Outward displays of wealth can result in sabotaging your journey to building your actual wealth.
Gaudy shows of wealth tend to confirm a person’s status as lower it doesn’t improve it.Ĭonspicuous consumption could be a symptom to a deeper concern - and it never ends. The natives know tourists when they see one and affluent people know who is affluent and who isn’t, regardless of consumption levels. It is like being a traveler to a foreign country. In my years of working with truly affluent clients, one thing I gleaned is that it is very difficult to convince someone who is actually wealthy enough to have that status that an outsider belongs there. Many try to increase their consumption level in order to raise their status among others and be a part of the “in crowd,” but it has been my experience that such conspicuous consumption often highlights the insecurity of the person. The problem with conspicuous consumptionĬonspicuous consumption says you don’t belong. You may not have hundreds of dollars to your ear while posting it to Instagram, but it doesn’t take much to fall into the trap of conspicuous consumption - the desire to have the newest car, the swankiest house and even the newest iPhone - which can actually result in a circumstance that puts you further away from having the wealth you’re looking to represent in the first place. It is a show-off maneuver that is supposed to convey that money is calling the person. If you are not sure what that is, search the term “money phone” and you will find countless images of people holding stacks of cash to their ear. There’s a disconnect, we don’t call that money over here,” which is referring to the “money phone” phenomenon. In “The Story of O.J.,” he raps, “Ya’ll on the ‘Gram holding money to your ear.
There’s a disconnect, we don’t call that money over here” – The Story of O.J., by Jay-Z Calling out conspicuous consumption “Ya’ll on the ‘Gram holding money to your ear. You can even find a song like “ Money Ain’t a Thang” in Jay-Z’s old catalog.Įssentially that is what has driven the buzz about this project - Jay-Z goes counter to the braggadocio of his youth and gives a little sage advice on areas we could all stand to work on. And with a few exceptions, hip-hop is the worst offender. It’s no secret that pop music does not have the best track record of promoting good financial decisions. When hip hop artist Jay-Z released his most critically acclaimed album 4:44, it was praised not only for its transparency, but also because of its economic messages.