——Review of The Mansion: A Subprime Parable
Americans would like to advance their fortune while paying back in their whole lives. On the other hand, Chinese are used to own their estates after saving money in decades. Some people admire the life style of Americans as they enjoy much more years of extravagant lives although they pay as much as Chinese. However, as far as I am concerned, the excessive pursuit of luxurious lives will increase one’s material desire to an extent beyond their economic abilities, which is so harmful that lots of financial and economic problems rise these years.
As a matter of fact, materialism, especially in America, gives a perception of wealth and prosperity. The strong American economy is fed by materialistic desires of its citizens. Even during the tough financial struggles of a recession, many Americans continue to purchase products that are bigger and better. To some extent, the recovery of the economic recession highly depends on people’s obsession of advanced goods. Although the economy can benefit from materialism, it weakens overall financial stability of the individuals who indulge too much in it.
People now tend to live a life by going into debt in order to achieve their aims. They make use of their possessions to show off their financial ability and social status. Their struggles for the best, unfortunately, crush people’s financial security. For instance, thousands of people never concern about any saves for emergencies, for the future, or for the retirement. One of my cousins, who has now become a citizen of America, gets a decent job with high salary, while she never tries to open a saving accounts and her credit reports are always in a difficult situation. Some of the elder relatives could not understand her decision-making in finance, while she is confident as she could easily get a loan from the government and ease her difficulties if any.
Moreover, materialism pushes and pulls...