"We buy what we buy to remind ourselves – and tell the world around us – who we are." – Roy H. Williams
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What I'm asking here is this. Can an individual recognize, categorize, and then change what he/she feels are the things which make them feel important?
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Short answer: yes.
Thats what has actually led to the rise of minimalistic living. People realizing that they don't need to buy things to make them feel good. And that actually owning fewer things leads to peace of mind.