Psychology of Black Friday

Wealth and Black Friday Psychology

As we approach Thanksgiving in the United States, the bustle of life may seem to be slowing. That calm, however, is underscored by the advertising and enticements of retailers hoping to move into the black side of the ledger for the year on the day after the holiday of gratitude. Otherwise known as Black Friday. Indeed so many of us will go shopping on that day that it will almost appear that everyone is doing[…]

Financial Success & A Mindset of Control

Imagine this: it’s the day after Halloween, and you are about to enter your local big-box store retailer. EVERYTHING about the store flashes “SALE!” Who or what is in control of your actions in this situation? Let’s consider two different mindsets and possible outcomes related to how we might approach our shopping trip in this scenario: Mindset 1: I can positively affect the wealth my household accumulates. Potential Outcome: I will shop and spend in[…]

Changing Attitudes and Behaviors Related to Budgeting

An obvious mechanism to help an individual spend their cash flow in accordance with their financial goals is to employ some sort of budget. But for many of us the idea of constricting any type of behavior, especially the way in which we spend our money, is unpleasant. Even if we label it using the euphemism of a “spending plan.” Volumes of advice and technologies are available to help with the mechanics of putting budgets together and tracking[…]

“Leakage” From Retirement Savings Accounts Impair Employee Retirement Prospects and Employer Bottom Line. What to Do?

The gradual migration away from the traditional defined benefit pension plan and toward the new-normal of the defined contribution 401(k) plan is on its surface a paradigm shift that can only be good for corporate profits … right? Undoubtedly the offloading of the burdensome pension liability that employers previously shouldered to the ranks of employees is saving corporate employers big money in pension expense, but new data is suggesting that the new retirement-plan model is creating its[…]