Before I began reading this article I thought to myself, “This is going to be really great tool to learn how to manage money.” No such luck.
Although it makes many good points on why certain people make the purchasing decision they do, something about it smacked of female mindset.
Reading though I kept revisiting the same thought: Men don’t buy this way. Is this a woman thing? I really think it is. I’m sure there are some men who make their purchasing decisions in such female ways, but they are of the beta variety and don’t really count as real men.
Here’s a few highlights from Lifehacker:
Our brains often work against us when it comes to financial decisions, but if you recognize these cognitive biases, you can overcome them.
She, yes the writer is a she (go figure), should have said “female brain” instead.
There are some subtle ways sunk-cost fallacy sneaks into your everyday thinking, and it often leads to bad shopping decisions. Here are a few of my own examples:
- I drove all the way to Best Buy and they didn’t have the phone case I wanted, but I bought one I didn’t really like (then replaced it weeks later).
- I spent half an hour shopping for a coat on Amazon. I didn’t find what I was looking for, but I felt like I had to buy something to justify my time.
- I bought the wrong paint for my bathroom. Instead of starting over, I wanted to just buy more of the wrong paint for the rest of the room.
Definitely a female thing.
Buyer’s remorse usually starts with denial, also known as post-purchase rationalization, a form of choice-supportive bias. It’s the tendency to ignore other views in order to protect a decision you’ve already made.
Boy howdy if she didn’t just describe feminism to a T. (Emphasis mine.)
This happened to me recently. I overspent on a wedding dress I couldn’t afford…
Yeah, okay, I’ve read enough. Easily triggered women simply shouldn’t be allowed to shop.
You might have heard about the anchoring effect in terms of shopping. It’s when you rely too heavily on the first piece of information you’re exposed to, and you let that information rule subsequent decisions. You see a $19 cheeseburger featured on the restaurant menu, and you think “$19 for a cheeseburger? Hell no!” but then a $14 cheeseburger suddenly seems reasonable.
No, to a man the $14 cheeseburger would also seem unreasonable.
After college, I wanted to buy a new car: put down some cash, then pay it off in five years at 5% interest. My dad asked, “Why not just save up a little longer and buy a used car in good condition? That way you don’t go into debt.” I replied, “Everyone goes into debt to buy a car, though. That’s just what people do.” That’s the bandwagon effect in action.
She should have listened to her dad.
This article was clearly written from a female’s perspective, and will appeal only to women and men who are more than likely the product of a single parent feminist mom. If a woman displays any of the above financial misdeeds, run. Run far far away.