THE BILLIONAIRE LIFESTYLE SCENARIO
Philip, Joe and Ralph are all part of a billionaire’s club in their city. They are all in their
mid-40s, but with remarkably successful careers, they became billionaires within a very
short period of time. Philip, the CEO of his own real-estate venture, started out as a
dynamic entrepreneur who managed to make huge profits within two years of starting
his business venture. He believes in living life luxuriously and lavishly. Joe, the CEO of
an event management company, shares the same thought. Joe and Philip splurge on the
latest cars and electronic gadgets in the market. They buy designer clothes, shoes and
watches. They party at the best clubs in the city and are known to order customized
suits for themselves from some of the best designers around the world. They also have a
passion for traveling. They take time off from their work and visit exotic locations
around the world, stay in the best hotels, and eat at expensive restaurants. But not all
billionaires are like Philip and Joe; Ralph, the CEO of a chain of luxury hotels, used to
be materialistic like the others. These days, he is no longer interested in living a lavish
life and is rather keen on reducing his material consumption. He prefers living a simple
life with his family, and rarely indulges himself like he used to do earlier. He feels that
being too materialistic can not only lead to financial distress in the future, but also
create problems in his personal life. Instead of partying like the others, he is often seen
at charity events making donations. He wants to be known primarily for his
contributions to the society and not for having an extravagant lifestyle. Refer to The
Billionaire Lifestyle Scenario. Ralph, unlike Joe and Philip, practices _____ as he
thinks that high levels of materialism can adversely affect his debt levels and personal
relationships.
a. eliminative materialism
b. downshifting
c. reductionism
d. subjective idealism
e. functionalism
The first step in the basic consumption process is _____.