A web of fabricated wealth led to the controversial crash for Hamptons real estate developer Brandon Miller. Found unconscious in the garage of his lavish $8 million Water Mill estate, Miller leaves behind his social media influencer wife, Candice Miller, and their two young daughters.
Miller, 43, was declared dead by taking his own life in the garage of his Water Mill home. His wife, Candice, was vacationing in Europe with their daughters at the time.
After his death, reports surfaced indicating significant financial strain for Miller. Colleagues alleged that he and his wife indulged in an extravagant lifestyle, attempting to project wealth beyond their means in the Hamptons social scene.
“It’s no longer keeping up with the Joneses. It’s keeping up with the Bezoses, but no one can compete,” one Hamptons socialite told the New York Post. “There’s a whole kind of rich now that never existed before,” the source said.
“There are probably 10 or 20 people in the Hamptons who qualify as billionaires. But you can be sure they’re not the ones sharing their lives on Instagram.”
According to sources, Brandon secured a loan of approximately $17 million from friends to acquire a building in downtown Manhattan. Much to Miller’s chagrin, the building deal fell through, forcing him to misrepresent the use of the funds to his investors.
In the wake of the tragedy, some affluent Hamptons residents suspect the financial burden may have been a contributing factor in Miller’s death. “Brandon clearly, he thought he was going to jail for embezzlement and he decided this was his way out.” a source told The Post.
The story of Brandon Miller tragically highlights the pressure to maintain a certain lifestyle, especially among high earners. Even seemingly comfortable incomes can vanish quickly.
Take Sarah and Kevin, for example, a couple with a combined income of $250,000 who feel financially strained after committing $500,000 towards their children’s education. So, what compels people to spend beyond their means, regardless of income level?
Why We Can’t Stop Spending
While countless reasons influence our spending, often, a deeper look reveals emotions playing a significant role. In fact, these emotions can sometimes lead us to overspend. Ramsey Solutions identified five key emotional culprits that can trigger excessive spending.
1) Social Comparison
Scrolling through social media on a lazy Saturday morning can quickly turn into a spending spree. Before you know it, you’ve been bombarded with perfectly curated feeds showcasing the latest trends and must-have items.
That new kimono you saw advertised might seem life-changing at the moment, leading to an impulsive purchase that drains your budget. Social media thrives on comparison, making your worn couch or recent family vacation seem inadequate compared to the seemingly flawless experiences of others.
This constant barrage of envy can trick you into believing that material possessions are the key to happiness, ultimately derailing your financial goals and stealing your joy.
2) Blind Spots
Without tracking your spending, gaining control of your finances is impossible. Regardless of income, a lack of awareness allows money to slip through your fingers, leaving you perpetually broke.
Budgeting and tracking expenses become your weapons against this financial black hole.
3) Emotional Spending
Retail therapy, the act of shopping to feel better, is a harmless joke. However, compulsive spending fueled by emotions can be detrimental. We fall prey to instant gratification, buying impulsively without considering our budget or long-term goals.
The short-lived happiness of a new purchase quickly fades, replaced by financial strain and regret.
4) The Money Personality
Financial self-awareness is crucial for lasting change. Understanding your spending tendencies and triggers is the first step towards controlling your finances. Are you a natural spender or a cautious saver? What motivates your financial decisions?
Taking a personality quiz can be a valuable tool for self-discovery, helping you identify areas for improvement and break negative spending habits. Building an emergency fund is a cornerstone of financial security. However, with the rising cost of living, more than the previously recommended amount of $2,467 for low-income savers might be needed.
5) The Illusion of Easy Money
Plastic payments, whether credit cards or debit cards, can lull you into a false sense of security. The absence of physical cash makes it easier to overspend, as the pain of parting with money is less immediate.
Cash creates a stronger psychological connection to spending. Physically handing over crisp bills makes the outflow of money more tangible, potentially leading to more mindful purchases.
Curbing Lifestyle Creep
Lifestyle creep, the tendency to spend more as you earn more, can derail your financial goals. Here’s how to fight back:
Maintain a Budget Anchor: Regardless of income growth, stick to a structured budget that consistently allocates funds for needs, wants, and savings. This ensures your financial foundation remains strong while you build wealth.
Prioritise Value: Mindful spending is key, as CreditBlog points out. Before buying anything, consider it’s budget fit and long-term value. Invest in lasting upgrades (like home improvements) that enhance your life and potentially increase property value instead of fleeting indulgences.
In conclusion, understanding the emotional triggers behind spending and implementing these strategies can empower you to take control of your finances. Remember, mindful spending habits and a commitment to long-term goals are the cornerstones of financial security.
