Keeping Up With The Joneses

I was told a short story by a friend when I was in Secondary school.  Vivian told me of when they lived in Olodi Apapa.  They had a neighbour who was always envious of them and felt they were in competition with each other.  Once, Vivian’s parents bought new bicycles for the children. The neighbours followed suit.  Then Vivian’s parents bought a dog for the family.  The neighbours soon bought a puppy for the little ones.  This little game continued until Vivian’s parents bought a car.  The neighbours were unable to buy a car and went about with long faces because of this.

This short story illustrates the dangers of trying to keep up with the Joneses.  True, we can be inspired by the good deeds of others and use that as a stimulus for our own actions but we should never degenerate into envy.  It is really sad whenever I see a couple who can barely afford to eat three square meals a day borrowing left, right and centre to organize their kid’s birthday party.  Vanity, that is what it is.

This brings another story to mind.  I used to know a couple who always travelled abroad, had the finest clothes, drove the latest models of cars in town and generally lived a very expensive life.  One day, they had a quarrel with a usurer (moneylender) and it turned out that they were just living a borrowed life and were neck deep in debt.  Of course, the usurer took all his money from them and they were left with nothing!  It was sad.

One thing many of those in the banking industry and those in the corporate world do is borrow left, right and centre all in a bid to live a corporate life.  Many fail to realize that the best thing is to live within one’s means and avoid borrowing.  I have seen cases of couples who borrow to buy cars, wed, travel, pay for medicare etc. all because of the fact that they have extravagant tastes and cannot live within their means.  If such a person gets laid off, as happens in many cases, they have a lot of debt to settle and very little savings in their bank account.

Genteel poverty is defined by Oxford learners’ dictionaries as trying to keep the style of a high social class, but with little money.  Genteel poverty is what motivates many people to borrow to attend the latest events in town, do what we call packaging in Nigeria, acquire possessions etc.  I assume that most of my readers have been acquainted with men and women who have many fancy possessions, cars, houses and so on but on closer acquaintance, it is seen that these people are as poor as those of lower socio-economic classes are.  This is why it is not good for a lady to be deceived by a man’s outward trappings.  Many women have fallen victim to such men and begin to wonder why a man can have three cars but can’t afford to take her to a fancy restaurant or pay for her hairdo.

I am not a minimalist, but I believe very much in restrained elegance, whereby a person who has wealth comes off as looking classy without spending so much and looking ostentatious.  We should realize that many people are imitative by nature and try to outdo their neighbours and acquaintances in whatever they do.  This is the major reason why many people buy things, not because they really need such things, but because of the desire to belong.  It is refreshing to see a rich person who dresses simply, buys cars that are not too expensive and lives in a modest house.  Such people are often admired and called humble by those who know them well.  No matter how much or little money you have, your goal should always be restrained elegance.  There is no need to go to another extreme whereby a rich person spends a lot of money trying to look poor in order not to arouse the envy and hatred of others.  Money is meant to be enjoyed and if you have it, spend, save and invest it!

Nigeria is heading for an economic recession and people are led astray.  Many people imagine that Nigeria is a rich country because we see people drive expensive cars, wear fancy clothes, throw large parties and build big houses.  The thing is that most economists define wealth as the length of time one can live at their current standard of living if their source of income were cut off or if they became incapacitated.  Unfortunately, most of the ‘rich’ people we see are not able to live at their current standard of living for more than three months if something happens to their source of income.   This places upon us the responsibility to live within our means, plan, budget and save so that we can invest and help the Nigerian economy grow. A trip to your bank will help you if you are unable to afford the services of a financial planner.

If you are working in a corporate organization with fringe benefits such as a car, house, medicare, and so on, it is best to live within your means.  Do not get accustomed to living an extravagant lifestyle you will be unable to keep up with when you have to leave the company.  Plan and save towards a house, a car of your own and landed properties and have the sense to invest.

Here’s to a financially accountable future!

xoxo,
Lush