With companies like Amazon offering same-day shipping for a massive portion of their products, it’s pretty easy to take impulse shopping to the next level. In-fact, just today I ordered new disc brakes for my electric commuter bicycle on Amazon and it should arrive by tomorrow morning. Granted, this wasn’t an impulse buy, per se. It was a necessity because my front brakes barely stop me at all anymore due to the increased weight from the motor and massive battery. But, I digress.
I was an impulse shopper for years! Constantly ordering things I don’t need online only to barely ever use them or to sell just a few years later. Most of the gratification of making impulse purchases comes from the instant gratification of spending your hard earned money. It’s like a reward for working hard day in and day out.
I had to find a way to curb this bad habit.
Since I started investing almost 2 years ago, I found that I simply had less money to spend on impulse purchases. But more importantly, when I get that urge to spend money, guess what, I buy stocks! It’s the absolute best scenario I can think of to curtail those spending urges and I end up with boatloads of high-quality products that can be sold years later FOR PROFIT. I even get a very similar “high” as I did from making those stupid purchases on Amazon, all 28-pages of “past amazon orders” Ugh, what a waste of all those years of compounding returns.
Since selling my 4-wheeled-retirement-sucking metal cage, I have even more money available to spend that would have normally been spent on near-useless materialistic goods. I instead put 100% of that extra cash right into the stock market which is now increasing my yearly deposits by $6,000! That’s more than enough money to max out an IRA.
I know many, many people in my life that would benefit even more than me by turning their impulse spending into impulse buying.
Have you considered doing the same thing? I challenge you to 30 days of no impulse spending and switching to impulse buying of stocks (and more) and see what the effects are to your own finances.