Listening to Seth Godin talk about "Status roles" in his podcast was enlightening.
You see, status doesn't hold much value in life. Getting that expensive iPhone X or wearing those Prada shoes will only increase your value to a bunch of fakesters.
The real people in your life will value you for who you are, not for the expensive clothes you wear.
As Will Smith said:
Status is like a wrapping paper. It's not the real you. The real you in beneath that wrapper.
Don't get too fancy with the wrapping paper, it's gonna end up in the trash bin anyway.