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Morgan Housel seems to be cautioning against spending money primarily to impress others or boost one’s image by flaunting wealth. His view is that this type of conspicuous consumption focused on displaying high earnings or status to people is ironically an effective way to quickly diminish one’s actual financial resources over time.
Housel’s quote suggests that lavish spending aimed at signaling affluence to others through expensive displays is usually not a sustainable practice and will ultimately lead to having less money available if it replaces responsible financial management and savings.