Black Friday, from both a marketing and psychological perspective, was of great interest to my father, so much so that we included a question about it on the last survey we conducted on wealthy Americans for The Next Millionaire Next Door. Below is a roundup of some of the writings he and later I published to share thoughts on this quasi-holiday in the United States:
Feeling left out of Black Friday? Consider the time spent on this activity versus other (perhaps more productive) activities. He referred to it again the following year, citing research from the Wall Street Journal on the best time to go shopping instead for bargains.
Then, he reminded us that those who are economically successful do not attribute that success to camping out or shopping on Black Friday. Instead, as is the case today, they cite being disciplined, working hard, preserving, and having integrity as important factors in economic success. He reminded us that many millionaires, particularly self-employed millionaires, are working on Black Friday.
In 2015, I reviewed how Black Friday can distract us from our goals, particularly financial goals. This can easily occur if we’re unaware of how marketing and others influence our spending and shopping behaviors, and if we’re distracted by other aspects of our personal or financial life.
Then, a review of “Black Friday Fitness” seemed appropriate, as we have to figure out the characteristics that are impacting how we approach this retailing holy day. I discussed some of the “wealth factors” that are predictors of economic success, including those that we should be working on all year long to build our endurance for managing our financial life.
This year, I covered a list of psychological factors that might impact why we want to be a part of Black Friday on the DataPoints blog, and empathizing with the draw of bargain shopping on this day.
Regardless of how you spend the Friday after Thanksgiving, I hope you’ll consider how most economically successful individuals approach shopping and spending, particularly if you’re working to be the next millionaire next door.
Thank you for this post. I realize that it’s from last year but as we get closer to Black Friday, I often tell my husband that my goal is to not spend any money at all on Black Friday. I like seeing all the data on how much each company made on Black Friday and knowing that not a penny of mine was among the millions of dollars consumers spent! I’m a nurse and an immigrant to the US with the goal of becoming a multi-millionaire in the best country in the world, and I’m so grateful that I have this opportunity. When I first arrived in the US and had access to amazing books, I picked ‘The Millionaire Next Door,’ and it changed my life. Now I’m about to read your book, ‘The New Millionaire Next Door’ and I thank you.
I think if you really look at the Black Friday sales, and compare those sales prices to other sale prices there are rarely large savings. I think with careful looking at how much things cost over time, you are less inclined to spend. I also find it better to simply get exactly the right item instead of buying close substitutes. Inevitably you end up purchasing what you had really wanted to anyway.