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Here are some of the common money traits we observe of the invisible rich –
- Spend less than they earn
- Pay themselves first; deposit into savings before checking
- Money they don’t see, they don’t spend
- Sock away raises and bonuses, rather than flaunting them
- Learn to say “no” to sales people, “maybe later”, “not now”
Your social network may have a positive influence on how much you save, or it may be making you broke. Are your friends going to the big-name concerts? You going along too? Do they recommend a casual restaurant, or the three-star Michelin location? I can hear my friend say, “when was the last time you did something nice for yourself; come on, you can afford it.” In reality, they don’t know what I can or cannot afford. Facebook, Twitter , Instagram and Pinterest (or the NEXT social media) are influencing your spending decisions. They promote more impulse buying based on how people dress, where they vacation, what their new furniture looks like. They use videos, beautiful photos, and lovely colors just for a glance. Companies install cookies in your computer so the products that you search for keep coming back to show you their beauty and their value. You may not even notice the ads between the posts of your friends, or along the side bars. The ad may be “liked” by a friend so of course you look at it. It is a visual buffet of material goods that the marketing world believes you need and want. It appears to be an all-you-can-eat smorgasbord where you’ll never gain weight, but “wait, there’s more!” You may tag items and create wish lists. You may put an item in the online “shopping cart” and decide not to buy the item and close out of the internet. The next time you go on, they’ve email you…How did they find you? Jeez, you put your email on early in the transaction to get the extra 15% off. Do you ever feel like you’re being stalked online? I do.
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Be creative when reducing expenses – get a take-out dinner from a restaurant and enjoy it at home. You’ll save money on the tip and alcohol at home is much less expensive.
Invest a few minutes to note how your social groups are impacting your spending. Think about how your family and friends influence your spending. It’s neither good nor bad, it’s simply worth noticing.