1. Self-Worth and Personal Finances
c. Describe the buyer’s remorse cycle
Our thoughts, feelings, and behaviors can come together to create a cycle. Let’s see what happens to someone who has the belief or money mindset, “When the going gets tough, the tough go shopping.” This belief is held by many of us who use shopping as a way to cope with stress – as a joke, some people call this “retail therapy.” Buying our way out of this bad feeling is a cycle we don’t want to perpetuate. As you’ll see, it’s certainly not productive in the long term no matter what your income level.
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After riding this spending cycle to the mall and realizing you feel no better, you may criticize yourself. You tell yourself, “I will begin saving tomorrow,” but tomorrow never comes. Your behavior (shopping) has not bought happiness and you have not improved your self-worth. Perhaps it’s time to develop a new and more accurate and effective money mindset that will serve you better. We’ll be helping you do that throughout the course.