Retail therapy is shopping with the primary purpose of improving the buyer’s mood or disposition. Wow, so one can shop and become cheerful and happy. In other words can money buy you happiness???
Due to advent of shopping malls and online shopping destinations like Amazon and Flipkart; people have amazing options to choose from and loose their pursestrings. The word ‘SALE’ and ‘DISCOUNT’ sounds too good to resist. Millenials go crazy buying what not.
There is absolutely no problem in enjoying by spending your hard earned money. But then we see most people unhappy and disillusioned inspite of having best of everything. Why is this the case??? We buy things to show off, to make comparisons with others. Why can’t we do the same for our own sake, our own happiness. Please ask yourself and introspect.
Most of the time I realized that most of the High Net Worth people never go crazy buying. They purchase what they need and when they need it.
And as a financial advisor I want all of my investors to be practical and apply some sense while spending carelessly. For eg.
1. Even if you are getting 10% cash back, you are spending 90%. Remember that.
2. Sale advertisement – If you buy 5 shirts/pants, you will get 3 shirts/pants free. Wow, awesome offer. But what the hell will I do with 8 shirts and pants when I already have enough.
I will like to sign off by quoting Oracle of Omaha:
“If you buy things you don’t need; soon you will have to sell things you dearly need.” – Warren Buffett
Happy but prudent shopping friends.