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Human Behavior

Sexy Shoes. Sexy Bank Account?


Sexy Shoes. Sexy Bank Account?

It’s fair to say I would never be mistaken for a fashionista. Most of my wardrobe reflects my career in financial services, except when I break out and rebel. This year I bought a fun pair of flowery shoes for spring and summer. While running around New York City one day, 3 different men came up to me and said “I really like your shoes”. No joke.  Then 2 more men came up to me another day. This never happens to me. (BTW my shoes were only $70).

Comparison & Peer Pressure

This got me thinking. What makes a nice shoe? Well, someone sees a lot of shoes, mentally compares them, and decides that one is superior to others. The point is this – they see them – compare them – and reward you by saying you have good taste.  It’s kind of flattering, and encouraging. It reinforces your choice.

Related: One Small Change Reduces Anxiety + Increases Control + Saves Money

We Don’t Value What We Can’t See

What if we were rewarded for having sexy bank accounts the same way? “Hey! Nice bank account! You’ve clearly been working on it for a while!”.  How many of us would feel the peer pressure to seek those same compliments?  Most people don’t know how they are faring in the savings department because we don’t see hundreds of bank accounts every day do we?  And we don’t receive much reinforcement because it’s taboo to talk about money.

The trick is to set up your own reward mechanism. Say, for every $2,000 you save, you get to buy a fabulous purse or pair of shoes for $200. Make the rule work for you so that it combines an inward focus, and the type of outward recognition you need. No cheating!

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