It’s not a farfetched story to hear people who are addicted to say gambling wipe out their entire fortunate within a couple of minutes or those who keep spending their entire pay cheques on lottery tickets to the point where they are always broke. But recently I saw an example which was a little peculiar as there were people who had a lot of wealth and would recklessly spend it on event tickets and video games. I’m talking about spending say five figures on mobile games in a month which is absurd.
But the thing was they all knew it was bad and even laughed about their addictions. Therefore, they just kept doing it. For the record, it seems like they had inherited wealth. That’s kind of scary if you recognize you have some kind of addiction and don’t actively try and rectify it as who knows where one day it may be a bigger problem.
Especially with spending money as these purchases really add and it can be just as bad as someone being say an alcoholic in my opinion. This is different where you have the money and are simply splurging as it’s like saying spending a lot of meaning eating some A5 Wagyu steak is different than having no real control and constantly buying and eating candy nonstop. They say to beat an addiction you need to find one habit to replace another. I always found finding ways to make money as enjoyable in the sense of you always have to be studying and trying new things to the point where you’ll never be bored. Either way, addictions should always be addressed regardless if a lot of money is involved.
It almost makes me think practicing good financial literacy and all helps one to not fall into that hole since you have to be more aware of your purchases and whether or not you truly need something for the price.