Why Do We Overpay for Emotional Attachment?

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It is widely assumed that money is meant to be spent. Sometimes the justification for this belief is overpaying and overspending while disregarding caution. People with little or no income, in my opinion, should avoid buying into this belief because it only creates more emotional justification with no logical backing.

When I was growing up, people kept their money in wardrobes and threw away the keys. It is easy to say that these people dislike spending, but their main concern is having something to fall back on when they do not have any money.

Some of those people back then did not trust banks enough and preferred to bury their cash or store it in boxes.

In reality, spending is the primary function of money, but we often forget that it also serves as a guarantee, insurance, and emotional safety when held in your possession.

It can buy you leverage, allow you to go places you would not be able to go without it, and most of the time, the secondary functions of money are not discussed enough because some people just want to satisfy their desires, probably overpaying for indulgences and luxury so they can feel good.

Spend To "FEEL GOOD"

"Feeling good" is one of the most ineffective ways to spend money, unless your source is limitless. Even if your source is partially unlimited, it is critical to understand that the concept of "feeling good" can suddenly become priceless, implying that you can go all out, break the bank, and just keep going.

An unlimited source of income can abruptly change depending on a variety of factors. People can be crazy with their spending, and most of the time, even legitimate and multiple sources of income cannot satisfy people's spending habits and cultures.

I was watching a television show recently. There was this guy who sold his car but later decided to buy it back because he was emotionally attached to it.

The person who bought the car from him had already sold it (it was a Rolls-Royce Phantom), and the person who eventually bought learned that the original owner wanted the car back, so they had to capitalize on the first owner's emotional attachment to make over $200,000 in profit for doing nothing.

There are places, people, businesses, and indulgences that are strategically placed to capitalize on people's emotional attachments. These are already set up as businesses to capitalize on vast opportunities, and because we want what we want so badly, we frequently overspend irrationally due to these attachments.

In the past, we have seen athletes and others in multibillion-dollar industries go bankrupt after retiring, facing rape allegations, or even going through divorces.

Initially, it may appear that catalysts such as these are the cause of their financial difficulties, but in reality, it is their long-term lifestyles that have caused them to fail. Too many wealthy people make these mistakes time and again. The influx of money easily blinds people; you believe you have complete control, but the next time you lose total control due to overestimating how much you are actually worth.

Health scares, for example, are something no one can predict. There are people who completely believe in the illusion of perfect health, so they direct their funds toward luxury, and they can continue to slip up until "THE BIG FAT PROBLEM" strike.

In reality, everyone has a specific indulgence or luxury that they can afford to pay for, regardless of the cost. We have always been like this, but it is probably a bad idea to hide this financial flaw by pretending that money is meant to be spent.
We need to know and understand that we are consciously being financially inept; perhaps one day, having this knowledge will set us straight.

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Interested in some more of my works

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Nigeria: A Unique Business Market & Industry

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How To Find The Next "BIG" Meme Coin

Personal Finance: Achieving Intentional "Saving" Goals

Playing The Survival Game: Human Nature In Introspection

"Un-PAYING" The Debt You Owe

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