Anthony Zhou Week 9: Powerful Money
When I was a little kid I’d go to the store and look at all the cool Lego sets they had on sale and marvel at the selection. When I finally decided on a set I wanted I went to grab it but found that the price tag was $39.99. Mom said I was only allowed to spend 25 dollars so I had to put it back. A couple days ago I went to Target. I was supposed to go buy some hangers for clothes. As I walked across the store, I found little gadgets and snacks that looked interesting and I just scooped them with me. In the end after tax and everything I spent over 60 dollars. About 45 of that 60 was spent on “wants” and not “needs.” As I was going home I realized the power money can give someone. When I say “power” I don’t mean influence, but rather freedom of spending. This freedom can be destructive. I don’t really have that much money to spend freely, probably because a 17 year old kid can really only make so much money during the summer. But still I was blowing through 60 dollars carelessly as if I was buying a pack of gum. Buyer’s remorse would have driven me to return the items, but I kept them as a reminder of the destructive power of money. Once someone earns “grown-up money” many will face the challenge of spending that money responsibly. Once someone earns “grown-up money” many purchasing opportunities will arise, and it’s important to make sure that consumer culture doesn’t affect their finances. In America there exists a certain degree of unsustainable spending habits which cripples some households. Poor spending habits and allowing the power of money to overcome your responsibilities and bills is very common to some folks. About 46% of Americans have credit card debt, and in certain scenarios this can be attributed to poor spending habits. As I and all my peers become financially independent, it’s important that we understand the power of money and don’t fall into the trap of overspending.
Hello Anthony! Your delve into the ethical dilemmas surrounding the concept of purchasing power was intriguing to say the least. Purchasing power can be defined as the financial ability to spend money. In economics, households of all income brackets having purchasing power promotes economic growth through monetary circulation. However, I appreciate how you acknowledged that having more purchasing power than others is a form of privilege; it is everyone's responsibility to, as you mention, spend money responsibly because overconsumption is a real issue that affects many aspects of our lives, including the environment, production rates, and more. Sometimes, it is important to understand that we do not need everything we buy, and that refraining from purchasing these non-necessities allows us to save our money for more important reasons. Sometimes, it is better to practice sustainability through restraint and reuse rather than buying new things so often. I enjoyed reading your blog this week, and I cannot wait to read more posts by you in the coming weeks!
ReplyDeleteHey Anthony, I found your post to be quite interesting, and I will say I was not expecting this topic when I first clicked on it. Upon reading the title, I first thought it would be an analysis and possibly a critique of the way in which having money in the U.S. grants a person a great amount of power, where the richest have a huge amount of power and influence. However, your post is just as interesting, if not more so. I myself have occasionally fallen victim to the consumerist mentality and bought things (mostly food) that I didn’t really need, so I can relate to this post. I also agree that we need to understand money’s power, value, and dangers to ensure we continue on a successful path in life.
ReplyDeleteI loved your inclusion of a related story from your life, as that keeps the post fun to read while also educating the audience. In addition, the common experience that you are describing allows the reader to easily connect with the post and receive its message better. If you were to improve this post, I would suggest referencing the 1920’s, during which many overspent without any way to pay loans.
Hi Anthony! Your post felt very intriguing to me, mostly because I constantly deal with the same problem. My part-time job over the summer, though I was able to make a good amount from it, didn't prepare me for the school year, as my spending habits (using my parent's money) became a financial issue. It feels very different making a purchase when you're able to check your balance before and after as opposed to ignorantly spending someone else's money. I also like your idea on the contrast between "wants" and "needs." Understanding the difference between a want and a need is a skill most people have yet to learn and seems to be one of the major contributors to, as you said, credit card debt. It's become so normalized to occasionally go on a major shopping spree spending money on things you don't actually need, and often the stuff you purchase is rarely used. Can't wait to read your future blogs!
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