We all have the urge to acquire the latest technology. I call it ‘the urge’ because it’s a potent driving force that affects our purchase decisions notwithstanding one’s social class or status. It’s akin to a cancer or a virus that completely takes control of your emotions and mind, thus driving you to keep purchasing the latest models of products.
We live in a society that places a premium on amassing wealth and possessions. It’s like we are in some sort of race, competing against friends and foes alike, and trying to prove to them that we are better or richer and thus superior. In order to prove it we acquire the latest items by all means necessary to buttress our image and increase our standing, not considering whether the purchase is necessary or not.
Manufacturers thrive by creating communication messages to build that urge in consumers to acquire new things always. This is extremely common in technological industries where these manufacturers release new models every year that contain modest improvements from the previous one. After release they subtly coerce you into a frenzy to get the money to purchase. You suddenly find out that with every new release a part of you wants it, even when you don’t need it.
Giving into the urge is bad for your long term financial health and wellbeing because you will end up using funds meant to grow wealth and to work for you, to procure things that will immediately start to lose their value and can only provide you with momentary satisfaction. Assuredly before the next couple of months are over another one is released and you start the same process again. This is a huge waste of scarce resources.
It’s not just your financial wellbeing that is affected when you give in to the urge. It also affects your mind and approach to life. People trapped in this lifestyle begin to think they cannot exist and thrive among their peers without showing affluence, thus their self-esteem is affected. They start to covet and scheme to get the latest things, which in the long run could make them go down the wrong path in acquiring these things at all cost. In fact this urge can be said to be the root cause of corruption and crime in our societies today. People wanting to have what they can’t afford at all cost thus they end up doing everything to get it.
There is absolutely nobody alive who doesn’t have a desire to acquire the newest and latest things. It is important that we battle this urge especially since we desire wealth and riches. Those who desire wealth must have discipline as one of their traits, especially when spending. So in order to control the urge we must deploy the weapon of discipline. You need to ask yourself questions before spending such as – What’s the condition of the item I am currentlyusing? Do I need to replace while it still works fine? Does the latest offering offer tangible additional benefits that I require now? Is this a need or a want? Always subject the decision to purchase the latest offerings to total scrutiny and factor in the opportunity cost, which means using this money for other purposes before you make a purchase.
I am sorry to have to inform you that you are not your possessions. Whatever you own or have acquired cannot be said to define who you really are. Stop buying things to impress people who may hardly notice you there in the first place. You are no less of a human being because you can’t afford the latest. In fact you should be glad instead to invest your money so that one day it can provide you with the returns that will enable you to buy what you want.
You can also battle the urge by adjusting your priorities before spending your money. Instead of spending first before investing out of it, invest first before spending. This makes investment the first thing you do when funds hit your account, thus making limited funds to be earmarked for frivolous spending.
You might also consider limiting or completely cutting the amount of cash you carry around. While you are at it you can also stop carrying your credit or debit cards around. I believe that your cash and cards are always calling out to be spent once they are in your possession.
You could also plan your purchases around a particular time in the month.
Basic economics teaches that resources are limited, while our wants are unlimited. Make the right decisions today by battling the urge to splurge a huge chunk of your earnings on possessions that are liabilities, taking money from you. Instead invest in assets that bring more money to you, and in to time you will be able to afford whatever you want.
