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Are You a Shopoholic?

Written on February 16, 2009 by George Krueger & Mary-Lynn Foster in Money, Personality

shopping_mall There is a group that is suffering more than most during these tough economic times. Unfortunately, their agony is not covered much in the major media. They are all around us. Yet we seldom see the turmoil that they are experiencing. They have chosen to largely endure it on their own, not talking about it to anyone.

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Who are we talking about?

Shopoholics!

This economy has really made an impact on this group of people. There are a lot of people who claim to be shopoholics. But most people who call themselves shopoholics probably don’t really have a problem that borders on an obsession.

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george One of my sisters can shop all day long and never buy anything. She just seems to love being in a shopping arena … she’s a gladiator among shoppers!

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marylynn Boy, I’m not one of those people. I like to get in and out. I have an aunt who likes to do all-day shopping ventures. It gives me a headache and makes me dizzy.

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Problems experienced by compulsive buyers

We’ve taken a light-hearted approach so far, but this problem is more serious than we realize. A recent study, conducted jointly by researchers at the University of Richmond and the University of Illinois, found that true shopoholics comprise a larger percentage of the population than is generally assumed.

About nine percent of the participants were found to be “compulsive buyers” according to this study. True shopoholics feel better when they buy things, tend to hide purchases, have more family arguments, and are more likely to have maxed out their credit cards.

Test yourself

Perhaps the most interesting item to come out of this research is the test they used to determine if someone is a shopoholic. The researchers asked participants to rate the degree to which they agreed or disagreed with these six statements.

They used a 7-point scale, which we haven’t seen but can imagine it looked something like this:

1 = Strongly disagree
2 = Disagree
3 = Somewhat disagree
4 = Neutral
5 = Somewhat agree
6 = Agree
7 = Strongly agree

See how you do:

My closet has unopened shopping bags in it.

Others might consider me a "shopaholic."

Much of my life centers around buying things.

I buy things I don’t need.

I buy things I did not plan to buy.

I consider myself an impulse purchaser.

Participants who scored 25 or more were considered compulsive buyers by the researchers. If your score places you in this group, you’re at the first step to overcoming it – you’re aware it is a problem. The next step is to get professional help.

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How ironic

This economy is really crimping the style of “casual” shoppers – people who really like to shop and spend money, but who aren’t really compulsive buyers.

And isn’t it ironic that many of us are being forced to cut back when everything seems to be on sale? From cars to electronics to travel, now is a great time to shop if you have the money.

But of course, that’s the reason these deals exist. People are saving their money at a higher rate now instead of spending it. We’ve learned some valuable lessons in the last few months.

Conspicuous consumption is out; frugality is in. So are we going to hear about “save-a-holics” in the coming years? That remains to be seen.

Well, we better wrap it up for now … it’s time to go shopping!

Thanks for reading our post today. Until next time, here’s to your bigg success!

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Rich Dad, Wise Son

Your Emotions and Your Money

Is Your Status Costing You Money?

(Image in today's post by Vincitrice)

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The Marshmallow Test

Written on January 16, 2008 by admin in Goals, Personal Growth

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The Marshmallow Experiment was conducted in the 1960s by Walther Mischel at Stanford University. It was popularized by Daniel Goleman, perhaps best known for his books Emotional Intelligence and Social Intelligence.

The test
The researchers gathered a group of four-year olds in a room. A researcher set a marshmallow in front of each kid. The kids were told that the researcher needed to run an errand. If the kid didn’t eat the marshmallow before the researcher got back, the kid would be given a second marshmallow. However, if the kid ate the marshmallow, he or she would not get another one.

Picture yourself at four-years old.
Could you have resisted that tasty marshmallow?

Some ate their marshmallow before the researcher even got out of the room! Others seem to have no problem not resisting the temptation. Some turned their back on the marshmallow. Others sang a song or distracted themselves in other ways. One kid reportedly even licked the table around the marshmallow!

The reward for waiting was pretty good – a 100 percent increase in marshmallows! Interestingly enough, ALL the kids expected a second marshmallow – even the kids who ate theirs!

The follow-up
The researchers tracked these kids in the subsequent years. They surveyed their parents and their teachers. They found that, in general, the kids who had been able to resist the marshmallows were better adjusted and more dependable.

They were more competent socially and more self-assertive. They were able to cope with frustration and stress much better. They embraced challenges rather than seeing them as a huge obstacle. They also scored 210 points higher on their SAT exams.

So what’s your marshmallow?
We’ve all heard about rock-n-rollers who came to fame and fortune early. They make a lot of money; then blow it all. They think it will always be there.

Some time later, we hear they’re out touring again, because they’re out of money. They have to start over because they don’t have any marshmallows left. Obviously we’re stereotyping rock-n-rollers … they haven’t all fallen into this trap.

Here’s the ironic thing — by resisting that treat now, you can have more later! Here are some thoughts to help you get the most marshmallows.

#1 – Keep your eye on the final prize.
Focus on what you ultimately want, not your marshmallows. What’s your dream life? Keep that in front of you. You’ll resist the marshmallows now so you get more later.

#2 – Find techniques that work for you.
Just like with the kids, we each need to find what works best for us. For example, you may find that paying yourself first helps you resist your marshmallows. Many people have found that as long as they don’t see the money, they don’t miss it.

Other people won’t buy anything unless they have the cash to pay for it. This simple requirement helps them resist many marshmallows.

Mary-Lynn shared her technique – she focuses on her needs, rather than her wants. She’s ready for a new smart phone. She wants an iPhone, but she’ll get a phone that’s a couple of hundred dollars less. It suits her needs just fine.

How do you resist the marshmallows in your life? Leave us a comment.

#3 – Reward yourself when you reach a desired goal.
A couple of days ago, we talked about The Stairway To Success. We discussed the steps that will get you to the top of your stairway. When you reach a desired goal – reward yourself.

Don’t overdo it – you do want to enjoy a marshmallow now and then … just don’t get so full that you can’t make it up the stairs!

Get our FREE Bigg Goal-Setters Workbook.
It’s a great tool to help you set your marshmallow marks – those points where you give yourself a treat! Just sign up for the Bigg Success Weekly newsletter – It’s FREE, too!

Our Bigg Quote today is by the great Brian Tracy:

“The ability to discipline yourself to delay gratification
in the short term in order to enjoy greater rewards in the
long term is the indispensable pre-requisite for success.”

So plan your life and live your plan …. and go ahead, have a marshmallow now and then!

Next time, we’ll answer a question from one of our listeners who wants to know if he should count on his employer’s counter offer.

In the meantime, we’re off for a cup of hot chocolate … topped with marshmallows, of course! Until then, here’s to your bigg success!

The Stairway To Success