Broke? Check Your Ego

People spend money unwisely for various reasons.  Ego is the main reason underlying most spending behaviors and habits.  When we allow ego to consciously or unconsciously take hold of our spending decisions problems arise.  By ignoring our true and heartfelt reasons for spending money, it becomes much more difficult to spend money in a wise and sensible manner.  The end result is most probably bad credit, relationship problems, stress, a huge debt, or worse.

Spending Habits Fueled by Ego

The list below encompasses some of the typical factors that compel people to spend money in a foolish way. Bear in mind that this is not a complete list of ego based spending habits.  If you recognize a habit that causes you to spend unwisely, be glad that you are now aware of it since this gives you the initiative to take the first step in spending money in a more conscientious way.

  1. Self-Importance: Certain individuals consider the things they buy commensurate to how important they deem themselves to be. Even if they don’t have the money, they need to spend money (through a credit card) to feel good about themselves. A person’s real value cannot be measured by possessions and money. In fact, the richer you are, the worst kind of person you probably are. Besides, money or gold will never be able to fill the void you have inside. A person’s worth is measured by his/her integrity and golden heart.

  2. Sense of Entitlement:  One of the most virulent driving forces behind this very harmful trait is the media. This misbegotten train of thought is solely driven by ego and the younger generation is the one most infected by it.  Regardless of how little or no funds they have, they simply think they deserve things.  In the long-term, this sense of entitlement will lead to financial disaster.

  3. Self-Perception and the Need to Sustain a Certain Lifestyle:  Your swaggering public image and the need to maintain that illusion is a really dumb reason for spending your money. Some people are even worse because they spend their money trying to create an image for others.  Of course, this is all self-delusion. A person is not defined by how much gold or possessions he/she has.  Never spend your money impressing people especially if they do not deserve it.

  4. Romance: If the only way of winning a girl is by draining you bank account, then go find another girl who’s truly caring and has a much better personality. Nowadays, it’s rare to find a stunning beauty who need not be impressed by a man who spends a fortune to win her heart. Companies literally spend tens of billions of dollars each year on commercials that cater to our ego and misinform us on how to express “love”.  “Money can’t buy me love” as I and many men have discovered and which the Beatles have warned us in a song for over 50 years.  It may be high time to reassess the relationship if her love is fueled more by money than anything acceptance.

  5. Impatience: Instant gratification is always the ego’s way. Not only is this a sign that your ego is dictating is at the helm of your spending behavior, it is also a sign of immaturity.  Worse, you end up seeking more once you get tired of the novelty of the items you’ve bought impulsively. If you’re now consciously aware of this being true in your case, you now then have a chance to break this vicious cycle.

  6. Illusion of Happiness: In the search for happiness this is one of the snares you can easily fall into. The ego is all about material gratification and it fuels the illusion of happiness through lust and desire.  Oftentimes, this gratification is satiated (albeit temporarily) through the purchase of really expensive things, which will lead you to penury and unhappiness.

These are just few of the factors that compel people to spend money foolishly. Some people are motivated by more than one factor.  Regardless of the reason, becoming consciously aware of the reasons why you spend money unwisely can enable you to resolve your issues and reverse your financial losses at the soonest possible time.