Sunday, July 8, 2007

Shopping Behaviour vs Wealth Building


Anybody can turn herself to be a shopaholic, a person who is in love buying everything at any price whenever there is an impulse to do so.

You sometimes do not even realize that you are only wasting your money for a slight moment of happiness.

There are 2 symptoms of shopaholic you can see for yourself :

  1. Do you feel being pressured to buy? Are you sure about your expenditures? Or is it just an unplanned purchase triggered by your sudden desire to buy? You suddenly feel that you have to buy ‘an item’ and do not know why. You feel that it is better for you to buy it “now” than have to think about those special items all day long and you cannot think nor focus on doing something else.
    When you feel such a ‘strong desire’, the only way to save your money is by maintaining your discipline. ‘DO NOT BUY’ if you do not have any plans to buy. Try not to think about it by doing something else persistently.

  2. Is this expenditure really necessary?
    People often buy things they do not need. They just want to buy and later do not know what to do about it. A shophaholic seldom uses a lot of items they buy. They just enjoy buying things.
When you decide on building your personal wealth, you may feel that your shopping behavior brings so many difficulties to you.
You really need to take control of your excessive expenditures.

Here, I will give you a thought from a successful wealth builder regarding his spending:
  • A successful wealth builder will only buy things they need. They will not spoil themselves for useless items, even though money is not a problem.

  • A successful wealth builder will think of getting a cheaper substitute that will give them the same personal effect for what they need. They will not dedicate themselves into a certain luxurious known brand, they may not buy Rolex for a watch, but they buy a good quality and long lasting watch.

  • A successful wealth builder will categorize his expenditures on whether it is going to contribute to their wealth or is going to cost them. A business trip is contributing to their wealth, while a first class vacation trip is only going to take out some of their wealth.
Knowing your weaknesses is one thing, but the most important thing is to do something about it. Being a shopaholic is not forever, you have a choice to be what you are, whether you want to continue your way or you want to start building your personal wealth NOW.