Status at the expense of independence

I was just reading Morgan Housel’s fantastic list of very bad advice.

One stood out that I couldn’t quit thinking about.

I see this one far too often, and it’s usually from high-income earners.

It’s paradoxical.

Many are so thirsty for validation that they sacrifice genuine respect in exchange for a short-term eyebrow raise.

In my mind I have a clear example.

An acquaintance who has moved into a solid income bracket but has zero freedom to show for it.

He bought a brand-new Mercedes and a $20k Rolex, yet I know he has zero savings and is in debt.

His intentions are sadly clear.

He wants validation from me and those like me so damned bad, but misses the fact that the shiny toys aren’t what earn it.

It’s the opposite.

It’s a turn off.

Frequently, the richer you are, the less you usually care about those toys and trinkets.

The rich might have the toys, but it's because they are fun or because they enjoy beautiful craftsmanship. It's much less about impressing others.

Do you think Bezos looks at your watch?

I'm speaking in averages, as there are infinite counterexamples.

But, in my life, I found those at the top are far more impressed with the non-financial.

• Living an interesting life

• Quirky obsessions

• New ideas

• Art

Several years ago, earlier in my wealth journey, I was at a special intimate investor event. Everyone sitting at the table was quite financially successful.

As we went around sharing who we were, I had prepped my standard pitch. The point was to make myself look good. To look successful, and that I deserved to be sitting at that table.

As my turn came around, I was surprised. The only thing that anyone seemed even remotely interested in was that I lived in Asia for a decade.

Not my businesses. Not my assets, and certainly no silly sign of status.

No one cared. The people I had been seeking validation from only cared about the non-financial.

Now, imagine that you are someone spending all of your waking hours trying to accumulate outward signs of success? Sacrificing building up personal freedom (wealth) for the outward signs associated with wealth.

Besides the obvious shallowness of that all-too-common life, there are two other risks:

1. That you realize too late that there was nothing to gain from your efforts.

2. Or, that you don’t realize at all. Collecting signs of status is a game without end.

I believe that societal respect can on occasion come from financial success, but not as a result of the money, and certainly not from some shiny trinket.

It stems from the wisdom, the discipline, and the principles needed to accumulate such wealth when done the right way. Not from some lucky break, but from the disciplined pursuit of internal mastery.

But it also needn't come from wealth at all. I’d much rather have a conversation with a penniless monk than a finance bro.

So, when I see people trading their independence for a useless status symbol, I want to grab and shake and shout-

"I promise this isn't what you want!
Focus on freedom and living an interesting life!"

But alas I rarely do.

- Travis

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Huge Disclaimer in Smaller Font

This content is being provided for information and discussion purposes only and should not be seen as a recommendation to do anything at all, especially not to buy or sell a security. Opinions expressed are that of the author, who is NOT a registered investment adviser, or a financial professional, or can barely even tie his shoes half the time. Do not try and copy the author or you’ll probably lose all of your money and have a rather bad day. There will also be affiliate links in here because I like free money.