Honor-seeking often motivates people more than any other desire in the world. If a person would give up his demands for status, he would be content as long as his minimum needs for food, clothing, and shelter were met.
A great part of a person's need for money comes from his demand for status. Because he wants the admiration of others, he feels a need for expensive clothing and a fancy home. A person who gives up his demand for approval will be able to clarify for what his actual needs are, and save himself from needless toil and suffering.
(Mesilat Yesharim, ch. 11; Rabbi Pliskin's "Gateway to Happiness," p.278)
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