Well Endowed summary

De-influencing your mindset is not a quick fix, and it helps to pause and uncover how we all got here. Consumerism has turned shopping from a chore into a pastime, and social media has made it a lifestyle. The problem is, consumer culture is a long con. Companies spend millions on advertising to convince you that having their widget will make you happier, more attractive, more popular. Or that everyone needs a Pinterest-worthy home, or instagrammable restaurant meals. 

But here’s the thing. While you may want to think that you are in the same financial situation as everyone else, that is likely not the case. That friend who always has the fancy new car may be drowning in debt. The neighbor with the fanciest house may be putting off medical treatment fearing the bills that follow. What we see on the outside of other people’s lives gives us no hint at what is going on in their finances.

Cultivating value for money might seem petty when talking about a meal or pair of shoes, even though these decisions all add up over time. But it is when you apply the same thinking to bigger purchases, like a car or a house, that the big benefits of value-based financial thinking emerge. Everyone needs a place to live, and most working adults need transportation. Just these two expenditures take up the majority of many household budgets.

So consider transport. Consumer culture tells you that a sleek car or sporty SUV screams success, and that trading in for a new one every few years is normal. A value mindset, however, sees a far different picture. Transportation’s value is in getting you from one place to another reliably. Even better if it is cheap and ecofriendly. 

Now that you’re bringing focus and attention to your financial decisions large and small, spending wisely, and saving wherever you can, you may start to notice your savings building up. That often brings up the next challenge in nurturing wealth: other people. When family and friends notice how careful you are with money, they may start coming to you for it. What you do in those situations can make or break your wealth journey.

While you may be learning to distinguish between purchases for need and those that only feed your emotions, your ego, or your social standing, not everyone is learning the same lesson. If your sister may keep asking to borrow money for her phone bill, or your partner is perpetually short on rent, it can sap wealth faster than you can build it. And aging parents who have no retirement savings might see you as their backup plan.

Even when you are optimizing value, and having open conversations about finances, there are somehow yet more obstacles in the path. The cost of raising kids, or enjoying a retirement, are massive – and saving for it never gets easier. Delayed gratification is hard, and saving is delayed gratification. 

Worse still, it is hard to estimate what things like education or healthcare might cost decades from now. But instead of hiding your head in the sand and hoping for a good outcome, you secure your future when you face up to them early, and check in often.