Sharing Daily Discoveries About Personal Finance And Business Topics

The Groupthink Mentality of Spending Money

While browsing around the mall recently, one of my friend was interested in buying a game and so we went to the mall. Since it is the Christmas season, almost everyone is in a shopping mode and not surprisingly the item in question was sold out everywhere. The interesting comment he made afterwards was how before he was only interested in buying it, but now that it looks like it is a hot item that doesn’t seem like he will be able to obtain easily he now definitely wants to buy it and would be willing to pay even more than the regular price of the game to get it.

I’ve always found this to be a little funny as this is not the first time I have encountered such a situation and think that it is interesting that people would be willing to spend more to get something mainly because it places you in a certain group. I guess this is kind of like that jumping off the bridge analogy and how you should be able to make decisions based on what’s best for you and not just because everyone else is doing it. When it comes to spending money on things that everyone else seems to be buying, I personally never justify a purchase solely on that as I always keep in mind about a saying that goes along the lines of something like if you buy into someone else’s opinion then you are buying into their lifestyle. From my experience, everyone that always buys the latest and greatest just because everyone else is too are usually the same people who complain that they never seem to have enough money and I know that I don’t want to be one of those people. So why would I want to worry so much about buying that product just because that group of people want it too?

That can be true with most things in life as well. I personally think it is just basic common sense where when you learn to think for yourself you will become more empowered to make better decisions that will meet your needs as opposed to being worried about what others will think. Same thing with your money, do what is best for your situation as opposed to solely basing it on what other people do with it as you want to create your own winning group to be in.

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