Last Saturday, I was able to convince my pre-teen son to ride his bike with me. We went through bike routes and ended up in a lake in one of our big nature parks.
While leisurely enjoying our time together, I introduced the topic on consumerism to him.
By definition (something from the internet), consumerism is a belief that it is good for people to spend a lot of money on goods and services. I described to him the mentality of wants and wanting to have more and the latest.
I told my son that people today seem to want to have the latest electronic gadget every time a new one is introduced to the public. The new iPhone6 is coming out in the next two weeks. A truckload of people will soon be trading to this new model. I explained to my son an overview of debt and how consumers get whatever they want NOW rather than saving and delaying gratification.
I still have my Sega Saturn I bought almost 20 years ago. It still works. My son still has his Wii that we bought him almost 4 years ago. He still enjoys it but from time to time giving hints of wanting a PS4 so he can play games not offered in Wii.
I admit it. I have been in this attitude of wanting …. during the first five years of working and realizing the power of money and buying to boost my morale, I amassed enough products ranging from music and movie CDs, comic books, branded clothes and toys. I spent thousand of dollars on items that are gathering dust today. Items that depreciated value over time. Now, they are merely objects reminding me of my compulsion to buying …
I am not a big fan of credit. Except for mortgage, I have no other outstanding credit. I always make it a point to buy something because I need it and only when I have the money to buy it, I enjoy this freedom from consumerism. This is something I want to share with my sons as he begins to understand the complex road to financial freedom.