Affluenza, “when too much is never enough” is a book written by Clive Hamilton and Richard Denniss. The book examines affluenza symptoms, the media’s role in driving a consumption binge in the western world and the relationship between consumption, personal debt and wellbeing.
Affluenza can be defined as “A socially transmitted condition of over-consumption in the pursuit of happiness and lifestyle to keep up with others”.
Here are a couple of examples of how marketing has created a want rather than a need and measure of your affluence and social standing.
1) The kitchen has now morphed from having a “Pantry” to a “Walk in Pantry” to a full blown “Butler’s Kitchen”.
2) The BBQ has gone from a “4 burner” to “6 burner” to full blown “Outdoor Kitchen”
Both examples demonstrate how people want to differentiate themselves from the mass population. As the mass population catch up, the leading class need to up the ante to maintain the differential between them.
The result is a typical household’s desired standard of living is far greater than the average household’s budget can afford. Reality TV shows such as, (Million Dollar Listing NY & The Block in Australia), have played a critical part by presenting affluence as the norm. This ultimately ends with stress and debt as households endeavour to continually play social status catch up an succumb to Affluenza.
At least the two examples above will leave you with an asset to offset any debt accumulated. If you have been accumulating debt to buy luxury brand consumer goods or consume luxury services to enhance your social standing then there is no asset to offset the expenditure. It’s just bad debt you need to payoff, bad debt produces no income and will have no value in the longer term.
Summadays is all about promoting Financial Freedom, contentment and having time to enjoy those summer days with family or pursuing your passions. So, if you are serious about Financial Freedom you will need to avoid Affluenza because you are trading your life for money. Working longer hours to make more money to fuel wasteful consumption is not a path to contentment but a path which could destroy your most valued relationships.
Your first defence against Affluenza is to be aware of what it is, it’s symptoms, and how the media promote it so that you can take action to avoid this social disease.
Downshifting is the ultimate way to defend yourself against Affluenza, This requires you to take voluntary action to amend your lifestyle, such as downsizing the house and car. Take fewer overseas holidays and eat out at upmarket restaurants less. It could even mean quitting your current job and taking one where you work less hours and get less pay. These voluntary actions are taken as a trade off for a less stressful, healthier and more contented lifestyle.
The aim is not to turn your back on society but to be aware of wasteful consumption and the impact it has on you and your family and the extra amount of money you need to generate to become financially free.
