However, the “live in a nice neighborhood” aspect pretty much backfired on us. So I scour thrift stores to buy this stuff for pennies on the dollar. I want to live in a nice neighborhood, dress my family well, and furnish my home with craftsman style antiques. I definitely want to have my belongings reflect a higher income level than is true. Then, I started to think about the way I live my life. Or, as the authors of The Millionaire Next Door put it: (These are actual examples from people I know.) The straight out of residency doctor who buys a luxury home while still shouldering a mountain of student loans. So she purchases a Lexus SUV before even making a sale. The friend who gets her real estate agent’s license and thinks her Toyota Corolla is not high brow enough to chauffeur her clients around town. (The most common vehicles driven by actual millionaires are domestic cars such as Fords and Jeeps.) But in reality, you’re living paycheck-to-paycheck.
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You see yourself as a style maven, so you buy a closet full of expensive shoes and purses, or you see yourself as a successful business person, so you lease a brand new BMW. It’s when you make expensive purchases to match the lifestyle you want to be living, instead of the life you’re actually living. What on G-d’s green earth is Aspirational Spending? I re-read The Millionaire Next Door while on vacation last week, and this style of conspicuous consumption was touched upon a number of times throughout the book.
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The idea of Aspirational Spending has been swimming around in my head lately.