We all feel it – in one way or the other. Of having gone with the flow. This happens in career, marriage, social life and practically all walks of life. However the number of Americans feeling the regret after Black Friday and Cyber Monday is increasing year after year.
Believe it or not, Black Friday is an American tradition. After the Thanksgiving meal, people run to the stores to fight for DEALS – forgetting that they were thankful or supposed to be thankful a few hours earlier. Retailers have marketed the Black Friday event in such a way that people actually forget what they want to buy, and instead spends dollars on what they feel like buying. Cyber Monday is a new practice where we continue to spend money on DEALS the Monday following Thanksgiving. The real problem with these DEALS is that they are not something we need, but bought just because their prices are low. In essence, Americans are buying things that they do not need.
Wall Street Journal reports that 70% of people are living paycheck to paycheck and 60% of people will either add on to their existing debt or add new debt from Black Friday till the end of the holiday season. This indicates that Americans are buying what they do not need, with money that they do not have.
Here are 3 regrets Americans will have after the holiday shopping season starting on Black Friday:
1) Regret of working extra to pay off debt.
Since 60% of Americans have added on to their debt load, they are forced to spend more hours at work or take up second and third jobs during evenings and weekends. This will have a catastrophic effect on their health, and their happiness level drops significantly. This is in addition to the lack of productivity due to over work. The truth is that they will start hating the “stuff” they have bought. Research shows that their self esteem also drops due to constant work.
2) Regret of not being able to spend time with family
When people are forced to work long hours, they are deprived of spending quality time with their spouse and children. It is proven that marriages collapse due to this reason, and children’s lives are destroyed because of a lack of parental attention. This is not only a personal problem, but a social problem also as the next generation of Americans are growing up without adequate parental guidance.
3) Regret of not attaining their goals
When we are spending all that we earn to pay back our debts, we are not able to think or save for our goals and dreams. It may be traveling around the world or taking classes in our areas of interest. It could also be being unable to invest in our retirement funds. It is no surprise that the average person retiring today in America has less than $25,000 in retirement. The thought of not being able to attain the goals and dreams demotivates them and adds to the remorse regarding their purchases.
In order to avoid these regrets, you must make a plan and stick on to it. It is no secret that an accountability partner and a guide can help you in this regard. Have you ever thought about meeting with a financial coach? If so, we recommend Dave Ramsey’s Financial Coaches. They do not sell any products and so work as a coach for you. If you would like to know more, please visit us at Mayanah Financial Coaching. Take action now, to avoid regret later !!