We’re the middle children of history, man. No purpose or place. We have no Great War. No Great Depression. Our Great War’s a spiritual war… our Great Depression is our lives.
One great advice I heard Morgan Housel share on this has been helpful. In a podcast, the interviewer asked him what Morgan would do if he were to run into a really large sum of money (hundreds of millions of dollars). His suggestion was simple: "I wouldn't change anything in my life for at least a year." His point being that such a large sum of money can be very difficult to wrap your head around. Similar to what you said about 'sleeping on it'.
Another Big effect : Think about environment , more consumption produces more environment damage, so while buying something decide to use it for a very long term it will make you financially stable as well as environmentally responsible. Some people say you should not stop to buy things rather increase your income but I believe in opposite , consume less polluted less...
I use a mental model which I call “Saner & Successful”- I change perspective into an imaginary person(inspiration(smarter and more successful) in that aspect of decision) who’s in a position I want to get to and think what advice would I give to myself.
My 2 hacks are: 1. If you can't buy it twice with cash, don't buy it once. 2. Unless you're dying without it or your work is not getting done without it, don't buy it. These 2 hacks helped me stop my impulsive buying. I'm using same phone for 5 years, same laptop for 10 years etc etc.
Apple ecosystem is also one of the best example. Ok, to overcome sleeping over a decision makes senses and works mostly 98% of the time. But TBH these impulsive purchase thoughts are introduced by the social media(watches, or small electronic/non electronic stuff) if u can stay away from it, ur saving a chunk of money. And when it comes to the bonuses, treat urself with 5-10% of the amount and keeping remaining in some asset, lets u forget u got that bonus. 😅 works mostly for me.
Just categorize the add-on accessories as, 1. Good to have accessories 2. Must to have accessories Good to have - I need to change my car dashboard into digital one. Must to have - I travel in very congested road, i need to apply paint protection film. Good to have = Low priority Must to have = High priority
Zerodha has a sense of timing! When investors like me are redeeming some stocks and funds at all time high and deal-hunting in the annual e-commerce sale. Btw, I recently bought a used car, then spent a good amount on some upgrades and accessories. Who else feels called out in this video?
Just the video i needed. I was sleeping over an impulsive thought of buying a new gadget when i already have one. Just a lower version of it. Made my decision. 😊
Ask urself ,,do i really need it What will be the change in my life after buying it,just happiness of few hours or days Feeling excited fr posting story
@@karthikrangappa6417 worked for me, not sure will be useful for everyone. The hack you suggested definitely works. Even your hack can be applied to make any decision.
Mobile phones are another example here, there is no need for changing phone every two years, I have consciously postponed this decision and able to stretch now to 4-5 years.
There is this "trick" that I use when it comes to making these sorts of purchases If you can buy 2 of the same items without hesitating or without it affecting your wallet, then it is a purchase you can make. Ex: If I see a shoe for 7k which seems alright to me normally but then when I think of it as would I spend 14k on shoes. You immediately realize you don’t want that for your self
your video with keyword algo came just in time as I was thinking whether to buy canon R8 24 -105 with RF 50mm lens. Now plans halted. Diderot Effect destroyed my plan to purchase camera.
Watching this after buying a couple of brand new expensive sneakers and a backpack, lol. My logic is simple; if something makes me happy and if I can afford it without burning a hole in my pocket, and if I am planning to use it for many years, then I buy it. I wanted a cricket bat so badly when I was 16 years old, but my mother could not afford 700 rupees. Now, I can buy 200 bats with my monthly salary, but I don't have the energy and mood to play cricket. So if you really want something and if you can afford then get it. Live your life. Get that sneakers or phone you want. But that does not mean that you borrow heavily and buy things which are useless. Be disciplined. Also, work hard. Ask yourself, am I even allowed to have such dreams? If not, then work for it. Don't dream of getting 10k sneakers if you and your family have a monthly income of 30 to 50k. First, earn well, then enjoy.
Don't keep money in your saving account. Invest in your sip as lum sum. Stop using credit card or if you're using it, don't save the card. Instead put card no each time you do purchasing. Try to buy products cash on delivery. Delete all the shopping apps from mobile. Use laptops to make shopping. Avoid social media, the are just advertisement market. Use your parents account as saving for emergency situation.
Common sense is nothing but the most biologically accepted sense . If people have common sense then defrost or his fathers effect will have no impact on others . In today’s world all these replies can be made to develop a system by marketing professionals to take out targetted audience defences .
I did a similar thing with my phone. First I was publishing youtube videos without mic. But now I purchased mic so that viewers can get good audio quality. But this purchase is necessary, I look at it as long term investment.
@@karthikrangappa6417 Yeah, I think managing expenses ultimately boils down to two groups needs and wants. If one can clearly bifurcate it, the proportion of savings will automatically increase 💪.
My impulsive purchases are mostly emotional. There is not many things emotionally making me happy. No one gifts me anything. I am a female and buy stuff for all in the family including my partner and parents. Food and shopping are my only outlet to feel happy.
Karthik is Spying on me. All the examples he mentioned applicable to me. 1. I’m looking to Purchase a new lens for my camera fujifilm xt200. 2. Planned Goa trip on 25th Oct. planning to purchase many things from suitcases to sunglasses for this trip. 3. Purchased new Honda Unicorn for my dad on Saturday, already looking for multiple accessories including new seat covers 😂 How can all these examples sync so well unless he’s spying on me.
Hum tho sirf khane pe kharcha karte hai. sab usme he loot jata hai, mote ho jate hai. bas ye control ho jaye ameer ho jaye 😂 baki shauk ko paisa he nai purta
