but mismanagement is the reason why it is arguably the poorest continent.

People don't spend beyond today, the future isn't their concern, they don't want to protect the interest of tomorrow or the future simply because the won't be alive in the distant future and this mindset is because of lack of the right financial education. The motive behind money is why some people seem to have the right job, the right insurance policy yet they still do possess the right finacial education. Some people are privileged to come upon better ways of making good money and this makes them forget that making money is generally tougher in an actual term.

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People will not change their spending habit even if they were once exposed to lack and have now run into good fortunes. Sometimes discipline is what differentiates people. We have few certified billionaires in Africa and this people are striving to own and control everything; from means of distribution to ownership of industries, housing plus real estate.

While some people are fluauting the little they have on dicrepancies, the people who owns these industries that supplies these outrageously expensive goods are owning the state, the nation and the countries at large, stock piling wealth while money leaves the people who hardly have it into the people who have it more and the chain continues. The future of Africa in general is at stake of becoming an Oligarch Capitalist Society.

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The spending habit of people in Nigeria and in many other parts of the world is currently inadequate because someone that have been surviving on $50 will always think of increasing his expenses immediately he starts receiving $100 and in most cases the person would not think of increasing his savings.

The major issue here is that many people that run into the market to buy trendy things end up dumping those things after using it for a very short period of time and such actions also affects the overall price level and the people that bears the brunt are those that collect minimum wage.

It would be nice if we would encourage savings culture because that would be a nice starting point towards reviving our already suffering economy

It's a thing of the mindset people see today and never see tomorrow, savings is the most important thing in the life of a man, either through assets or through crypto or otherwise. Its one of the reasons why our economy may might remain like that for a long period of time. I think its important we all learn to be prudent and think more about the future. Thanks for the input, im grateful.

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wow. I really like this post. some of us today like to spend a lot without investing. we have taste for things that don't add value to our lives.
Thank you for your words. stay blessed

Exactly, thank you for reiterating that.

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@josediccus, In my opinion one line can perfectly define this money situation and that is, "What comes in goes out". Stay blessed.

Sometimes I hear people buy diamond wrist watches the price that can feed a community, or provide them pipe Bourne water or even electricity for up to a year, for just a wrist watch that only tells time and does nothing else.

I perfectly can relate to everything you've said. I believe every Nigerian do too as this are things we see everyday and it's alarming at the rate at which people are falling into this trap.

The rat race is where at least 88% has fallen into with no hope of getting out.

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