One topic that a lot of personal finance books rarely discuss is status. Why do people seem to be obsessed with their status and why the pursuit of status can actually lead to wealth destruction. As such, a book like Status and Culture by David Marx is a useful addition to a reader's collection because developing an ability to identify status-seeking manoeuvres is the first step to curbing one's own impulses. There are four important points regarding status :

• Status is a position within society that denotes respect and perceived importance.
• Status comes with rights and duties, but having status does accrue benefits.
• Status has to be bestowed by others.
• Status is contextual, based on how we are treated at a time and place.

Status matters to me even post-financial freedom. In Singapore, I found out the hard way that you will get abused if you fall into a lower status....