GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you’re able to read more about oureditorial guidelinesand our products and servicesreview methodology.
All these fancy clothes and gear, however, only showcase that youve spent a lot of money.
While that may impress some, it isnt the best way to actuallybecome richor improve your finances.
You Keep a Low-Key Lifestyle
When you dress down, youre not looking for attention.
it’s possible for you to dont need those flashy clothes to feel like a million bucks.
You Dont Need Social Approval
Kim explains that gaining others approval is abasic human desire.
Though this instinct is completely natural, it can become a problem when it negatively affects your finances.
Society tells us we can achieve happiness throughmoney, power and fame.
But many A-list celebrities and CEOs arent happy despite having all three.
You Spend Less in Other Areas
Dressing down can be contagious.
When you finally become OK with it, you may be able to forgo other temptations easily as well.
You Save More Money
The road to riches isnt as difficult as it seems.
Another reason to avoid flashy fashion is that youll spend less.
Kim breaks down this point by comparing two hypothetical individuals.
The second one makes $500K a year but spends all of it onnice cars, vacations and eveningsout.
On the surface, most would think the second person is wealthier than the first one.
But, in the long term, the first person will have amuch better financial future.
These professionals are always looking to get new clients and increase their income.
By sporting regular attire, you wont be as large of a target to them.
For some, these financial products may be appealing.
For example, walking through a mall in a nice suit can attract attention from salespeople.
Kim explains that buying new things is fine, but you want to be in control.
You may simultaneously intimidate or repel those bringing authentic relationships to the table.
These people are more likely to form genuine bonds with you, leading tomore fulfilling relationships.
Looking poor can be a means of saving, investing and building wealth.
Training yourself to be humble can not only improve your own finances but also enhance the lives of others.
However, spending all your money onextravagant clothing and accessorieswill do the opposite.
More From GOBankingRates
Share This Article:
