Money, Psychology, and How to Get Ahead without Leaving Your Values Behind

[SyZ]

By Sarah Newcomb

Anybody read it?

She spoke at my company and had an interesting take on how and why we spend money

I.e., somebody who spends $25 a week on coffee at Starbucks is also spending $20 a month for social interaction, an environment and atmosphere, an escape from work, etc. It's more than just the coffee, it's the underlying need. And if they stop going and spending that $25, they need to find another way to meet that need which could either be less than $25 or more than $25

[Philociraptor]

Adding to my Kindle watch list. It's an interesting point you bring up, I spend around $200/mo on a gym membership + tolls and gas traveling to/from the gym, when I could spend nearly $0 on the fitness part by using the weights we have at home, bodyweight routines, and biking to/from work. However, that $200 is also buying social interaction in the form of a gym class, people I see every day and struggle with. That's interaction I would have to somehow replace.

[Kaspian]

I.e., somebody who spends $25 a week on coffee at Starbucks is also spending $20 a month for social interaction, an environment and atmosphere, an escape from work, etc. It's more than just the coffee, it's the underlying need. And if they stop going and spending that $25, they need to find another way to meet that need which could either be less than $25 or more than $25

While an interesting idea, 80%+ of the people I've seen in Starbucks get their coffee and head straight for the exit door.  Hearing their name called out was the social interaction "need", maybe?  Seems like an expensive habit for personal fulfillment. 

[arebelspy]

I.e., somebody who spends $25 a week on coffee at Starbucks is also spending $20 a month for social interaction, an environment and atmosphere, an escape from work, etc. It's more than just the coffee, it's the underlying need. And if they stop going and spending that $25, they need to find another way to meet that need which could either be less than $25 or more than $25

While an interesting idea, 80%+ of the people I've seen in Starbucks get their coffee and head straight for the exit door.  Hearing their name called out was the social interaction "need", maybe?  Seems like an expensive habit for personal fulfillment.

Yeah, I think that's a poor example, but I don't know that the idea is bad.  People may be going to a bar for more than the alcohol, or a club for more than the music.

Thinking about the underlying needs, and ways to meet those needs cheaply/free, in a fun way, is useful, IMO.

[JG in Hangzhou]

I live in China.  Starbucks is my satellite office. When I find I get too distracted at my home office. I grab the laptop and go to Starbucks.  Most if them have free power, and I get more done and eat less snacks, then when the fridge is ib sight.
Would I give up 40 weeks at Starbucks for $1000.   Probably not.