Don’t Fall For These 4 Money Beliefs That Keep You Stuck in the Rat Race

The power of advertising and YouTubers almost worked its magic on me as I was laying in bed, trying to unwind from the day.

It started with an Instagram post about a mirror with the ability to transform your body. The catch is, it’s $1500 with a monthly subscription of $40. At first I thought, that’s insane who would buy something like that?

But as my curiosity peaked, never having seen anything like this before, I migrate over to YouTube to watch some reviews. An hour later and I’m almost convinced that I need this workout mirror in my life. I’m imagining how my days would look like in it, the workout clothes I would buy, where I would place it in the house, and how much weight I’m going to lose.

I was excited and ready. Now that $1500 with $40 per month didn’t seem as crazy. They’ve convinced me of the value of this mirror and I was all for it – yes, I’m sold!

Thankfully, I’ve trained myself not to be an impulsive buyer. And when I say “trained,” it’s because I had to consciously unlearn my spending habits. I’ve had to fight against the money beliefs that society has deemed normal to get us stuck in this consumer rat race.

Debt is normal

I grew up thinking debt was normal. It’s like a right of passage everyone needs to go through to help them out in life. Need a car? – car loan, Need to go to school? – student loan, Need to renovate your house? – line of credit.

There’s a lending solution for every problem out there. But why is that the first solution we go to? Personally, it was the only route I was aware of because that’s the route everyone else took.

I believed debt was normal until I was drowning in it and I had to get myself out. I got obsessed with the likes of Dave Ramsey and Gale Vaz-Oxlade. They showed me a different way to approach our needs and wants in life which was – to pay for it with the money you have. Mind blown.

My naive twenty-year-old’s mind was shaken. Up to this point, I was lost in the cycle of all my money going into debt so I didn’t have any leftover to spend. That’s when I realized, debt steals your future because you’re constantly stuck paying for things you purchased in the past.

“We’ve been sold debt with such repetition and such fervor that most folks can’t conceive of what it would be like to have NO payments.” – Dave Ramsey

Credit card is normal

When I first received my very own plastic, it felt so freeing. The ability to spend without worrying if there’s enough money in the bank was liberating. The irony is that it traps you into more consumption. And this is anything but freeing.

A credit card provides a sense of security. A buffer we can count on if we are in a dire situation. But more often than not, a credit card is a way to escape the responsibility of your budget and accountability of your money.

Many argue that credit cards are beneficial because of the points and that if used properly there should be no harm. While this can be true, studies show that people spend more than they need to when using a credit card.

My relationship with credit cards did not start in a healthy way. I collected them like they were Pokémon cards. Every time I received a letter saying I was pre-approved for a card, I took it. Or when I’m in a store and they offer their credit programs, I automatically say yes. I had almost every financial institution’s credit card. I even had a credit card from a children’s store and I didn’t even have kids.

Credit cards were what spiraled my debt out of control. My lack of discipline or self-awareness contributed to a mountain of debt. With Dave Ramsey’s seven baby steps, I was able to get out of credit card debt. And only last year was I brave enough to live without a credit card attached to my name. That was what truly felt liberating.

Retail therapy is normal

When I’m feeling down, there’s nothing better to distract me and pick up my mood than going shopping. Problems are pushed to the back of our minds as we browse our favorite stores. It’s even trickier now with online shopping. The easy access to all our material wants is just a click of a button away.

Advertisers appealing to consumers’ emotions also create a false idea that obtaining the item will lead to more happiness. That’s why retail therapy exists. Because we know we will feel so much better after — until we don’t. Until that feeling fades as quickly as our money leaves the bank.

The act of retail therapy has been popularized and even normalized that it becomes an automatic solution to suppress our feelings.

Instant gratification is normal

The terms ‘YOLO’ (you only live once) and ‘FOMO’ (fear of missing out) has heightened our need for instant gratification.

The fear of uncertainty has us convinced that we should get that item today because it might not be there tomorrow, or worse we might not live to see another day. Oh, the fear!

Scrolling through our social media and seeing others rock the latest gadgets and brands make us yearn for things we don’t have. We suddenly desire things we never even thought we needed — like the mirror.

Marketing agencies know it is wiser to appeal to a customer’s emotion rather than their reason. When I first saw the mirror, my instant reaction catered to the logical part. It is too expensive and I could use Youtube videos to do at-home workouts. But, through persuasive marketing, they are able to show the value of the mirror. And that led to me wanting one in the late hours of the night, imagining the toned body I will achieve when I get my hands on that mirror.

But if there’s a lesson to be learned in consumerism, it’s that it always leaves us wanting more. Do you know what else goes great with that mirror? — new workout clothes. Oh, and let’s not forget new workout shoes. Plus, a new yoga mat to go with it because how uncomfortable would it be to do yoga on the floor. Then of course there are the weights. We can’t forget about hydration, a cute water bottle is a must. I could probably keep going on more things I could buy to accompany my new purchase. But the point is, there’s always more.

It has taken me years to unlearn all these money habits that society has ingrained as being normal. Some of them, I still struggle with such as the need for instant gratification.

The ability to recognize the temptations of spending money has made a significant impact on my life. I am able to step back and assess whether an item, like the mirror, is truly worth my money, but more importantly, I know to evaluate the cash in my bank account and determine whether it is something I can afford.

“Money is 80% behaviour, 20% head knowledge. It’s what you do, not what you know.” – Dave Ramsey

Materialism can distract us from more meaningful pursuits. Focusing on gratitude and contentment, while following better money habits can help steer you away from your impulse purchases and keep you out of the rat race.

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Previously Published on medium

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