Mel Abraham says marketing, social media, and peer pressure drive impulse buying that kills savings. The fix: a clear financial plan you stick to without deviation, resisting comparison and temptation.
One of the biggest obstacles I think that we all face is the barrage of marketing messages we have. I mean, you just go to your phone and you're sitting there getting barraged with, "Hey, buy this, buy that." Media, social media, all of the things. We are constantly being pressured by peer pressure, by temptation, by agitation that's going on. And we tend to then start to make buying decisions around what we are being pressured to do rather than buying decisions based upon a vision we have for our life, a plan we have in place and a process that we're following. And when we do that, we start to have a problem with saving, investing, and building wealth. So the key is this: you build a plan, you have a strategy, you have a process, and you follow it dogmatically, and you don't fall prey to peer pressure, comparison, or temptation. Then you'll stay on the path to financial freedom and building the wealth and the life you deserve.
