owlolive

Everything that matters to me (and maybe you as well)

Archive for the tag “wealth”

A Question for the Spendthrifts and the Frivolous: The Point Behind Spending Pointlessly

Look, I own designer stuff. Designer bags, designer clothes, designer accessories–I pretty much have a good chunk of assorted designer loot in my closet. I am totally for high fashion and, in fact, find it kind of annoying when people whine and moan about how expensive something like a Louis Vuitton purse is. I know that these luxury items are expensive for several, arguably valid reasons. They’re timeless, well-crafted, artistically wrought creations that are made out of some of the best materials on this earth and under the best set of hands. If anything, some of these items can be considered as a real financial investment if you take proper care of them.

So, please understand that the forthcoming criticism is not of high fashion nor of its duly expensive brand of luxurious products. This post actually has nothing to do with luxurious things whatsoever.

This post is about that one person that everyone knows if you happen to live in a place like Kuwait (or, really, anywhere abundantly wealthy). You know the one. She’s the girl that has about a hundred pairs of Jimmy Choos that she’s only ever worn once. Or the guy that collects super-pricy Rolex watches only to wear each of them once in a blue moon.

I know one, you know one, we all know one (at least). That’s right: I’m talking about the spendthrifts and the frivolous group of people that always seem to emerge out of every financially blessed population. The only reason I’m using Kuwait as an example here is because its the only place where I can draw from actual experience–but I’m sure this is not a Kuwait exclusive deal.

Now, before I start, I know a lot of you are going to ask: “What’s it to you? It’s their money. They can do whatever they want with it. How is the way that anyone chooses to spend their money any of your business?”

And here’s my answer (put as briefly as possible): It’s not.

I’m not here to tell anyone how to spend their money, give my opinion on wise investments or, really, anything to do with the way that anyone chooses to manage their property (financial or otherwise). That kind of talk should be reserved for your Mommas and Papas–not me.

All I’m here to say is, if you do happen to know someone who mindlessly spends bucket-loads of cash on a whole lot of luxury items just for the sake of owning them and not really using them (or even if you happen to be one of these people), then you would probably benefit yourself and so many others if you take the time to perhaps ask a few questions about why people in rich societies do this.

I mean, when you choose to buy, for example, 20 Chanel purses and then chuck them away in the back of your closet, only to be seen on select occasions and worn, on average, a small handful of times throughout the year (before you go out and buy 20 more new ones), what’s the point?

This is really what I’m trying to understand here.

As a person who does indulge in high fashion and luxurious things from time to time, I honestly find myself very baffled by this question and this mode of behavior that I’ve seen so many times in Kuwait.

Is there some kind of cathartic benefit to spending so much money on things that are considered luxurious just for the sake of it? Like you think it could possibly console any feelings you might have about your financial or social security?

Do you feel that your reputation and the public opinion of you depends on the amount of expensive things that you own? And so the more you accumulate the more people will respect you or speak highly of you?

Is it just some kind of compulsive, nearly addictive habit? Confessions of a Shopaholic, anyone?

I’ve talked about this behavior with some people and, for some reason, many of them just chalk it up to boredom, an overflowing trust fund, and a lack of character-building “life experience.” And, while I understand where they’re coming from, I think that kind of opinion is somewhat limiting cause it can really only be applied to adolescent, spoiled children at best. You can hardly say the same thing about, for instance, a busy mother of two who has an MBA and works a full-time job as a bank executive.

Because I know that mother and I’ve seen her, in all her hard-earned “life experience,” do the exact same thing.

So, really, what do people honestly think they get out of this insane level of spending which, for all intents and purposes, is actually pretty damn pointless? I’m not judging or anything. Just pretty curious.

The reason I ask this question is because, well, I feel like there is so much more to the people in Kuwait than the things they own and I really don’t like this notion of anyone trying to strongly define themselves through the amount of expensive stuff that sits in the back of their closet.

So, please, oh deep-pocketed souls (or their acquaintances), shed some light over here.

All my love!

If It Makes You Happy… – New Poll Reveals More Joy in Poorer Countries

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So apperently we have had it wrong all along. All the time we were trying to emulate the so-called ‘happiness’ of the people on the Forbes-400 list we should’ve been paying more attention to the people on the other side of the spectrum: the poor, impoverished, ‘less fortunate’ people in the world.

At least that’s what this new Ipsos poll seems to be hinting at.

Among 19,000 people from 24 countries were polled on thier level of happiness, and it seems that there’s the most joy to be found in the economically poorer parts of the world like India, Indonesia, and Mexico as opposed to the countries which are traditionally considered to be rich like the US or Saudi Arabia. Apparently after the onset of the financial crisis of 2008 “some 77% of respondents now describe themselves as happy, up three points on 2007, the last year before the crisis. Fully 22% (up from 20%) describe themselves as very happy.”

Now, it’s important to note that these polls are not detailing overall well-being or the quality of life of these people. They’re simply detailing how happy they feel about their lives and their state of affairs. And while you could probably argue against the accuracy of this poll because, at the end of the day, happiness does not have a fixed definition and one person’s idea of happiness could be wildly different from someone else’s, it does make at least one thing clear.

That, if even on a text book, superficial level (which is how we judge most of the glamorous and famous people who look up at us from glossy magazine pages, for example) money is definitely not the key to happiness. Hell, it’s probably not even A KEY at all (although I know there are people in this world who would be glad to fight me on that one).

If this poll reveals anything it’s this: that money actually only helps make you happy in as far as you truly and essentially need it, otherwise it could easily become a source of trouble and disruption because you used it to buy too much of what you already had to begin with.

WA-POW! YODA, WHO?

All my love!

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