Thursday, June 26, 2014
Random Thoughts on Why Some People Spend More Than Others
There are a few ways to financial independence: 1) increase income 2) decrease spending 3) obtain income generating assets 4) marry rich 5) be born rich.
Points 4 and 5 are out of my control. Point 1 and 3 is difficult for me at my current stage of life. Point 2, however, comes pretty easily for me.
Unlike a lot of my peers, i don't feel the need to buy lots of new clothes, bags or shoes. I don't have the urge to purchase the next IT bag, or add to my very modest collection of branded bags. And I don't have the urge to go out to eat at fine dining restaurants, experience the coffee culture, explore expensive brunch places or eat at any Michelin star restaurant. My hobbies are relatively inexpensive - swimming, reading, spending time with my family and friends (although that may result in me blowing money on food when out with friends who do enjoy eating out), crafts and thinking about life.
Which makes me wonder - why are some of us more prone to this desire to consume, to purchase, to spend? For that I turned to google and my own deep thoughts.
1. Parental Influence.
3. Peer Pressure.
My colleagues were all happily buying ferragamo shoes during a sale. When I queried the reason for this frenzy, the answer was surprisingly, it was a brand her mother, aunties all loved and hence, she also wanted to purchase ferragamo shoes when she is older.
My friend clothed her baby in designer wear. Another of my friend remarked, so lucky! Baby gets to wear designer wear when she's so young. Another said, wow, baby will have good taste in clothes in future. Guess who is probably going to be an avid sucker of branded items?
We are bombarded with this every single day - product placements in movies, endorsement by celebrities, commercials in all kinds of media. We are constantly being bombarded to buy, to consume, to purchase in order to feel happier, more successful, to have cleverer kids, to have a richer more fulfilling life. Corporations spend billions - yes billions to get you, me, our kids, to be suckered into this game of purchasing. I don't know about you, but i am going to be very careful what my kids watch on TV and on social media. Advertisers are going to reel your kids into this consumerism pattern real early.
That's a tough one, even for me. I find it very difficult to talk to new people now. especially in Singapore, among certain groups of people. Conversations revolves around food places and food and food and food lately. i am not sure what is fueling the trend? I think my reluctance to food fads stems from the fact that i only really really love to eat homecook food. You go work and you see all these brands - shoes, bags, wallets, watches - i also want to own them all. Properties, cars, condos. oh well.
Words of wisdom for all of us: