RichVintage / Getty Images
“Practice makes perfect.”
“Are you successful?”
“Fake it ’til you make it.”
Find Out: I’m a Self-Made Millionaire: 6 Steps I Took To Become Rich on an Average Salary
Learn More: 9 Things You Must Do To Grow Your Wealth in 2024
Now, what are some of the ways in which achievement culture can hurt your finances? For starters, it can drive you to spend beyond your means.
Contents
Achievement Culture: The Drive Beyond Reason
Trending Now: Suze Orman’s Secret to a Wealthy Retirement–Have You Made This Money Move?
Some might say this "achievement culture" thing is all about the hustle. But let’s reel it back a bit. Cliff Ambrose, a finance guru over at Apex Wealth, thinks it’s a bit more than just working your fingers to the bone. It’s those pesky societal messages whispering what you should be worth, tying up success with constant achievements and milestones. It’s the idea that you’re just another piece of meat measured by the trophies on your shelf, be it in your job, school, or even your weekend hobbies.
The Financial Temptations and Risks
It’s easy to see why so many people get caught up in this whirlwind. “The constant drive for more can lead to overspending,” Ambrose points out. Got to have the latest iPhone, right? Or, why settle for ordinary when you could have a swanky new car sitting in your driveway? But, here’s the kicker: those toys add up, nudging you dangerously close to living on credit, and let’s not even start on that paycheck-to-paycheck loop you can’t seem to break.
- Overspending Habits: Flashy gadgets, luxury fashion, bigger digs.
- Investment Missteps: Impulsive throwing of cash into investments just because it’s what everyone’s doing.
- Career Decisions: Chasing high-paying jobs that leave you exhausted or disinterested.
Career Choices and Education
Jumping onto a career because it promises a fat check isn’t all sunshine and roses. Gloria Garcia Cisneros from LourdMurray warns that a job which doesn’t sync with your passion meters can leave you burnt out and, ironically, not collecting as many dollars as planned. Plus, who hasn’t felt the pressure of Ivy League dreams? It’s like a financial vice grip for too many young souls, loading them with student debt. A report from CNBC reflects the strain of student loan debt weighing heavily in today’s climate.
- Student Debt: Those prestigious universities can sometimes swing a massive debt hammer.
Risky Ventures and Financial Planning
Venturing into high-risk investments on the fast track to riches? It might sound like a brilliant idea until it falls apart. Cisneros warns that chasing the almighty dollar with risky ventures can pave a path to disastrous financial scenarios.
- High-Risk Investments: Quick wins often fail.
It’s a shame that sound financial education often falls by the wayside. People skimp on basics like budgeting, investing smartly, and mapping out a future — all leading to vulnerabilities that can be a serious drag on your financial growth.
The Healthier Money Mindset
Letting go of achievement pressure takes a solid slap of reality. Let’s get comfy with the long game. In the words of Cisneros, successful money management is a game of habits, not flash. You let that green grow patiently in the market over time. Who knew financial success didn’t mean keeping up with the Joneses?
“True financial success is not solely defined by external achievements,” Cisneros states. “I would go as far as to say it isn’t defined by this at all. One needs to create a secure and fulfilling life that resonates with their needs. Money is simply a tool that should allow you to live your best life.”
And, let’s face it, we’re all writing our own unique stories here. Don’t let anyone else hold the pen.
More From GOBankingRates
This concise version captures the essence of 6 Ways ‘Achievement Culture’ Can Wreck Your Finances, offering a New Yorker’s take on the success and chaos busting out from the fast-paced achievement game.
