Your Money, Your Choice
Every day, someone receives a life-changing financial windfall. A lottery win perhaps, but it’s more likely to be an inheritance, super payout, or business sale. Whatever the source, these moments force a fundamental question: how do we choose to spend our money?
The tabloids were quick to ridicule the extravagance of Jeff Bezos’s $50 million Italian wedding, complete with a diamond the size of a golf ball. But who are we to judge? Given the opportunity, would we spend differently?
For most of us, our spending patterns evolve gradually through promotions, pay rises, and life’s changes. This is lifestyle inflation. Like a high tide mark, our expectations drift upward, making it hard to imagine going backwards.
Once upon a time, in my house, we drank instant coffee. We then upgraded to a pod machine. These days, it’s fresh beans and a Breville Barista Pro. An everyday luxury that I can no longer live without.
For others it might be the way they choose to travel. Once you’ve flown at the pointy end of the plane, economy can feel a little… less inspiring.
We’re all human. We have a hierarchy of needs: basic survival, safety, a sense of belonging, self-esteem, and finally, self-actualisation. That’s the idea that we grow into the most authentic version of ourselves. It’s a subtle concept, and one that takes time to develop.
I suspect that’s why flashy spending on luxury goods can feel inauthentic.
Contrast that with helping a family member through university or becoming more involved with a favourite charity. These choices reflect a deeper sense of purpose.
Our money expresses who we are, not just what we can afford.
This isn’t about judging how others spend. It’s about making sure our own choices reflect who we want to be.
Lachlan Harvey CFP®
Authorised Representative (No 227293)
