7 so-called status symbols that are only meaningful to broke people

We all have different ways of defining success. For some, success is marked by a hefty bank account, for others, it’s the freedom to do what they love.

But there’s a peculiar phenomenon I’ve noticed – certain ‘status symbols’ that are supposedly indicative of wealth and success, but in reality, only hold meaning to those who are broke.

In this piece, I’m going to peel back the curtain on these so-called status symbols and reveal why they might not be as impressive as you think.

We’ll delve into the psychology behind these markers of faux-success and explore how a truly successful mindset transcends material possessions.

So buckle up because we’re about to take a trip down the road less traveled, revealing 7 so-called status symbols that are only meaningful to broke people.

1) Designer labels

We’ve all seen it. That person who insists on wearing head-to-toe designer labels, flashing the brand’s logo like it’s a badge of honor.

In reality, this obsession with logos and labels usually stems from a place of insecurity. It’s an attempt to project an image of wealth and success without necessarily having the financial stability to back it up.

Truly wealthy individuals often shun ostentatious displays of wealth. In fact, many rich people prefer to invest their money in experiences, philanthropy, or assets that will increase in value over time, rather than spending it on depreciating items like clothes and accessories.

So while that flashy designer logo might turn a few heads, it’s often a sign that the wearer is living beyond their means, trying to fit into a mold of success that isn’t aligned with their reality.

Remember: true success is about being comfortable in your own skin, not what label is on your clothes.

2) Expensive cars

I remember my first car. It was an old, beat-up sedan that had seen better days. But it was mine and it got me from point A to point B. I loved that battered old car, not because of what it represented, but because of the freedom it gave me.

Fast forward a few years, and I found myself surrounded by peers who were rushing to buy flashy, high-end cars they couldn’t afford. They were caught in the allure of that shiny status symbol, wanting to project an image of success.

But here’s the thing. The truly wealthy folks I know don’t necessarily drive the most expensive cars. They understand that a car is a depreciating asset, losing value from the moment you drive it off the lot.

Instead of pouring money into an overpriced vehicle, they invest in things that grow in value over time—real estate, stocks, businesses.

So, next time you see someone cruising around in a luxury car, remember my old sedan. True wealth isn’t about what you drive but about where you’re headed.

3) Upscale dining

Picture this: a chic restaurant, mood lighting, an exquisite menu with prices that make your eyes water. It’s easy to see how fine dining has become a symbol of status and prosperity. But does eating at expensive restaurants really indicate wealth?

Here’s food for thought. According to a study, the average American family spends about $3,000 per year on dining out. In contrast, millionaires on average allocate less than 1% of their wealth on such luxuries.

This suggests that those who frequently dine at high-end establishments may be spending a larger proportion of their income on maintaining a façade of affluence rather than accumulating wealth.

So while treating yourself to a fancy meal every now and then is perfectly fine, using it as a status symbol might be more indicative of financial strain than financial gain.

4) High-end gadgets

In today’s digital world, it’s easy to get caught up in the hype of the latest tech gadgets. From the newest iPhone to top-of-the-line laptops, having the latest gear can seem like a status symbol.

But let’s dig a little deeper. True, successful people may own high-end gadgets, but these are often tools that contribute to their work or enhance their productivity, not just for show.

On the other hand, those who are financially strained might splurge on the latest tech trends as a means to fit into a certain image of success. Ironically this could be at the cost of their actual financial stability.

In other words, a shiny new gadget might look impressive on the surface, but it doesn’t necessarily reflect the owner’s financial health or success. What matters more is how you use the technology you have to create value and progress in your life.

5) Luxury vacations

There was a time in my life when I found myself scrolling through social media, seeing people I knew jetting off to exotic locations, staying in 5-star resorts, and generally living what seemed like a dream life. It left me feeling inadequate, like I was missing out.

I was tempted to max out my credit card to book a trip to some tropical paradise, just for the sake of keeping up appearances. But then I took a step back and realized that this was not the path to true happiness or success.

Travel is wonderful and enriching, but using it as a status symbol, especially when it’s beyond your means, can lead to financial stress and debt.

The truly wealthy often favour meaningful experiences over luxury. They’d rather invest in a trip that offers personal growth and lifelong memories than splurge on an extravagant vacation just for show.

So remember, it’s not about where you go or how luxuriously you travel, but the experiences you gain and the memories you make. That’s the real wealth.

6) Flashy jewelry

Diamonds, gold, precious gemstones – these have long been associated with wealth and status. But does owning flashy jewelry truly indicate financial success?

While jewelry can be a form of investment, especially pieces that hold or appreciate in value over time, using it as a status symbol can be misleading.

In fact, many wealthy individuals opt for simple, understated pieces instead of ostentatious bling. They understand that their worth isn’t defined by the carats they wear, but by their achievements and character.

On the contrary, those who flaunt expensive jewelry as a form of status may be focusing more on appearing wealthy than actually building wealth.

So, next time you see someone sporting a huge diamond ring or gold necklace, remember that true wealth often prefers simplicity over showiness.

7) Living in a high-income neighborhood

Living in an upscale neighborhood with manicured lawns and luxury cars parked on every driveway can certainly give the illusion of wealth. But the reality is, this may be more of a financial burden than a symbol of prosperity.

Buying a house beyond your means just to keep up appearances can lead to significant financial stress. It’s not uncommon for people to find themselves ‘house poor’, where a large portion of their income goes towards mortgage payments, leaving little for savings or other expenses.

The truly wealthy understand that a home is not just a status symbol but an investment. They buy properties they can afford, in neighborhoods that offer growth potential.

So remember, the size or location of your house doesn’t define your success. True wealth is about financial stability and freedom, not just appearances.

A final thought

When we strip away the glitz and glamour, the true essence of wealth isn’t about the material possessions we accumulate but the peace of mind we achieve.

The American business magnate Warren Buffet once said, “I measure success by how many people love me. And the best way to be loved is to be lovable.”

This quote strikes at the heart of what it means to be truly wealthy. Success isn’t determined by the car you drive, the clothes you wear, or the neighborhood you live in.

It’s about the relationships you cultivate, the lives you touch, and ultimately, the legacy you leave behind.

So, as you navigate your journey towards financial freedom and success, remember that real wealth is not just about looking rich; it’s about living a life rich in experiences, relationships, and contentment.

The labels, gadgets, and symbols do not define you – it’s your actions, your character, and your impact on others that truly matter.