This week I’m talking about materialism and how it might be wrecking your retirement. Materialism places utmost importance on money, the things money can buy, and outward signs of financial success. 

Yesterday, I talked about how too much debt might be wrecking your retirement. 

Today, I’m talking about the second tell-tale sign that materialism might be wrecking your retirement: Spending choices. 

If you are already well on track for retirement and you have 6+ months worth of expenses socked away in savings at the bank, then none of what I’m about to say applies to you. But if you’re not where you should be financially, which statistically speaking is like 90% of you, then please take to heart what I’m about to say about spending choices. 

If your Christmas light display would make Clark Griswold jealous…

If you paid full price for the latest iphone the day it came out…

If you have a handbag that costs over $100…

If your monthly car payment exceeds what you’re saving for retirement every month…

If you consider shopping a hobby…

If any of the above applies to you, and you are not on track for retirement and don’t have a substantial cushion in savings for emergencies, than your spending choices, driven by materialism is probably ruining your long-term chances of financial stability and security. 

Don’t get me wrong. I’m not suggesting that you live on rice and beans so you can accumulate millions for retirement. What I am saying is that many of us put very little thought into what we spend our money on, and we often throw our hard-earned dollars at things that don’t bring joy or fulfillment. 

The key with making smart, non-materialistic spending choices with money is to be honest about your motivation. Is the spending choice driven by an intrinsic motivation that’s non-materialistic and righteous, or are you just proving a point to that son of a you-know-what across the street with a flashier Christmas light display and the new 40 foot reindeer that’s gonna really piss him off this year. 

So the next time you make a decision about how to spend your hard-earned dollar, ask yourself why you’re making the purchase. Is it motivated by materialism? Personally, I wish I would have had more awareness over how my own spending decisions have been driven by materialism…I would have figured out much sooner that stuff can’t fill the hole in our hearts and I would have spent a lot less money along the way. 

That’s it for today, but before you go, I have a favor to ask: if you haven’t already left an honest review in Amazon or iTunes for the One Minute Retirement Tip, would you take a minute to do that now? Your review helps to spread the word, and helps other people find this podcast. 

Thanks for listening! My name is Ashley Micciche and this is the One Minute Retirement Tip.

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