Physical Wealth vs Social Wealth

[CanuckExpat]

https://humbledollar.com/2019/07/pay-to-play/
Shorter summary here: https://www.mymoneyblog.com/status-spending-test.html

Talks about the difference between physical wealth, and social wealth. The spending you do to provide for your own basic needs, comfort, and security, and how much is spent trying to impress other people or fit in. Thought it was a nice distinction, and he provides some tests, which might be ridiculous for the audience here (do you spend more than $50,000 on a new car), but that is probably widely applicable.

The same distinction applied to your career reminds me of my favorite parable, the monk and the minister: https://jlcollinsnh.com/2011/06/02/the-monk-and-the-minister/

[stoaX]

Thanks for the links, especially for relating the monk / minister parable to the other articles.  And yes, the 50-something thousand dollar threshold for the car test is way high for this audience.  The last car I bought was brand new (probably not the best decision), but at $15,000 out the door it falls far short of the numbers in their article.

Regarding the rooms used daily in the house test, I came up with 6 out of 9 used everyday (if bathrooms are included).  I didn't count the garage or back patio.  Regardless, it's fun to think about these things from a different angle.

[RWD]

Only two questions to determine "heavy social spending?" I was expecting something a bit more in depth. "No" to both questions for us, though we came pretty close with our last car purchase...

[A Fella from Stella]

I'm not against spending to impress, but not money I don't have. Going to read that JL Collins post now. Thanks.