- February 23, 2022
- Posted by: NextLevel Education
- Category: Behaviour Finance
How Greed Can Be Costly
The price phenomenon makes us do things that we otherwise wouldn’t do.
How marketers make us commit ourselves into what looks like “good deals”
Offers that override our reasoning and allow our emotions to control our decisions.
During some Discount Events like the Black Friday Discount Day, People rush into stores as if their life depended upon the discount secured and in this frenzy they trample those who come in their way
Imagine people getting injured and hurt in a stampede to save a little money
We need think hard how to make ourselves more valuable and productive and focus on increasing our abilities to create wealth rather than focusing our energies upon saving a few rupees by way of grabbing discount offers
Clearly the question to ask is who is actually benefitting from the discount offers
Is it the consumer or the marketer?
Who designed the offer? The consumer or the marketer?
The answer is quite obvious and need not be emphasized any further
We’ll spend five thousand rupees and then come home and talk about how much money we saved.
There’s five thousand rupees less in our bank account and we think we’ve saved money.
How does this happen?
Because people use this emotions to buy stuff on sale that they normally never have bought had the discount not been there
We fill up our homes and lives with unnecessary stuff because we got “good deals.”
Some people even ask, “How could you let go such a good deal?”
Ironically, we’re so concerned about “saving” 10% that we spend 90% on stuff we don’t need
So who goes laughing all the way to the Bank?
The Consumer or the Manufacturer?
Think About It
Money Behavior is Most Intriguing and therefore having an Money Coach ( a third party perspective) is perhaps the best way to enhance the Human Value or Productivity of your Life