💰 The price of your vice
What do you collect? It’s a question I asked my readership a decade ago after realizing I owned 35 pairs of jeans. Sure, there were variations – boot cuts, skinnies, flares and washes of all denim shades – but the reality was ka-ching, I owned a lot of blue pants.
My readers were quick to share their collections too. Some things were classics, like trading cards, knick-knacks and vintage items. The collection of 500 wool skeins was hands-down the best, ’cause you needed a few hands just to knit the lot. 🧶
Today is all about your collections, your vices, and the pricey habits worth a kick.
Let’s do this!
Today’s newsletter is 378 words, 2 minutes.
10 money things worth sharing this week
1. One of my fav podcasts is Choicelogy, hosted by behavioral scientist Katy Milkman. The episode on vices is excellent. From the notes: “Giving in to temptation is all too easy in the moment. But raising the stakes just might bolster your resistance.”
2. Studies suggest relying on willpower is kinda useless. Brain science can help us break bad habits.
3. A view where we start anew with a clean slate can help us break habits. It’s called The Fresh Start Effect, and it’s science that works. Time for a Fresh Start.
4. No-spend challenges don’t work. “They’re like a crash diet for finances”. Possibly.
5. Whatever the problem, it’s probably solved by walking.
6. The rise of microtargeting has a massive price tag. Stuff advertised on social media is overpriced junk.
7. But wait, there’s even more junk. Social media is now a high-priced, low-quality shopping mall. Researches from Carnegie Mellon and Pamplin College found that products pushed to you via targeted ads, also called surveillance or behavioral advertising, cost an average of 10% more and are associated with low quality vendors with poor ratings from the Better Business Bureau.
8. Millennials have gone from “adulting” to middle age pretty darn quick, and financially it’s brutal. Also, stop blaming the stupid avocado toast.
9. This one is really really hard. An alcohol spending calculator.
10. Tweet of the week
Facing vices can be a super tough go. I’ve been there. And I know you can do this. 🙂
As always, thank you for reading, sharing, and more sharing.
Love love love,