Ohh, and before you start guessing, I’m talking about Jeff Bezos – CEO of Amazon.
You know, a lot of times, it’s easier for us to draw money lessons from speeches delivered by the wealthy or books written by them.
But sometimes, all we need to do is to take a look at their lifestyle and their actions to see what we need to learn and apply to our own lives.
This is not a grass-to-grace story of once upon a time when Jeff Bezos was poor or something. In this piece, we’d be taking a pause to look at what Jeff Bezos did (or didn’t do) even while he was rich.
Now, it’s true that the little things count – cooking your food instead of ordering takeout every day, sharing rides with your friends and splitting the costs, etc. These costs add up.
But make no mistake, if you cook your food on Monday, share rides with your friends on Tuesday and Wednesday to cut costs, and then decide to empty your savings on an iPhone 13 on Thursday taking you back to zero, that’s not wisdom.
Once again, these little costs add up, and it’s good to cut costs as often as you can. This is why this is probably my favourite Streetwise episode yet.
However, there has to be a balance.
From when Amazon had only 10 employees until Jeff Bezos’ net worth sat at over 12 billion dollars, he drove a 1987 Chevrolet Blazer. After he felt like he needed an upgrade, he went for a Honda Accord in 1997, and then a later-generation Honda the next time he was car shopping.
This is not to say that you shouldn’t buy expensive things or treat yourself to some luxury once in a while if you can afford it.
It’s basically to hint at you to maybe consider choosing this as the kind of “peer pressure” you get influenced by.
Obviously, the reason Bezos didn’t get a Maybach or Bentley is not that he couldn’t afford to. That would be the last reason, seeing as his net worth can give the world a monthly allowance comfortably.
His choice was based on his priorities and personal preference.
Yours should be too.
Not on peer pressure. Not on your ego pushing you to buy things to prove you belong to a certain class.
Is it a coincidence that this post is coming shortly after the release of the new iPhone 13 lineup? Maybe, maybe not.
But one thing is certain, just like Morgan Housel put it in his book “The Psychology of Money”: “Spending money to show people how much money you have is the fastest way to have less money.”
A word, they say, is enough. Or don’t you think so?
If you found this post helpful, please share with your friend that’s about to empty their savings to buy an iPhone 13 Pro Max. Save a life today.