Podcast Series: The Maven’s Keys to Financial Contentment
The Maven’s Keys to Financial Contentment is my idea that true financial contentment can be found when an overlap of money and beliefs occur. Many people ask the question of how to be “financially content” and this is a discussion to uncover those answers.
Today, we will have some Big Ideas or (the “so what”) as to what all this means when it comes to you as a consumer or investor…
Marketers are out to sell a product or service. And they use “weapons of influence” as Bob Cialdini puts it to influence our behaviors. Your and my awareness of this fact should help us think twice before we buy or consume something. We should no longer just mindlessly buy something anymore. Ask yourself these questions:
“what is this for?”,
“what is the short-term and/or long-term benefit to my well being?”,
“will I need this tomorrow, next week, next month, next year?”
– Be Selfish –
Recently, I was having a conversation with a group of bartenders and they talked about how much they spend on drinks out of “obligation”. Here’s the idea: when someone does something nice for you, don’t you feel like you owe them something? The answer is “yes”. Because you are experiencing the reciprocity rule which means you feel “obligated” to pay something back what you’ve been given something. But in the case of my bartender friends, they ended up spending way too much money on “reciprocity” drinks (and subsequent tips) just because they were returning a favor. My advice….pay for what brings you value–not from obligation.
– Be “in-consistent” –
What I mean by this is avoid doing something out of routine, for the sake of routine. I think this is used against us when we stay with a certain service provider although we are dissatisfied with their service or product.
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