YOUR WEEKLY MONEY DILEMMA
It's Black Friday 🐈⬛
I am not sure about you, but I don't ever remember this being a 'thing' until recently?
WHY DO WE EVEN HAVE BLACK FRIDAY & CYBER MONDAY?! Honestly.
The research tells us that Aussies are likely to spend about $6.7BILLION between now and Monday (in this economy!).
Apparently the average shopper is likely to cough up a massive $727! Man friends, you are likely to spend more, at $847.
Sure, this could be you being smart and getting your festive season shopping at a discount. But honestly, these stats blew.my.mind 🤯
So I did some numbers...
Let's say you purchased $100 worth of stuff (I am not the Grinch after all!)... and you instead used $627 towards your future goals every year with an average return of 8%. In 20 years you would have over $28,500!!
I am not sure many of us would miss most of the stuff we are buying this weekend. Honestly. No one is on their death bed sad they didn't get the Nimbus200 Airfryer (I made it up). Instead, many have regrets about big things they didn't do or say. Many regret not spending more time on the most important things to them.
I recently had the pleasure and delight of interviewing Emma Edwards, The Broke Generation, for our Evergreen Money Club Masterclass and she said something that smacked me 'I was outsourcing my identity to consumerism'... let that sink in for a second (or better yet, if you're an Evergreen Money Club member - go and watch the full interview!). I've done that. Maybe you have too?
Everything in life has tradeoffs, this includes where we put our precious pennies. Most of the time our goals get forgotten about because of an Instagram ad that has us thinking we will look like Elle Macpherson if we drink something (it doesn't, I've tried).
This weekend, spend only what you need to. Think about what is *actually* important to you. What are your big life goals? Are you on track to achieve them? Are you feeling deflated and tired and think that buying something will fix all the things?
If you need a helping hand (or a kick up the 🍑) - I hope you are coming to our 2024 Financial Goal Setting Workshop, which is only a week away! I will help you make sure you have a serious plan for yourself. One that makes you light up and excited by.
Jess
PS. This isn't to shame you if you're spending money today. You do you. I just want to make sure you aren't a victim of modern day marketing tactics. I will be back, with regular Money Dilemmas from next week.
Have a money dilemma?
Money dilemmas can be a nightmare! They can leave you up all night ruminating about what to do, have you feeling alone and isolated or just plain ol' stuck. So, we are here to help. I am going to tackle one a week and give you my unbiased, no BS general thoughts on how to tackle your conundrum. We would love for you to send yours (or someone you know) in.
Obvs all of this is general advice only... especially important to note any and all of the comments above do not take into account your objectives, financial situation or needs. Before acting on any information, you should consider the appropriateness of the information provided and the nature of the relevant financial product having regard to your objectives, financial situation and needs.
