No, not even close. This headline sounds ridiculous, right? Unfortunately I see this idea portrayed too often – in reality, the cost of someone’s possessions tells you almost nothing about their actual level of income or accumulated wealth (see my review of The Millionaire Next Door below).
The availability of easy credit allows people to spend far beyond their income levels. As your income rises, the strong values you’ve developed throughout your life determine whether you’ll tend to spend or save, and thus whether you’ll accumulate wealth and freedom, or debt and possessions.
My favorite idea is this: the ‘rich guy’ in the Porsche was richer before he bought the Porsche.
This blog encapsulates some of the healthy values that let people gain financial freedom – I hope you enjoy reading.