One of our biggest motivators of buying things we can’t afford is the fear of looking poor.
How embarrassing it must have been for me to drive around in a 1993 white Chevy Lumina with a maroon interior – so embarrassing that I thought the better decision was to take out a $28,000 car loan just so I wouldn’t look poor anymore. But guess what, although I might have looked like I had money with the new car, now I was officially poor!
My car ran just fine, but I made excuses to justify buying a new car. I needed something more dependable – even though my trusty Chevy Lumina never left me stranded on a Dallas highway. It wasn’t the fear of a break down that fed my bad decision, but the fear of simply appearing poor.
Are you afraid of looking poor?