The internet is full of propaganda used by companies who claim to have the most high-tech electronics; luxurious sports cars; and the most fashionable clothing on the market. Marketing geniuses learn how to entice people into buying their products by strategically placing certain pictures and words on their store fronts and sales ads. Even digital billboards are being used to easily catch a person’s eye as they drive by. Unfortunately, Spendthrifts often fall victim to these common marketing ploys.
The Marketing Ploy
Economically speaking, Spendthrifts make the world go around, and even spin out of control sometimes. Their frivolous purchases, lavish lifestyles and reckless spending habits demonstrate exactly why advertising strategies work. Manufacturers depend on people to make impulsive purchases. They don’t want people to stop and consider the financial repercussions their decision could have on their budget or mental health.
Spendthrifts normally do not prioritize their purchases or stick to a budget. In their minds, purchasing a cup of coffee or a new pair of shoes has the exact same importance as a past due utility bill. A Spendthrift will eagerly grab a credit card, take out a loan or buy multiples of an item, just to fulfill their need to spend money, even if it means living beyond their own personal financial abilities. Spendthrifts should be considered a mental illness; because it does represent an obsessive compulsive disorder. Uncontrolled spending habits can create devastating financial problems, such as:
- Maxed-out credit cards
- Unpaid household bills
- Depleted savings and emergency funds
- Foreclosure on property
- Marital problems and/or divorce
- Depression and other anxiety disorders
Wealthy people portray a social image that is highly desirable to most people, but even famous people file bankruptcy during hard times. Beautiful models and celebrities endorse products; because it’s their job and it’s what the script says to say or do. Our minds are trained by magazines and commercials to think that life would be so much simpler, if we’d just buy more and buy new. For instance, a popular car company boasts that their newest model can automatically park itself. Suddenly, people are too lazy to park their own cars and they’ll pay anything to have that convenience. Regardless of whether their current vehicle runs well or not, the new feature becomes a necessity. We pay for too much for convenience. Valet parking services, car washes, and vending machine snacks are some of the most unnecessary purchases we make in our lives.
The Power to Overcome
- Don’t become a marketing victim – stop paying for promises of bliss.
Remember the old saying, “Something too good to be true, often is”. Celebrities are paid to endorse products, and most of them read straight from a marketing script.
- Stop paying for convenience – such as, valet parking, coffee baristas, restaurants and vending machines.
Park your own car, fully stock your kitchen with food and drinks, and learn how to cook healthy and quick meals at home.
- Want – what you have – get organized and get appreciative.
Downsize your life and upgrade your optimism. Take inventory of your life and your possessions separately.
- Take control of your finances – avoid impulsive buys or purchases that stretch beyond your economic means.
Start using money management software; visit a financial counselor or another supportive group. Keep a spending journal, save receipts and prioritize your purchases.
- Start a “hands-free” savings account – have a plan for tomorrow by saving today.
Ask a close family member or friend to hold onto your savings for you. Establish a mutual agreement that the money is only to be used in case of an emergency, which is not a great sale at your favorite store.
Written by Jeremiah Say. Jeremiah Say is currently a full-time entrepreneur. He has started several successful online business which has allow him the freedom to be his own boss and travel around the world. His goal is to help as much people to do the same. You can check on one of his successful online business here: 7 Payouts | Generate 7 Streams of Income Working at the Comfort of Your Own Home