Consumer instant gratification can prove risky

Consumer instant gratification can prove risky  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  VIEW IN BROWSER | SUBSCRIBE WED, OCT 02, 2019 YOUR WEALTH Editor's Note Why, oh why are people always trying to keep up with the Joneses? This need to get all the stuff our neighbors have is an never-ending problem and to fail to keep up with them is perceived as socio-economic inferiority. In reality, it's a recipe for disaster. When we try to keep up with the Joneses, we're not actually looking to match our lifestyles to the 1% of Americans who can afford private jets and a summer home in Tuscany. We're just comparing ourselves to our neighbors — most likely the people who look just a little bit wealthier than we do. If we somehow had access to their bank accounts and credit card statements, we might have a different opinion of these people. Here's the bottom line: Many Americans live beyond their means. Instant gratification has created very bad financial behavior and that has resulted in Americans facing a great deal of debt. Chances are good that those neighbors you're looking to keep up with are also living beyond their means. So, the next time you're about to make that big purchase – especially one that will put you deeper into debt – take a minute to ask yourself some questions. Are you purchasing this item or service because you really need it? Or, are you doing it for appearance? If your answer is that you just want to look more financially successful, then you need to avoid spending that money. It's a good step forward in learning how to live within your means. For more cool stuff like this, please follow me on Twitter @jimpavia and check out CNBC's Financial Advisor Hub and CNBC + Acorns Invest in You: Ready. Set. Grow. Jim Pavia @JIMPAVIA Consumer instant gratification can prove risky From payday advances to layaway loans, there are new ways to access money to bridge the gap, easier and cheaper than ever before, regardless of whether consumers can afford it. What you don't know about managing money can cost you ... big time You can't blindly make decisions with financial consequences and think everything will be fine. Maybe it will be ... but maybe it won't. The clock is ticking for taxpayers who filed for an extension Procrastinators who couldn't submit their 2018 taxes by April 15 are coming up on a deadline. They have until Oct. 15 to turn in their paperwork to the IRS. Here's what they need. New York judge dismisses blue state suit over SALT tax deductions Here's what's next after U.S. District Judge J. Paul Oetken dismissed a lawsuit filed by New York, New Jersey, Connecticut and Maryland against the IRS, Treasury Department and Treasury Secretary Steven Mnuchin. Smart investing strategies in any market If the ups and downs of the stock market have you wondering what to do, you're not alone. Here's how to unlock that all important college financial aid To access any financial assistance for college, students must file a Free Application for Federal Student Aid form, which serves as the gateway to all federal money including loans, work-study and grants. Going cashless? What to know before you hand a debit card to your children As parents stop carrying cash, financial companies are anticipating that their children may follow their lead. Here's what new debit cards for kids offer, and what you need to think before you put them in your child's hands. Here's how to best invest in your employer's stock Some companies are coming up with new ways for employees to invest in their stock. Whether you have access to stock options, restricted stock or an employee stock purchase plan, you can build wealth through these plans. But as with all investments, beware the risks. Small firms may have a new way to offer 401(k) plans to their workers A federal rule that takes effect Monday allows certain trade groups and employer organizations to sponsor a 401(k) plan that members can participate in and offer to their employees. Congraduritos "Peter Boockvar: 'Bottom line, we have now tariffed our way into a manufacturing recession in the U.S. and globally. What's the strategy now?'" CONTRIBUTORS Sharon Epperson @sharon_epperson Josh Brown @ReformedBroker Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel   Digital Products Feedback Privacy Policy CNBC Events   © 2019 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS