Just ask them to appreciate what they really need, versus want. If you look at life through that lens your life will be just as good and you'll have the cash needed to weather a downturn. I always use the "smartphone" example. How many people really need the newest model or even one that is three or four generations removed? I use a 6 year old Motorola Nexus 6, great phone works just fine. Another bizarre waste of money is automobiles. The list goes on and on.
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