Dr Boyce Watkins: Even poor people spend up to 40% of their income on luxury items
Most major department stores work with psychologists to find the psychological triggers that are most likely to get you to buy.
this was such a great video!! our society has conditioned us to be spenders and try to fit in rather than doing the right thing for the future. Michelle hit it right on the head!
The psychology of a spender. This was a great video! I agree Americans are extreme spenders. Think about all of the stores that constantly sell out.
Wow this is a high percentage!!!! I agree with Michelle... A lot of people need self-esteem and they find it with spending. Also.. I can't believe that financial advisor had the guts to rip them off. 43million dollars!!!!!!!! What in the world.
I think many people that buy things that they can't afford are seeking validation and want to feel relevant. People will live outside their means to feel like they belong because they value societies opinion instead of doing what makes sense.
In 2016, John Tucker wrote an article for Black Enterprise talking about the need for acquiring assets that produce cash flow, while simultaneously keeping your personal expenses low (or manageable) to where the cash flow from your assets can cover your personal expenses.