Death to the consumer mentality How to start fattening your wallet

Death to the consumer mentality How to start fattening yur walletDeath to the consumer mentality How to start fattening your walletAt some point, you may have come across the term consumer mentality.Its the mindset many of us have, whether we realize it or not.And its no surprise that consumption of material items become so important to us, when advertisements are ingrained in our DNA from the moment we are born.According to Forbes, digital absatzwirtschaft experts estimate that most Americans are exposed to around 4,000 to 10,000 ads each day.Follow Ladders on FlipboardFollow Ladders magazines on Flipboard covering Happiness, Productivity, Job Satisfaction, Neuroscience, and moreAnd as someone who works in marketing full-time, I see the value of advertising, but also think its a bit out of hand too.However, I think that is only a piece to our mostly-developed consumer mentalities.What is the consumer mentality?The consumer mentality is simple and most can agree it typically has a ne gative connotation to it.But what does it really mean to have this mindset?I think there are two parts to the consumer mentality.To me, part one is about owning and having material items or constantly consuming the latest and greatest.We want the latest, the newest, and the largest, otherwise we lose interest fast.But this triggers the vicious cycle of constantly spending money to fulfill those consumption desires.You may have even come across this quote or other variations (it was in the movieFight Clubin a variation of the below), which holds even more truth today than ever before.Too many people spend money they havent earned to buy things they dont want, to impress people they dont like.- Will RogersBesides just wanting to fill the void of becoming bored with these possessions, its usually also to do a few other thingsKeep up with the joneses (aka not get left behind what others have)Fulfill some instant gratification (I need it now)Need to impress others of all my things (show ing off)Addicted to spending and shopping (Oniomania)And for part two of the consumer mentality, its that your only interest is to just consume, forgetting the notion that you should be producing too.Meaning there is a lack of restricting your spending and zero thought about where money should go outside of living expenses, bills, and buying depreciating assets for temporary satisfaction.Should you stop consuming?This isnt to say you should stop consuming completely as it does keep the economy running when people are buying.Consuming and spending keeps businesses open and the money machine turning.But Im also not an economist or well-versed in this area, so I wont pretend I know everything about how the economy works.Plus, why shouldnt you treat yourself occasionally?Buying something you like or upgrading possessions with your hard-earned money is your prerogative to do so.And not everyone needs to adopt aminimalist lifestyleto be financially savvy.Instead, learning to prioritize wh en to spend will be key.What I do know is, the personal finances in America are generally pretty bad.I think a big portion of this (outside of ourstudent debtcrisis and fast rising inflation) is having too much of a consumer mentality.I mean, just look at some of thesepersonal finance statisticsto get a taste of what is going on.20% of Americans dont save any of their annual income at all and even those who do save arent putting away a lot.(CNBC)43% of Americans spend more than they receive each month borrow and use credit cards to finance the shortfall.(Federal Reserve)Transition to the investor mentalityHaving an extreme consumer mentality can put your finances into some serious trouble.Whether that is excess consumer debt, spending more than you make, not having an emergency fund for unexpected situations, or just not prepping for your future (retirement savings, for example).And breaking the consumer mentality is also not easy, especially if youve been in this trap for years.Its going to take work to break the consumer habit, but transitioning to the investor mentality will be key for building your financial stability and potential wealth.Putting bad financial habits to rest can take you a short time or may take a lot longer with some minor consumer relapses.Its okay, because making any effort at all and realizing your consumer mentality is a problem, puts you light years ahead of the vast majority.So why is the investor mentality the way to go?Helps you build and save money (Fattening your wallet and bank account)Eliminates high interest consumer debt (and keeps the debt off)Creates more financial stabilityBuilds long-term wealth for your futureHelps you get unstuck financiallyThe steps to develop the investor mentalityAs Ive stated above, spending money in moderation is okay.Additionally, not everyone needs to be an extreme investor where you become some expert or guru.Instead, you should be adopting an investor mindset from the broad sense to minimize y our consumption and increase production of assets that will help youbuild wealth.When I was working on fixing my mindset, I was actually stuck between a consumer and investor mentality.I was never a huge consumer (I like nice things and still do, but rarely buy things for myself), but also was not approaching things with an investor mindset (other than contributing to a basic 401k).Nothing below is rocket science or any special secrets.Like most of my content, its straightforward advice.But, these were the steps that helped me develop an investor mentality.Actually make it a priority to make changes If you dont dedicate time or prioritize breaking the consumer mentality, its not going to happen.You are shifting your entire mindset when you want to think like an investor and its not something you can passively do and expect results.Like most things in life, you need towant itandwilling to worktowards your goal.See where all your money is going As you get started, you must figure out where all your money is currently going.This means making a budget, make use of otherpersonal finance tools, and keep track of money coming in and going out.Without this picture, youre trying to make changes in the dark.For you to begin the investor mindset, you have to be managing your finances with precision.Evaluate why you feel the need to consume You also need to get a good look in the mirror as well and figure out why you feel the need to consume.What feelings does making purchases do for you?How do you feel after?What is the driving force behind any excess consumption?Find the reasoning for your consumer mindset.It may not fix everything, but it can help you understand the whys when you start to evaluate.Focus on what financial goals you may have If you start making financial goals and focus on making your goals a reality, it can help you shape your investor mindset.Of course, there is no guarantee because your mentality and commitment to your goals has to exist too.But by cr eating goals, writing them down, and setting a plan in motion, it can help stay the course and focused on them.Start reading investing books A great way to break the consumer mentality is to start reading some investing and money books.These open your mind and makes it easy to learn about great financial habits.And not all investing books are overly complicated or difficult to read.I think one of the best books to start with isRich Dad, Poor Dad. A simple, yet informative book that set the groundwork for my shift to an investor mentality.Practice asking yourself questions Besides the above, youll need to begin thinking like an investor and ask yourself some questions when it comes to purchases.This habit wont happen overnight, but make it a note to practice.What do I mean?Well here are some examplesInstead asking, How much does it cost?ask Whats my rate of return?Instead of saying, I cant afford to invest state, I cant afford to not investInstead of saying, Ill worry about it later, state, Ill set myself up now, so I dont have to worry laterInstead of saying, Look at what I can buy now, you should be saying, Look what my money can do for meThose are just some examples, but you should approach purchases and your money with strategy and how it benefits you in the long run.Final thoughtsMy aggressive title, Death to the Consumer Mentality was meant to catch your eye.Again, I may be playing too much with a clickbait-type of title considering I dont think ALL consumption should sie out.However, I find our society as a whole has a consumer mentality problem that needs to transition into an investor mentality.The financial troubles and some of data of our society is enough to backup that observation.And I totally understand not everyone has the means currently to become an investor, even in the broader sense of the term.But, we all have the opportunity to break the consumer mentality and get on a financial path of more financial stability and growth.You also shouldnt feel expected to be the next investing titan like Warren Buffett or that you should never buy anything for yourself ever again.But you should make it a priority to learn what brings you joy and how to set yourself up for a better financial life.This article originally appeared on Invested Wallet.You might also enjoyNew neuroscience reveals 4 rituals that will make you happyStrangers know your social class in the first seven words you say, study finds10 lessons from Benjamin Franklins daily schedule that will double your productivityThe worst mistakes you can make in an interview, according to 12 CEOs10 habits of mentally strong people