Usually, it’s good to follow your desires. Often, they can bring you closer to your life’s purpose. You may have noticed though that a lot of our desires are inter-woven with the role money plays in our lives.
Sometimes, this role that money plays unknowingly overtakes what we desire and money itself becomes the goal. When that happens, the outcome can be far from what you originally desired.
Money desires are to be managed with kids’ gloves, ensuring that you don’t crush aspiration but at the same time you must take care not to go overboard in the pursuit of material riches. Be careful of these three money desires overtaking what you set out to achieve.
1. Wanting what your neighbor has
Another’s monetary success drives aspiration in the onlooker.
This is not a bad thing; however, the aspiration shouldn’t be to ape your neighbor’s lifestyle.
Everyone has a different financial situation; some live alone in an owned house, others rent, someone have elderly parents to take care of, others may not even have children to bring up. Not only that, people themselves are different.
For you, it may be important to give back to society, whereas, for your neighbor providing the best for his family may be the priority.
Trying to ape your neighbor’s lifestyle may lead you to needless expenditure or it may even stop you from being your true generous self. There will come a point where you will not be able to keep up simply because their life and desires are not the same as yours. It’s not far-fetched to assume that this kind of catch-up can take a mental and emotional toll on you and those around you.
Avoid such situations and false desires, and always be your own person.
2. Getting attracted to the highest return
When we invest our money, one of the main desires is earning a return.
Then why not aim for the highest return possible? In aiming for high return, don’t forget that there is always some risk involved in achieving that high return.
Ask yourself, what is this additional risk you are taking to get that return? Is it worth taking that risk? Are you comfortable with the risk or does it make you unbearably anxious?
Many times, you will find that the additional risk is not worth the trouble for you.
Maybe for another investor, the risk is bearable given their financial status, but you have to assess it according to your position and financial status.
The ultimate risk of chasing high returns is risking your entire capital or falling prey to fraud.
Don’t let greed take over and use your wise senses to invest with balance and precaution.
3. Shopping with a loan
Retail therapy or shopping actually works as a mood uplifter. However, that is not a license to indulge in this expensive activity all the time.
Shopping can become an addiction and eventually run you dry.
An irresistible handbag may not be affordable with the money in your savings and soon you’ll find yourself, taking it on loan. It’s interest-free you may think, so, no extra cost.
However, with the ease of loans shopping can soon become an addiction and as the addiction grows, loans will pile up, eventually reducing your ability to repay even the principal as you find you just don’t have enough monthly inflows.
Instead buy what you can afford and save up for what you can’t. That way you will never have to worry about overdue bills and loan sharks knocking on your door.
Whatever you choose to do with your money and your money desires, it’s important to have a balance. A balance in risk and return, a balance in luxury and utility, a balance in running your life, and fitting in. Unless you are able to find your balance, you will get tired always chasing risky outcomes and what someone else owns and desires.