Often times there are a lot of things we want to purchase. However after having bought multiple things it doesn’t fulfill us as much as we thought. Which is the reason why we continue on going on the shopping spree to try and fulfill ourselves. But when will it end and at what cost?
The first step to a better future is by trying to perform less impulse purchases. Living like this will create more opportunities. For example the money you save by not giving in to your impulses can be used for investing. When you take a risk with the money which would normally have left your pocket anyway, you are not risking a lot. Instead of the short time pleasure you get the possibility of earning a consistent flow of money from it.
Great things are not done by impulse, but by a series of small things brought together. – George Eliot
Skipping even the smallest impulse purchase can get you ahead on the long run. All small changes become one large change. The earlier you get rid of quick-buys the bigger the difference will become. It is not the buying that gives you the satisfaction but having the possibility to get it whenever you want it. Buying that nice car right now is not because you need it, but rather because you want to show others how well you are doing. This is called faking till you make it. Which is the worst thing to do with your financials.
The best solution is to think a few times about your next purchase and not only look at the outside, but also at the sticker price. If you compare all of the aspects of the products you have a better understanding of the influence the purchase will have both on your happiness and on your financial future. When you consider all your options you can make the informed decision. In the next article we will take a look at delayed ratification specifically about money.