A few centuries ago, people used to worship and idolize gods. They would worship the gods,
pray to them and build temples and statues in their honour.
However, a long time has passed since then. These days, people idolize and
worship something else entirely. They are now dubbed "celebrities", from singers, actors,
TV presenters, athletes, and politicians. We all want to be like them in one way or another. A lot
of us dream and fantasise about living a different and better life, and reading about celebrities,
watching them on TV, or following them on Instagram and other social media platforms
makes us feel as if we are participating in their glory. We feel close to them, as if they are our
friends or family, and this makes us happy. And in slowly doing that some of us have
gone to a greater extend of emulating their extravagant expensive lifestyle beyond our
financial capability. Unless you have a good job with a high salary or have developed excellent
personal savings habits, purchasing luxury consumer goods can be a financial burden.
Many consumers who purchase luxury goods do not have the financial means to do so;
one explanation for this is that many consumers do not act rationally or in
their best financial interests, as a result many end up broke or in some cases bankrupt.
So, to help you out here, in today’s video, we’ll be shining a light at 5 expensive lifestyle habits
that is draining your bank account. 1.Cancel your gym membership
In Egypt its very common to see people putting the gold's gym car badge on their cars even if they
never go to the gym. Because golds gym is almost 3 times more expensive than any other gym in Egypt.
People display this sign to show that they belong to that elite group of people
who can afford such expensive membership fees. Getting a gym membership is probably the first
thing that comes to mind when you think about how to start a workout routine.
Let me paint you a picture of what will inevitably occur: you agree to pay a lot of money in the name
of fitness and well-being. You go to the gym every other day for several weeks, feeling determined.
Then you have a particularly busy week and have to miss it. You don't go the following
week because you're not feeling well. Your entire schedule is jam-packed, you know… You go to the
gym maybe once a week, but you tell yourself it's worthwhile. This is for your own good.
Suddenly, it's been two months, you've been there maybe twice, and your money has been squandered.
This is why, among other things, I believe you should cancel your gym membership and
start doing something else right away. And come to think of it, at the gym, you
probably only use one piece of equipment. Examine your gym workout. Do you make a beeline for the
treadmill and then leave? You may be wasting money if you don't use your gym's classes or equipment,
or if you don't ask trainers for assistance. Instead of paying $50 a month to use a treadmill,
save that money and buy a piece of home gym equipment or simply go for a run or walk outside.
You also belong to a studio: Having a favourite yoga, Pilates,
or barre studio that you pay a lot of money for on top of your gym membership
can mean spending huge amounts of money on fitness fees in a year. If you're a studio rat but haven't
been as excited about your gym in a while, it might be time to cancel your membership.
Rather than feeling obligated to go to the gym, find creative ways to supplement your
studio-going with these cheap exercise tips. You probably already have the necessary tools,
and if you don’t, home essentials are inexpensive, and once you have a few basics, you'll be ready to
work out at any time of day. Of course, working out at home is dependent on a variety of factors,
such as whether you'll stick with it or if you'll wake up your entire apartment complex,
but if you have everything you need at home, why waste money on a gym membership?
2. Expensive kitchenware Some people believe that buying expensive
pots and pans is a good idea. And for a lot of them, the price tag, is usually a sign of quality.
They believe in the notion that, more expensive cookware will be more durable
and provide a more pleasant experience. On the other end of the spectrum,
there are those who believe that cheap cookware can be just as good as more expensive ones.
After all, it's not the cookware you use that determines the quality of your cooking;
it's your cooking skills that make the difference. If we are to compare cookware on matters to do
with durability, Non-stick cookware does not last as long, so it makes little sense
to spend so much money on something that will need to be replaced in a short period of time.
Even high-end brands have issues with peeling and flaking interior coating.
So, if you have the funds, invest in cookware that has been proven to last.
After all, It’s function you’re looking after, so go for something that works over style to
avoid disappointment. Some people buy cookware for the looks and display the pieces in their kitchen
forgetting that even expensive cookware lose their shine and show stains after a while.
If you are particular about style and appearance, you are probably better off
with mid-range pieces that are less expensive to replace, once they show signs of wear and tear.
3.Buying brand name products. From fancy mascara, expensive
skincare - that won’t reverse your impending signs of aging, to logo and brand-emblazoned
clothing - that will seem passé a year later (among other brand products). The question is,
why do people pay all this money for a brand? Its because this brand helps those people satisfy
an important psychological need. People who say that they don’t or don’t like to show-off,
clearly have no understanding of the psychology of a human being.
Every person in the world has two important psychological needs that
motivate he or she to take actions. The need to show off, and the need to feel important.
The second powerful psychological drive is the Ego, or the desire to
feel important and worthy. Each person in the world, even those who lack self esteem,
have a part inside of them telling them that they are important and worthy.
So, people are now looking for any external tool that can help them send this message
because, they want others to acknowledge it as well, and this is where brands come in.
For example, what makes a man want to drive a Rolls-Royce? Is it because it is convenient?
Is it because it's comfortable? Or is it because he or she likes the way it look?
My well educated guess would be that, they are buying the Rolls-Royce demonstrate to others
that, they are wealthy, successful, important, and deserving, and that
they belongs to a particular social class. Advertising has a greater impact on us than
we realize. Every day, we are exposed to approximately 5,000 advertisements.
Every advertisement conveys the same message: if you buy what we're selling,
your life will be better. And we begin to believe this messaging after hearing it so many times,
and from so many different angles. This is not an all-out attack on the marketing industry.
This is simply a reminder that their messaging has a greater impact on us than we realize.
4.Buying more than you require We have all seen celebrities
buying multiple sport and convertible cars, several mansions, having a collection of
expensive watches and rocking the latest iPhone or galaxies of the day. Have you ever wondered why?
Well, we it’s a psychological bias that we believe these things will provide us with security.
Our logic goes as follows: if owning some material possessions provides us with security
(a roof, clothing, and reliable vehicle), then owning excess will undoubtedly provide us with
even more security. However, once our most basic needs are met, the actual security derived from
physical possessions is far less stable than we believe. They all perish, deteriorate, or fade.
They can also vanish faster than we realize. The second reason is, it should make us happy,
we believe. Nobody would ever admit that they seek happiness through material possessions,
but that could not be further from the truth, all you have to do is take a look a look at
your house and your possessions. We buy bigger houses, faster cars, cooler technology, and more
fashionable clothing in the hope that it will make us happier. Unfortunately, happiness derived from
excess physical possessions is at best fleeting. We're hoping to make an impression on others. And
envy quickly becomes a driving force for economic activity in a wealthy society.
Once our basic needs have been met, consumption must become about more than just needs. It becomes
an opportunity to share our wealth, importance, and financial success with the rest of the world.
We are more self-centred than we would like to admit. It can be difficult to admit that the human
spirit is hardwired for selfishness and greed, but history appears to support us. We strive to expand
the size of our personal kingdom by acquiring more and more items. Throughout history, this has been
accomplished through the use of force, coercion, deception, and warfare. Unfortunately, selfishness
persists in our world and in our lives even today. Excessive material possessions do not add value
to our lives. Buying things, we don't need, on the other hand, prevents us from reaping some
wonderful, life-giving benefits. We would be wise to recognize the cause and become
vigilant in our efforts to overcome it. The reality is, there is more joy to be
found in owning less, than can ever be discovered in pursuing more.
5.Constantly Updating Your Wardrobe We love to watch pretty people,
who wear pretty clothes, if you don’t believe me all you have to do is check your YouTube history.
Even if they don't admit it, most people have an unconscious desire to be famous and popular.
When they admire famous and popular people,
they feel as if they are associated with them and a part of their lives.
With such admiration, most of us end trying to keep up with the celebrity fashion styles,
purchasing every designers outfit they grace the red carpet with, from design shoes, jewellery,
bags, suits and dresses. And the sad part is, most of the time they may not be our taste of fashion,
thus end up taking a lot of space in our wardrobes.
We're doing our best to make up for our shortcomings. We make the mistake
of looking for confidence in our clothing. We buy unnecessary items to compensate for loss,
loneliness, or heartbreak. Material things provide us with fulfillment. And we try to impress others
with our possessions rather than with who we are. However, these activities will never completely
satisfy our needs. The majority of the time, they simply prevent us from addressing them at all.
We are envious of those who have more possessions. Comparison appears to be a natural state of human
beings. We pay attention to what other people buy and wear. These comparisons are encouraged in our
society. And all too often, we buy things we don't need simply because others in our social circles
have done so. A culture obsessed with praising excess will always misinterpret true success.
The bottom line is, we don’t have to keep up with celebrity lifestyle just
so we can “feel” how they do. People buy luxury goods for a variety of reasons;
nearly all of these reasons are related to the strong emotions that we attach to the purchase
of expensive material goods. Whether or not a consumer is in a financial position that
allows them to be able to purchase a financial item, they may decide to purchase it anyways,
in order to achieve a certain feeling. Well folks, thank you so much for
watching. I hope you found the video interesting. Give it a thumbs-up,
and subscribe if you are new here. With that said, have a great week and see you in the next one.