It is sometimes argued that people should better invest money in non-material things rather than physical purchases. However, I firmly disagree with this view. This essay will argue that people should prioritise material spendings as they often provide financial and physical safety and can be used to build generational wealth.
Although the category ‘material things’ can often be assosiated with designer bags or expensive jewelry, unfortunately, people tend to forget that it also includes such things as real estate or vehicles, which are significant purchases in everyone’s life. A personal flat or a car can serve as great examples. On the one hand, self-owned property significantly reduces spendings as there is no need to pay rent to a landlord, while on the other, commuting by car is much safer than by public transport. Therefore, it is a wise financial decision to save up money to get on the property ladder, rather than spend it on another cinema visit.
Secondly, spending money on physical purchases can be seen as investment into the future well-being of next generations as in recent years it became much harder for young people to gain financial independence. For instance, the average age of the UK real property first-buyers increased from 29 years in 1990s to 34 years in 2020. Securing housing for children can be a game changer for the start of their adulthood giving the opportunity for them to focus on personal development rather than surviving financial burden.
To conclude, the evidence points opposite to the statement’s claim: it is often important to put purchasing of material assets first as it increases the quality of one’s life and the generations ahead.