Technology is constantly changing. As soon as you get used to the latest phone/tablet/device something newer and better comes out.
While technology can make your life a little bit easier, it could also be making you poor. Here’s why.
# 1 – Keeping Up with the Joneses (Social Media)
Social media can be the gateway to ultimate envy if you let it be.
Facebook has become the place for people to air every little detail of their life. When you browse your Facebook feed you see pictures of people you barely even know in their new cars, clothes, homes, and of course, on vacation.
This can stir up jealousy in just about anyone. The next thing you know you’re on your way to making a big purchase so that you can keep up. You want to post that picture showing how happy you are with your shiny new possession.
Just remember it’s easy to look at the good parts of someone’s life without thinking of what they did to get there. For example, the person you’re jealous of may have taken out a lot of debt to purchase a new car. Or the person posting pics of vacation may have saved for over a year.
And if Facebook is making you spend too much money, delete your account. I did this months ago and I do not miss it one little bit!
# 2 – Instant Gratification (Online Shopping)
How often do you shop online? Is your credit card info stored with your favorite retailers? Are you really saving money by shopping online?
I hate to admit this – but I think shopping online can actually make you spend more money. And the reason why is simple: instant gratification.
I used to go to the library a lot. I would check out a handful of new books just about every week. Then I got a Kindle. All of my payment information is stored with Amazon. So, now every time I want a new book I head to Amazon and with one click I instantly have something new to read.
With today’s technology you can get anything you want with a click of a button. You don’t have to drive to a store and carefully select your purchases. You can easily get your hands on anything without ever having to leave your house.
# 3 – Poor Work Performance (Constant Distractions)
Technology is definitely a problem when it comes to work.
My Dad owns a retail business and has had major problems with employees constantly texting when they’re supposed to be working. It sends a horrible signal to customers and prevents people from being present in their jobs.
The same goes for me now that I’m working from home. I have to close out all of my browser windows before I begin writing or I’ll constantly be clicking back and forth, causing myself to take twice as long to finish a project.
The constant distractions today’s technology promotes could be costing you’re a raise, promotion, and your time.
Of course technology isn’t all bad. It’s great. Technology saves lives, helps people stay connected, and if used in moderation, makes life just a little bit easier.
What do you think? Has technology had a good or bad impact on your finances?