{"id":12071,"date":"2019-04-05T16:24:31","date_gmt":"2019-04-05T22:24:31","guid":{"rendered":"https:\/\/www.lexingtonlaw.com\/blog\/?p=12071"},"modified":"2022-06-08T17:23:03","modified_gmt":"2022-06-08T23:23:03","slug":"the-psychology-of-status-purchases","status":"publish","type":"post","link":"https:\/\/www.lexingtonlaw.com\/blog\/finance\/the-psychology-of-status-purchases.html","title":{"rendered":"The Psychology of Status Purchases"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

Humans have been fixated on acquiring status since the beginning of time. Most recently status has found its home on social media, where it\u2019s easier than ever to capture and cultivate images of our enviable lifestyles and broadcast them to the world. But unsurprisingly, this behavior can be damaging \u2014 both to our mental health and, as platforms like Instagram help status-seeker culture spread, to our wallets.<\/p>\n\n\n\n

A recent survey <\/a>showed 77 percent of millennials made purchases for the purpose of posting them on Instagram, and they were willing to spend nearly twice as much ($137) on a perfect post as the general population ($70). A separate survey<\/a> found almost 40% of millennials have spent money they didn\u2019t have, going into debt just to \u201ckeep up\u201d with their peers.<\/p>\n\n\n\n

While it\u2019s tempting to roll our eyes at the extent of millennial superficiality, status culture predates not just millennials but the internet itself. Over 2000 years ago, Polynesian tribes used tattoos <\/a>to broadcast a person\u2019s position in the community. For several centuries, people fell over themselves for the opportunity to own a pineapple and let the world know just how wealthy they were. So while Instagram may be new, the behavior it displays definitely isn\u2019t.<\/p>\n\n\n\n

It is concerning, though, that status purchases are persuading millennials into debt<\/a>, especially since while status and wealth often appear together, they\u2019re not the same. By gaining a better understanding of what status actually is and why we seek it, it\u2019s possible to find a way to hold your own in your community without overextending yourself financially to do so. You can go straight to our infographic<\/a> to learn about the differences between status and status symbols.<\/p>\n\n\n\n

Why Do Humans Seek Status? <\/h2>\n\n\n\n

We don\u2019t consciously decide we want status \u2014 it\u2019s a human instinct<\/a>. People learned early on that respect from their community translated directly into better protection, more desirable mating options, and better cuts of shared resources like food and shelter. Today, it\u2019s slightly more complicated; psychologists categorize status as an \u201cesteem need\u201d \u2014 the fourth in a checklist of desires that humans satisfy as they make their way through life.<\/p>\n\n\n\n

\"Maslow's<\/figure>\n\n\n\n

Naturally we prioritize our basic need for food and shelter first; then we seek safety and security. Once we satisfy those needs, we move on to love and belonging, which we get from our family and friends. Once that need is met, we can move on to esteem \u2014 that\u2019s where status comes in.<\/p>\n\n\n\n

Status vs. the Status Symbol <\/h2>\n\n\n\n

Just like birds decorate their nests with things that shine, humans collect indicators of the status they\u2019ve achieved. That\u2019s why status is so frequently confused with wealth \u2014 since money is universal collateral, having a lot of it will gain a person a high rank in basically any community. That\u2019s why so many people want to appear rich (whether they actually are or not).
<\/p>\n\n\n\n

But money isn\u2019t the only unit of community value. A political leader, for example, might earn status through proven hours of service and genuine connections with members of their constituency. Someone in a highly skilled industry, like a chef, might cultivate their sense of esteem by competing for and displaying prestigious culinary awards. Artists and actors can be dirt poor and still revered for their talent. <\/p>\n\n\n\n

In each community, status is measured differently \u2014 and the symbols that are coveted by members of that community are different, too. Not only that, but those symbols are constantly changing. The more people have something, the less impressive it is, and another top symbol will arrive to take its place.<\/a><\/p>\n\n\n\n

\"Infographic<\/figure>\n\n\n\n
\"Infographic<\/figure>\n\n\n\n
\"Infographic<\/figure>\n\n\n\n
\"Infographic<\/figure>\n\n\n\n

How to Seek Status (the Smart Way)<\/h2>\n\n\n\n

There\u2019s nothing wrong with indulging the natural instinct to seek status, but if your desire to keep up or compete with your peers is driving you into debt, it might be time to reconsider your priorities, clean up your finances, and figure out a better way to meet your esteem needs. <\/p>\n\n\n\n

  1. Change your surroundings.<\/strong> Take stock of your friends\u2019 spending. Is it more than you can sustain? It might be time to make new friends, ones whose lifestyles have a lower price tag. In the right environment, some social comparison can actually help you get better control of your budget: one study <\/a>showed that people will significantly cut their spending when they find out that they spend more than their peers. Surround yourself with frugal people, and you\u2019ll find yourself spending less, too. <\/li>
  2. Reframe the way you think about status.<\/strong> Unless you\u2019re a member of the 1%, it\u2019s unlikely that every high-status person you know is also a big spender. What symbols surround you that weren\u2019t bought? Find someone you truly admire and find ways to emulate them \u2014 without spending money. <\/li>
  3. Cultivate taste, not things.<\/strong> Even rich people who lack taste will eventually lose status. Simply buying anything expensive isn\u2019t a status indicator \u2014 it\u2019s just tacky. Cultivate your cultural influences, education, your physical and mental health, and your talents. Not only will you be spending less, you\u2019ll wind up feeling more fulfilled.<\/li>
  4. Develop a smart attitude toward wealth.<\/strong> Social climbers often get so caught up in trying to keep up that they forget how well-trained people from wealthy families are to handle and grow their money with strategic precision. Living like the 1% means more than just spending like them \u2014 it means eliminating unnecessary debt, making smart investments, and having long-term financial goals you\u2019re working toward. <\/li><\/ol>\n\n\n\n

    So if you\u2019re looking to rise up through the social ranks but you don\u2019t have the budget to bankroll your luxury lifestyle, change your strategy. Anyone can cultivate a community\u2019s respect, with or without engaging in conspicuous consumption culture.<\/p>\n","protected":false},"excerpt":{"rendered":"

    By understanding what status actually is and why we seek it, you can find a way to hold your own in your community without overextending yourself financially. <\/p>\n","protected":false},"author":63,"featured_media":12076,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[534],"tags":[],"yoast_head":"\nThe Psychology of Status Purchases - Lexington Law<\/title>\n<meta name=\"description\" content=\"By understanding what status actually is and why we seek it, you can find a way to hold your own in your community without overextending yourself financially.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lexingtonlaw.com\/blog\/finance\/the-psychology-of-status-purchases.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Psychology of Status Purchases\" \/>\n<meta property=\"og:description\" content=\"By understanding what status actually is and why we seek it, you can find a way to hold your own in your community without overextending yourself financially.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.lexingtonlaw.com\/blog\/finance\/the-psychology-of-status-purchases.html\" \/>\n<meta property=\"og:site_name\" content=\"Lexington Law\" \/>\n<meta property=\"article:published_time\" content=\"2019-04-05T22:24:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-06-08T23:23:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2019\/04\/car-door-handle-hero.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1510\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Lexington Law\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.lexingtonlaw.com\/blog\/#website\",\"url\":\"https:\/\/www.lexingtonlaw.com\/blog\/\",\"name\":\"Lexington Law\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.lexingtonlaw.com\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/www.lexingtonlaw.com\/blog\/finance\/the-psychology-of-status-purchases.html#primaryimage\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2019\/04\/car-door-handle-hero.jpg\",\"contentUrl\":\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2019\/04\/car-door-handle-hero.jpg\",\"width\":1510,\"height\":500},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.lexingtonlaw.com\/blog\/finance\/the-psychology-of-status-purchases.html#webpage\",\"url\":\"https:\/\/www.lexingtonlaw.com\/blog\/finance\/the-psychology-of-status-purchases.html\",\"name\":\"The Psychology of Status Purchases - 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