Quoted from ChadKeller:Even with the explanation it still makes no sense to me.
Just consider ego, keeping up with the Joneses, and more dollars than sense...
Financial psychologists say the drive to splurge and keep up with the Joneses is rooted more in psychology than a lack of financial skills. Animal brain thinking, the need to fill a void or the desire to simply impress, can drive people to irrationally overspend on material items.