As we rapidly advance through the holiday season, I'm wondering how the retail sales numbers for Black Friday will be this year. With our national debt at all-time highs and our economy in the midst of a recovery, one would think holiday sales figures would be stagnant year-over-year (yoy) or possibly face a steep decline. Unfortunately, that's rational thinking, and something the majority of today's shoppers do not have. Instead, the masses are amped to begin holiday shopping this year earlier than ever before with in-store Black Friday sales starting as soon as 5 pm on Thanksgiving Day.
Who needs quality time with the family when we can barrel down the crowded aisles of Walmart to take advantage of that discounted new flat screen television so many of us can't live without?
In my book, Welcome to the Big Leagues, I spend considerable time expanding on the topic of Economic Wellbeing to provide today's recent graduate or business world newbie with full awareness on how to build long-term wealth. My aim was to educate those with the brightest potential on the most critical money matters that enable success, and to do this through the use of compelling stories where each would resonate.
Mentioning just about everything today's predatory lender or marketer doesn't want the general public to know, I also explore the phenomena of how approximately 70 percent of people who had unexpectedly come into large sums of money ended up broke within seven years ... this includes celebrities, baseball players and other successful athletes. (Estimate provided by National Endowment for Financial Education).
It pains me to repeatedly hear former lottery winners state how winning the lottery was the worst thing to ever happen to them.
Winning the lottery wasn't the worst thing to happen, financial illiteracy was!
Building long-term financial wealth requires knowledge and discipline that many in this country just don't have. The disparity between the rich and poor widens almost exponentially during times of economic recovery for good reason. Those with strong money management skills are able to mitigate risk and capitalize on what others don't know or see.
I will not discuss what I teach in Welcome to the Big Leagues here, but will shed light on what I believe are some of the worst things that money can buy ...
A False Sense of Happiness: Shopping and spending money releases mood-lifting endorphins in the brain that create a short-term high which sometimes leads to addiction. If your need for instant gratification requires the help of VISA, take a few deep breaths and question the decision. A little willpower can go a long way in fighting temptation.
A False Sense of Hope: People will eagerly spend a significant amount of cash to purchase home exercise equipment like a treadmill with the belief that this will help them to achieve their weight-loss or health goals. Two months later, the treadmill turns into a pricey coat rack. You don't need to purchase a treadmill to meet your goals. Start by walking 10,000 steps outside each day for free. Prove that you'll make the commitment to exercise before making a big purchase.
A False Sense of Confidence: Too many people give in to the temptation of trying to sport a grand image or attempting to defy nature. The business rookie who has one good year on Wall Street and hurries to buy a Porsche 911 is just the tip of the iceberg when it comes to reasons why the repossessions of exotic cars continues to soar and nearly 77% of Americans face debt collectors.
In addition to the blindness caused by materialism, the American Society for Aesthetic Plastic Surgery Reports that Americans spent $12 Billion last year just to look marvelous.
Beauty lies in the eyes of the credit card holder.
The top five surgical procedures performed in 2013 were:
-Liposuction (363,912 procedures, up 16.3%)
-Breast augmentation (313,327 procedures, down 5.2%)
-Eyelid surgery (161,389 procedures, up 5.4%)
-Tummy tuck (160,077 procedures, up 2.3%)
-Nose surgery (147,966 procedures, up 2.9%)
More Time: In many cases money can buy you time. However, throwing money at most issues often masks problems and waste. Whether spending to delay a failing project at work, changing one's college major in the fourth or fifth year, or using one credit card to pay off another, having more time is not the answer. Unveil the root cause of the problem at hand and work smart to fix it. Do not procrastinate! Tomorrow has become the mystical land where 99% of all human productivity, motivation, and achievement is stored.
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