High profile people who have loads of money are afraid for a variety of reasons. But still some flaunt money because it brings a certain status.
Others keep it a secret – hiding from the media and common public. They don’t want the hassle of fear, comparison or security.
If your friend earns more and you feel pressure to show that you earn like her or more despite your reality, then there is a problem.
You do this because status is important to you so you are keeping an illusion – that you are wealthy in comparison. For a certain period, it will seem amazing. But then you will feel the pain to keep up, make bad decisions and then regret it later.
Of course, the more money is welcomed. But when you make a financial decision based on other people and their viewpoint, you do bad. Chasing status in such a situation will quickly spiral you into worse financial situation.
No matter what, you can’t keep your net worth a secret from yourself. Be aware of your financial standing, avoid status role with how much money you have and follow the golden rule of doing your work and earning fair compensation.
Spend less than you earn, save and invest some. Doesn’t matter what your financial range is, this principle will make sure you will make good choices.