When the economic crisis bites, ego still prevails

Talking about the economic crisis, here’s a true story that I want to share with you.

Junior (Not real name) owns three cars. Not three kancils, but three luxury cars. When the economy was good, he had no problems whatsoever in paying off his car loans and maintaining those cars. He was living a good life.

However, recently, he got conned by a bunch of folks. Also, his business was not doing well anymore due to the bad economy. He was struggling.

Struggling he was, yet refuses to let go of those cars. He kept on bugging Popo (not real name) and borrowed heaps of money from Popo to service his lavish lifestyle.

Popo said “Downsize first! When you’re rich again, you can get back to your lifestyle!”.

Junior refuses to budge. According to him, it’s humiliating to downsize. “Malulah!!”, says Junior.

Opinion: This is all about pride and ego and not wanting to admit defeat. All I can say is, flee, survive and fight another day! Sell those cars, abandon the lavish lifestyle, get back up on your feet again, and then only you return to your old lifestyle.

What do you guys think? If it was you, would you abandon the lifestyle or are you more comfortable living off loans from other people?

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Disclaimer: This article is not a specific nor general advice on managing or investing your money. This article does not constitute a recommendation nor does it take into account your investment objectives, financial situation nor particular needs.

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About nadlique

This blog is about the journey of a 28-year-old Malaysian towards financial freedom. This blog was started back when the blogger was 21 years old. However, his journey towards financial freedom had begun way before that. Materials such as investing, business, entrepreneurship, equities, and real estate are presented. The author also posts his thoughts and observations on life in general.

Comments

  1. This case concerns with ego than survival itself…i figure it is much more respected by society nowadays if you fall down, brush off your knees and get up running…resilient itself is the characteristic of the rich, the poor one will cave in under pressure

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