When I think of the Fashion Industry, wisdom is not what first comes to mind. I think of beauty, trends, and heels so high you can’t walk in them. From a more behavioral aspect, I think of how the industry can play havoc with one’s self-esteem, and our pocket books. However, I came across an… Continue reading Words of Wisdom from the Fashion Industry
Category: Money Psychology
Re-Frame your Money Behavior for Success
I decided to start running after years of hiking and working out in a gym. And let’s be clear – I hate running. But there comes a time in life when you need to be able to exercise wherever you are to wear off those calories. I worked my way up to 5 minutes, then… Continue reading Re-Frame your Money Behavior for Success
How Mirror Neurons Can Part You and Your Money
Mirror Neurons are a scientific way of saying that when we see a beautiful model wearing a great outfit in Vogue magazine, we want to buy it because we project how beautiful we will look and feel wearing that outfit. Basically, we envision ourselves as a mirror image of the model. This method of marketing… Continue reading How Mirror Neurons Can Part You and Your Money
How Brands Help with Decisions
When I was transferred from Canada to the U.S., I loved exploring my new neighborhood and settling in. Until it came to shopping for food. One would think that because the two countries are neighbors and we eat, consume and dress so similarly, that it would be an easy transition. Well, it was definitely easier… Continue reading How Brands Help with Decisions
Your Rational Decisions – Aren’t. Part 3
I’ve been talking about the shortcuts your brain makes when coming to a decision. It carries on a conversation with itself reviewing all the memories, facts and emotions possibly related to the item in front of you. Here is how branding will get you to spend money based on these Somatic Markers. Being a good… Continue reading Your Rational Decisions – Aren’t. Part 3
Living the Perfect Holiday Picture
We’ve all seen the commercials and the magazines depicting the Perfect Holiday. The perfect place settings and wonderful home surroundings ensure that smiling kids and grandparents are having the time of their life. Without the celebratory trappings, the Holiday just won’t be right. Or will it? Already we can see matching plates, glasses, napkins, table… Continue reading Living the Perfect Holiday Picture
How to Manage Your Money Buckets & Behaviors
In our last blog we talked about mental accounting – how we separate our money into buckets in our minds. If we were all completely rational about it, generally speaking we would look at what we earn on our savings, what we pay on our debt, how our taxes are affected, and pay off our… Continue reading How to Manage Your Money Buckets & Behaviors
Scams & Mind Games Parting You and Your Money
‘Tis the season to be…Scammed. I’ve had two in the last 2 weeks, and you really need to be on your toes to catch them. The Time Warner magazine renewal is especially obtuse these days. You certainly wouldn’t call it customer friendly or brand building! I had 4 magazines for 1 year free as the… Continue reading Scams & Mind Games Parting You and Your Money
Saving Money & The Marshmallow Test – Would You Pass?
Dr. Walter Mischel, PhD, conducted a test with 4-year old children in the 1960’s. The children were offered a marshmallow sitting in front of them. If they waited and didn’t eat it, they would receive two marshmallows instead. It’s a fun exercise all about self-control – regulating emotions and behaviors. Dr. Mischel is still following… Continue reading Saving Money & The Marshmallow Test – Would You Pass?
The Power of FOMO
Even most people who do not stay abreast of the investment industry will have heard of Bernie Madoff. He was the CEO of a company that scammed millions from wealthy investors and celebrities. How did that happen? Never underestimate the power of “missing out on a good thing”. We all fall into it at some… Continue reading The Power of FOMO