I would say displaying your status In your early twenties even if you’re already making over $100k/year is not a wise decision. Buying a fancy car, a lot of fancy designer clothing, going out to eat at expensive restaurants, and all kinds of other things that costed a lot of money. It’s not wise.If you’re 30 now and really wish that instead of trying to show that you’re doing alright for yourself, you would focused on actually doing even better. If you didn’t completely blow the money you’re making, but invested more than you did into your future, you could be in an amazing position in your thirty/future.
That’s not to say you shouldn’t enjoy the fruits of your labor, but moderation is key. 30 seems really old when you’re in your early 20s, but it really isn’t all that different. You’ll have time to do the things you want and more if you save and invest wisely. And the things that you’ll likely want when you get older (a house, world travel, a business of your own ) can get extremely expensive.
So don’t fall into the social trap that pressures a lot of people to show that they’re successful in life. I know that everyone doesn’t have this problem, but if you or anyone else reading this does, trust me when I say it isn’t worth it. It feels great at the time, but it’s a fleeting pleasure that disappears as fast as it comes. Start building wealth for yourself, with whatever you have, as early as you can.
A good friend of mine said something very simple, but extremely accurate, to me about a month ago. He said “Nobody has ever looked at their savings and said ‘Uh oh, I saved too much money!’” He’s a funny guy and said it in a joking fashion, but it’s 100% true. There are a lot of purchases that you can end up regretting, but having a massive stash of money is unlikely to make you feel like you made a bad decision.
Hope you find this useful?