Please let me clarify first: anyone who is extremely poor or wealthy is not included in this discussion. Only those who are employed with steady income, some savings and spare time will find this topic useful. I guess most of us are doing fine now but financially we have to face one common problem: how to spend money. This issue leads to many consequences if not handled properly. Here I would not start any broad and subjective agruement. To deliver my message clearly, I am using some specific examples to elaborate. For example, a lot of peole complain that their income is not enough to cover their daily expenses so they can't save much money while...they spend seven bucks on a cup of coffee almost every morning, throw a hundred dollars on some gym membership cards but never show up training, have dinner with some random girl in an expensive restaurant, buy drinks in bars and waste hundreds of dollars... The list goes on and on. If you live this kind of lifestyle and at the end of months, you are running out of money or can't pay the mortgages, whose fault is this ? I can not provide any statisitics but I am sure that many people have fallen in the trap and can not get out. I hope you are not one of them.
Lack of planning, impulse spending and proper planning are some major financial mistakes most persons make. We keep trying to secure a better future especially with the rate at which the economy is dwindling and unstable, but that will not be possible if anyone will be so unwise to continue living in a frivolous pattern. It's one thing to keep working hard to make money and another thing to be discipline enough to keep and maintain wealth.
Working hard to earn more money is indeed a solution, but it will not last if our pattern is still wrong in managing finances, especially in terms of shopping for goods for life, because there are two things that must be fulfilled in this life, there are desires and there are also needs, so we have to be smart in prioritizing things.
And the desires that fall into the lifestyle category are also quite influential on our economic stability because not everyone can set lifestyle standards such as the money they have, so these are several influential things that we must be able to control.