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Research paper topic: Spend Your Money Wisely - 1204 words
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Spend Your Money Wisely Spend Your Money Wisely The United States has faced a very significant economic growth after the Second World War. At that time, war was finished, and the American soldiers were back to their homes. There were ready to make their future houses and start families. In other words, they started spending money in the market acquiring commodities and services rendered at that time. The country faced a population growth, -as they are refereed to baby boomers- production growth, and as a result an economic growth.
Since then the spending attitude of the American individual was rising. Most of the producers have more than enough customers to buy their commodities in the market. The problem is, spending behavior is becoming worse. Who should we blame here? Is it the customers or the producers? To answer this question, I would like to examine the behaviors of consumers, and producers. Buyers in any society tend to spend more money on commodities that are necessary to life.
However, the typical American consumer tends to be one of the highest spenders in the world. Most of the United States consumers save around 5% of his income where, on the other hand, Japanese; for example, have 15% or more of their income goes to their savings accounts. One of the problems that could relate to the spending behavior of the Americans is peer pressure. For example, an individual who buys a product or acquires a service can influence his or her friends to do the same thing. Another problem is self-esteem. Sometimes, people claim that the find their identity by buying more.
They follow this equation: BUY MORE = SELF-ESTEEM + IDENTITY. When an individual finds that he/she dont have a specific product, he or she feels that it is important to buy it even if it is not that important thing to have. It is just greed, and to feel that a person can buy a product because others have it. Greed can be better seen in children. Children feel happy when they have more of what they want.
They cant stop from buying candies, toys, or electronic games. They occupy a large sector of the American consumption. I read a story tow years ago about that child who wanted to but a toy through his father credit card, but his father did not agree to go along with his wishes. What did that child do? He took his fathers card and reserved a ticket to Europe and almost done it. However, adults are not free from greed. They tend to work more to earn more and as a result, to buy more.
The GDP per capita doubles every ten years, but it seems that saving plans dont change and spending is increasing. At a point some people travel to attraction malls by plane just to shop. There is a fact that the number of schools is decreasing and the number of malls is increasing. A credit card is a vital thing to acquire if it is used right. The idea behind credit cards is to use under emergency circumstances. Unfortunately, the majority uses them to satisfy useless needs and ignore the fact that what they bought is not important. It is a kind or block-out that they go through when they find something new.
As a result loans accumulate and they end up bankrupt. Marketing has played an important role in selling more of firms products and services. It has a lot of tricks and strategies that will attract more consumers into the firms traps. Marketers target victims in different ways such as TV advertising. They convince that a person in no one unless he or she buys the product either by saying that the previous version of the product is out of date, or by showing the importance to acquire such a product to any ones life. It is a fact that an average American receives about one million advertisements before he or she reaches the age of 20. Another way to advertise is through posters and brochures.
Just imagine the amount of junk mail that people receive every day. It got to be one of them that grabs the attention of the poor consumer. Producers goal is to sell more, and to maximize their profits. How do they do that? Basically, they increase production and cut costs. Costs of production are very high sometimes. Costs are divided into two categories.
Tangible costs are those costs that include labor, raw materials, and machinery and equipment. These costs are usually that producers try to cut back. The other type of cost is the intangible one. They include mainly clean environment. It is also called indirect cost.
Usually, producers do not pay attention to such costs. As a result, a polluted environment will be gradually the actual environment that humans are living in. as production rise, waste and litter rise, too. It becomes worse and worse when producers found out about outsourcing. Outsourcing is to allocate resources where they are cheaper than the local area producers exist.
For example, labor costs are very high in the United States while; on the other hand, it is much cheaper India. What will happen as a result? Manufacturers build their factories there in India instead of the U.S. and this will worsen the situation in India more than it is now. India has enough of poverty and air pollution than it has to import them from other countries as factories. To face this crisis of buying without needing, many programs are developed to hold consumers back from the buying fever. These programs emphasize that money is a valuable resource that could be managed effectively by saving it for rainy days.
For those people who are already in debt, there are credit-counseling programs that help them to recover from debts they are in. Also, these programs target children and teenagers and encourage them to be reasonable about their spending. A program called Add-Buster where it discourages youth from buying unnecessary goods has worked effectively to cut back the number of buyers. Other programs concentrate on saving the environment from pollution and live in a better environment. These program enforce better ways to reduce air pollution, water pollution, and noise pollution buy encouraging factory owners to find better ways of production.
Another program focuses on family relations and that spending effect family stability. It was found that most of the divorces were based on financial statuses. People are pumping more money in the market for goods that they never need only to satisfy the greed to acquire more of what is available products resulting in more debts, family breakdowns, and more littering. On the other hand, producers are working hard to give the society more of useless products, leading to more environment pollution. A wise person knows how to control his or her unlimited needs and encourages others to choose products wisely. I am not saying that you are not entitled to buy anything that you can benefit from, but I am trying to pass this message: Now you know what can results form unnecessary spending, please spend your money wisely.
Bibliography a research about the spending behavior of the typical american Economics.
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