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High Cost Lifestyles Can Lead to Loss of Autonomy

Daniel Paull MD writes about bad long-term decisions made by many high-income earners because the need a lot of money for luxury purchases.

December 14, 2023

You can spend $100K on a really nice car, $4K on a suit, and however much money you want on a fancy watch.

You can spend double the median house price in your area, to make sure you get a really nice luxurious house.

You can opt to send your kids to the best private school in town, instead of the local public school.

Those that make purchases like the ones above will tell you that having a high cost lifestyle pushes the pressure on them to succeed. That they can’t risk going back home to their family and telling them that they will have to move, put their kids in public school etc.

While that may be true in some sense, they have also put themselves into low leverage situations.

 

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When you need all of that money coming in, you might take deals and make decisions that maybe aren’t so good in the long term, but will provide short term cash, which you desperately need.

Compare that to the person who waits to buy their luxuries.

They have the power to walk away and go without money for a while, if they need to.

This creates a high leverage position which in time usually leads to better deals and long term decisions.

Not to mention the hours working that are required for a high cost lifestyle can sometimes erode the very thing you are working for: your family.

All opinions published on SomeDocs-Mag are the author’s and do not reflect the official position of SoMeDocs, its staff, editors. SoMeDocs is a magazine built with the safety of free expression and diverse perspectives in mind. For more information, or to submit your own opinion, please see our submission guidelines or email opmed@doximity.com. Do you have a compelling personal story you’d like to see published on SoMeDocs? Find out what we’re looking for here and submit your writing, or send us a pitch.

All opinions published on SomeDocs-Mag are the author’s and do not reflect the official position of SoMeDocs, its staff, editors. SoMeDocs is a magazine built with the safety of free expression and diverse perspectives in mind. Do you have a compelling personal story you’d like to see published on SoMeDocs? Submit your own article now here.

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